A Guide To Hotel Currency Exchanges in Mexico: Traveler Beware and Mexican Insurance Store.com Mexico car insurance

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Mexican Insurance Store.com Mexico car insurance Mexican Insurance Store.com Mexico Car Insurance – A Guide To Hotel Currency Exchanges in Mexico: Traveler Beware

With all of the conveniences provided by most full-service hotels,many travelers are eager to exchange their American dollars to Mexican pesos, but did you know it may be prudent to venture outside of your hotel to exchange currency?

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Hotel Exchange Rates

Since there is no mandatory set fee amount uniting banks and other types of currency exchange offices, many institutions charge travelers their own amount for the currency’s convenience and processing fees; which can vary from one institution to another. Since hotels look for multiple ways to earn additional revenues, the amount you could actually walk  away with may be less when exchanging currency at a hotel’s exchange desk rather than at a bank or other type of currency exchange office.

Check Close by

In order to get the best deal when exchanging currency, you will need to map out a one mile radius (from your hotel) to local banks and currency exchange offices. This will allow you to compare transaction fees to secure the most pesos for your dollars. Start investigating these services two days before your trip and when a location has been found, map out the route so you can walk there. It may seem like a waste of time, but when exchanging money, especially a large denomination, the extra pesos can really add up.

ATM Transactions

Additionally, while you may never need it, it may be a good idea to compare ATM fees in the area. Look for the one that offers the lowest transaction fees; in case you should ever need emergency cash.While it may be convenient to use the hotel’s ATM, the fees required will most likely be higher there than in outside locations.

In Mexico, ATM fees are usually $1 per $300, and daily withdrawal limits can range anywhere from $200-$300 per day. This is significantly less than the$400-$600 daily withdrawal limit many American ATM’s allow, however in Mexico, prices are lower which helps stretch travel dollars.

Because ATM limits are lower, always remember to exchange dollars for pesos (if not already provided from your ATM) and find the currency exchange location with the lowest transaction fees.

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A Guide To Hotel Currency Exchanges in Mexico: Traveler Beware and Mexican Insurance Store.com Mexico car insurance

 

{ 2 comments… read them below or add one }

Earnest Mcfeeley June 6, 2013 at 7:01 pm

But be careful when exchanging your money outside your hotel as charges could get very high. And, instead of using your ATM card, you should have enough cash in your bag for the entire trip. The machines do not give you the exchange rate. Sometimes, they do not return your card.

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Norry Amenta August 14, 2013 at 5:52 pm

Banks in Mexico will generally give people a better deal when it is time to exchange currencies. Expect ATMs in hotels to have ATM charges that are slightly more than ATMs further away.

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