Q:

How do you get a good money exchange rate when traveling to Mexico?

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Quick Answer

Getting cash from an ATM can be the best way of getting a good rate on foreign currency like that in Mexico, as reported by Fodors. In general, travelers should be aware of current exchange rates between the United States dollar and the Mexican peso and should be sure that the place where they exchange their money isn't engaging in rate gouging. Places that claim to exchange currency for "no fee" may end up tacking their costs into the exchange rate, offering less favorable rates for travelers.

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Full Answer

Another strategy for getting the most mileage out of a dollar in Mexico is to not shy away from fees for things like ATM and credit card transactions. Even if a credit card company charges a foreign-use fee, using the card can be a good way of getting a lower exchange rate, especially for major purchases, states Fodors. However, travelers should avoid getting cash advances through their credit cards unless they absolutely need the money, because the charges for cash advances can combine with other fees and add up to a very poor exchange rate.

American travelers should try to pay for things in pesos in Mexico, including when using their credit cards. Dynamic currency conversion, in which Americans make foreign purchases with U.S. dollars, typically uses an unfavorable exchange rate.

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