Posted by forex at 7:22 AM
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1. Exchange your dollars at the airport's currency exchange kiosks if you are flying into the country. If you will need some pesos for transportation to your lodging, you may want to exchange money in the airport. Remember, however, that the smaller the amount of money you exchange, the worse your exchange rate will be, meaning you will get less pesos for your dollars. Some travelers believe the exchange rates at the airport are not as favorable as ones you can get from other currency exchange methods that should be available once you reach your destination and advise to only exchange a small amount of your dollars at the airport.
2. Convert your dollars at your hotel. Most hotels exchange money for their guests. Although the rates are not always the best, hotels are convenient and are willing to exchange small amounts, such as a $20. This is useful when you may only need a few pesos at the end of a trip or are exchanging money for your children to spend on souvenirs.
3. Locate the nearest foreign currency exchange kiosk. Most tourist cities in Mexico have a number of these kiosks, especially near popular tourist sites. If there are several within walking distance from each other, compare the rates, as they often differ.
4. Go to a bank. Most banks in Mexico will exchange dollars for pesos. However, there are often long lines in banks and it is wise to check before you stand in a line whether or not the bank actually does convert dollars into pesos.
5. Use an ATM. This is method recommended by travel writers and veteran travelers. ATMs usually give the best exchange rate. However, you will probably have to pay an ATM usage fee to both your bank and the bank you retrieved the money from, and there may be an additional foreign exchange fee.
6. Exchange your unused pesos, if possible, at the airport kiosk before you leave. Some foreign exchange kiosks will buy back your pesos for a lower rate than you paid for them.
7. Ask if you can use your dollars. Some stores and services take American currency.