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.
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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