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Going to Cancun: USD, Pesos, CAD?

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  • Nov 13th, 2017 8:00 pm
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[OP]
Newbie
Jan 27, 2017
17 posts
5 upvotes

Going to Cancun: USD, Pesos, CAD?

Going to cancun, which currency should I use? Also, staying at all-inclusive for 7 days, how much should I bring approximately (plan to do lots of excursions)? $500?

I have the following:

1) 400 USD cash on hand and convert to pesos (currently I believe $1 USD gives 4 more pesos than $1 dollar)

2) A Scotiabank debit card (heard there are Scotiabank ATMs there...not sure if there'll be a withdrawal fee...perhaps that's only if your with Tangerine?)

3) Rogers Mastercard, which provides 1.5% cash back (4% - 2.5% conversion fee) for foreign purchases

thanks!
Last edited by DYC2017 on Oct 14th, 2017 11:38 am, edited 1 time in total.
12 replies
Deal Addict
Jan 31, 2013
1054 posts
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Red Deer, AB
I usually use the currency of the country, so in this case pesos. BTW, it's too expensive to use US dollars while the peso is so low at the moment!
[OP]
Newbie
Jan 27, 2017
17 posts
5 upvotes
knuks101 wrote:
Oct 14th, 2017 11:48 am
I usually use the currency of the country, so in this case pesos. BTW, it's too expensive to use US dollars while the peso is so low at the moment!
Sorry, also thought about converting the USD to pesos, which would give me more pesos than the Canadian dollar.
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Mar 4, 2007
1575 posts
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Vancouver
Hi,

There is no need to bring US$ to convert to pesos anymore, all the tourist businesses will accept CA$. Just bring lots of CA$ to exchange for pesos. Was in Mexico last Spring & I found out that the rate at a currency exchange in Vancouver is the same rate as a street corner currency exchange in Mexico. You get less money at the Mexico airport currency exchange & resort currency exchange. If you pay at a local store/restaurant, you have to pay in pesos. If you use your credit card, pay in pesos & the credit card company will convert it to CA$ on your statement. If you get asked for I.D. at a currency exchange, leave & find another 1...95% of the street corner currency exchange places don't care who you are, just show them your CA$. If you bank at a Scotia or HSBC, you might get a better exchange rate in their Mexico branch.
20170602_111403.jpg
Deal Addict
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Jun 8, 2008
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Toronto
There should be no withdrawal fees at a Scotiabank for you, Agree, don't bring US cash.
Deal Addict
Jun 15, 2015
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Mississauga, ON
Pesos.

If you pay in USD and are given change it will be in Pesos- so you are being double charged an exchange.
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Oct 25, 2009
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Moncton
The peso and Canadian dollar are both oil currencies, so they tend to go up and down at the same time. There are also some restrictions/paperwork related to buying US dollars because of the influx related to the drug trade. Even so, the spread for the Canadian dollar usually reflects a pretty major convenience fee. If you do the math, you will realize you are better off buying US dollars and exchanging them for pesos.

Even better is to keep your transactions electronic via your credit card. Most places accept them and thanks to pins, few places will ask you for ID or a passport. Use an ATM for the small amount of cash you will need.
Last edited by MonctonMan on Oct 16th, 2017 1:59 am, edited 1 time in total.
Toronto is a very small part of Canada
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Oct 25, 2009
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Moncton
knuks101 wrote:
Oct 14th, 2017 11:48 am
I usually use the currency of the country, so in this case pesos. BTW, it's too expensive to use US dollars while the peso is so low at the moment!
There is no government exchange rate like in Venezuela, Cuba or China. The US, Canadian and Mexican peso all float. It is market forces of supply and demand that dictate the value of each currency relative to the other. Inflation in Mexico is currently 6% per annum, so you probably don’t want to keep it in your sock drawer. On the other hand, if the price of oil spikes because of war with Iran, you wouldn’t want to have too much American currency.
Toronto is a very small part of Canada
[OP]
Newbie
Jan 27, 2017
17 posts
5 upvotes
Thanks for the replies.

Actually, I think bringing USD may actually be a better idea for tipping/cash-only transactions at the moment.

Roughly takes $1.30 to buy one USD.

Roughly takes $1.35 to buy 20 pesos (their smallest denomination).

For prices quoted for cash-only transactions (markets for shopping, fees for scuba diving, etc.) , I found that they essentially made $1 USD = $20 pesos.

So, at the moment, I think bringing USD would be better for Canadians. That said, you will need to bring pesos for certain transactions; as one poster mentioned, local restaurants and possibly taxi rides (my hotel concierge said the taxi would only take pesos, but I think this is subjective).

But if you're just planning to stay on the resort all day and tip here and there, USD is better. In hindsight, I should've brought some USD, but no big deal since I only brought $3000 pesos (~$200 CAD), so didn't lose out much on bringing pesos instead of USD. Plus, needed the pesos anyway for the long tax ride (my resort was like 30-35 minutes away from the clubbing area of Cancun).

Excursions, just pay via card if your card doesn't charge you the 2.5% conversion fee.
Deal Addict
Jan 31, 2013
1054 posts
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Red Deer, AB
Last year in PV we saw several places where they offered beer for either 1 US $ or 15 pesos. The pesos was a way better deal ! Smiling Face With Smiling Eyes
[OP]
Newbie
Jan 27, 2017
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knuks101 wrote:
Oct 31st, 2017 2:41 pm
Last year in PV we saw several places where they offered beer for either 1 US $ or 15 pesos. The pesos was a way better deal ! Smiling Face With Smiling Eyes

True...I can see local , less touristy places charging less than 20 pesos vs $1 USD.
Newbie
Apr 5, 2006
95 posts
33 upvotes
Mississauga
Some people said that USD good for tipping. You may tip with $1 bill or 20 pesos, and the first option is slightly cheaper.
Regarding buying other stuff, there are different opinions. I heard that mexicans prefer their own currency but I guess it may depend on the area.
Bring both USD and MXN.
Deal Fanatic
Oct 6, 2007
5245 posts
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Kootenays
Can you withdraw pesos at a Presto affiliated ATM? Do fees vary between various brands of ATM?

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