£s to Mexican Pesos

armour999

Hi all,

I'm going to a wedding in Mexico in 2 weeks time and want advice on the best way to carry/convert money.

Part of the trip is a tour around central Mexico stopping off at places where (the groom tells me) I'll need cash. The groom has also told me that we will get the best rate at the airport in Mexico City. Can this be true? It goes against all my experience if so.

My gut tells me to change money in advance here in Blighty and also to bring some kind of credit card or pre-paid debit card. I'm thinking of taking £1000 in total.

We are (my gf is coming with me) spending the first day and the last 3 days of our 11 day trip in Mexico City and I'm sure the card option would be good for there, so I guess a half-half split twixt cash and card would be good.

Any ideas on best options regarding converting cash and sourcing credit/debit card?

Thanks, Chris.

eDicky

armour999 said:

The groom has also told me that we will get the best rate at the airport in Mexico City. Can this be true? It goes against all my experience if so.

It's hardly likely, unless somebody else here confirms such a thing. I'd consequently be doubtful of other advice from the groom. Cash pesos are probably best obtained from ATMs using a fee-free card, several available

armour999

Thanks for the tip eDicky.

I switched to a Virgin Money bank account yesterday which is fee-free for everything when abroad. They say my debit card will be with me in 3-5 days, so just in time for my trip. As a bonus, they're gonna give me a £100 voucher for some experience or other. I guess the missus will get another day at the spa . 

Still not sure how they would calculate the exchange rate via an ATM though.

Also, the groom is picking up his parents at Mexico city airport this weekend and says he will check out the exchange rates there and if they're open at 4.00am. I'll be able to compare them with rates here in the UK.

Thanks once again.

eDicky

armour999 said:

Still not sure how they would calculate the exchange rate via an ATM though.

The rate is set daily by MasterCard, most banks add a margin but not Virgin Money.

Just make sure, if the ATM offers a rate to exchange your GBP, press the button to decline it, such as 'Without Conversion'. Your card must do the conversion, not the ATM at an awful rate. (I don't know whether the legal scam of DCC, common in Spain, Greece etc, is practised in Mexico).

You can probably use the card directly for payment (in pesos) at many outlets.

Check also rates for cash exchange at local Mexican bureaux, for comparison with the airport and UK.

armour999

Back from Mexico and I can report the following:

The rate to exchange cash at the airport was the best rate to be had. Had I brought cash, I could have got approx 4% more pesos for my £s, the airport cash rate being 26 pesos to the £ and the autobank rate being 25. As it was, I used autobanks to withdraw pesos on my newly-aquired VM card on two occaisions and was charged a 'provider usage fee' each time. 20 pesos at one autobank and 40 at another.

Though (or perhaps because) it was heavily policed, I found Mexico city itself very peaceful and, though out and about at all hours of the day and night, never once felt in danger of being mugged.

If I had my time again I would have, as the groom suggested, brought £ and changed into pesos at the airport.

 

eDicky

armour999 said:

the autobank rate being 25.

 

Thanks for the update.

Does the above mean that you accepted the rate to convert GBP to pesos that the autobank was offering you (instead of following my advice)..?

Sandtree

We've spent a lot of time in Mexico over the years and generally just using a Starling debit card to withdraw monies from local ATMs. Starling themselves dont charge commission and use the standard exchange rate set by MC (no adjustments like most banks).

ATMs themselves charge a fee and this can vary massively by city and bank from 75p-£2.50 but they tell you the fee before you proceed with the withdrawal. Most machines allow you to withdraw circa £250 per transaction. Always reject the pre-conversion they offer, its always a worse rate than Mastercard offers.

Withbellson

eDicky said:

armour999 said:

the autobank rate being 25.

 

Thanks for the update.

Does the above mean that you accepted the rate to convert GBP to pesos that the autobank was offering you (instead of following my advice)..?

Dependent on when they made the withdrawal, how much they withdrew and taking account of the ATM fee, 25 could be correct....but it seems unlikely  

As even at the lowest point, Mastercard was still offering 25.61 on the 13th of April. To get the equivalent of 25, the OP had to have taken something like 800 pesos(£31.10) from the ATM on the 14th