What is the best way to get Mexican Pesos from Canadian Dollars?
My girlfriend and I expect to need about CAD$200 each for our upcoming vacation in beautiful Mexico. Using our CAD$400 total, what method of exchange will give us the most Mexican Pesos ($MXN)?
I have seen some general answers, like this USD to CAD answer that states that using a debit card at an ATM in your destination country is best, followed by changing at home, then changing at the destination, with a credit card at an ATM being the worst.
But I would like specific dollar values for CAD to MXN because I assume it varies country to country and that are some fixed costs that depend on how much cash you are changing.
Best Answer
I live in Mexico and have traveled throughout the country.
Most touristic places will accept VISA/MasterCard; American Express is not widely accepted. I suggest getting the cash you need at any ATM, there are plenty of them in urban areas. The main banks you'll find ATMs are from:
- Banamex (www.banamex.com)
- BBVA Bancomer (www.bancomer.com)
- Banorte (www.banorte.com)
- HSBC (www.hsbc.com.mx)
- Santander (www.santander.com.mx)
- Scotiabank (www.scotiabank.com.mx)
Go to their websites to check for the exchange rate. Ask your bank how much will charge you for using an international ATM.
All ATMs will ask for your 4 digit PIN number. When looking for one ask for a "Cajero Automático", no one really knows them as ATM unless they speak good English.
Hope this helps and hope you spend a great vacation in Mexico.
¡Bienvenidos!
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Where is the best place to exchange Canadian dollars to Mexican pesos?
Remitbee is the best option to convert your Canadian Dollars to Mexican Peso. Unlike big banks and other money transfer companies, we don't charge high fees or hidden exchange rates markups. We always stand for transparent and low cost money transfers for our customers.Should I exchange to pesos before I go to Mexico?
It's recommended that you buy pesos before you land in Mexico, just in case you need the cash. According to this USA Today article, the most economical way to do this is to buy pesos from your bank in the U.S. Most banks will do this for free, especially if you're not withdrawing a significant amount of money.Should I exchange money before I travel to Mexico from Canada?
No establishment can make you spend US dollars - they must accept pesos. So if you exchange to US dollars you will pay a fee for that and then be penalized again when you spend them. Take your Canadian dollars to Mexico (where you will get the best rate) and exchange to pesos. Steve is correct!What is the best way to get Mexican pesos?
ATM Rates & Fees. The best way to get pesos in Mexico for your trip is to use your debit card at an ATM. We recommend exchanging enough pesos from your home country before your trip to make it through your first day. Afterward, simply get cash from a local ATM to get the best exchange rate possible.How To Exchange US Dollars to Mexican Pesos - Top 3 Tips
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Answer 2
This is a answer telling you what not to do, and I could have made it a comment, but the information is too important to risk it having disappear (as comments can do).
If you use ATMs in Mexico, avoid the isolated machines standing in hotel lobbies etc. Too many of these are compromised and your financial information will end in up in the hands of hackers. Use only bank ATMs, i.e. the machines built into their walls.
Brian Krebs has written extensively about this on his blog.
Finally, many readers have asked if any of the skimmed ATMs I found in Mexico were bank-owned and operated ATMs, or machines on the premises of bank properties. None of them were: All were free-standing cash machines owned and operated by private companies.
As several people commented on his blog posts, you may also want to avoid paying with credit cards in restaurants: just pay with cash that you got from the bank's ATM.
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Joshua Welch, Andrea Piacquadio, Andrea Piacquadio, Andrea Piacquadio