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Money

British Columbia...
Level Contributor
34 posts
5 reviews
Money

What currency is most used in Cabo? Everyone has a different opinion, and want to make sure we have enough of whatever for tipping and small souvenirs. Thank you!

1. Re: Money

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Removed on: 09 October 2017, 07:35
St James, New York
Destination Expert
for Cabo San Lucas
Level Contributor
18,033 posts
176 reviews
2. Re: Money

Nadine......US Dollars or Pesos would be fine. The help would be very grateful for tips in both.

When paying for Taxis and in local stores and restaurants its usually to your advantage to pay in Pesos.

Washington State
Destination Expert
for Yosemite National Park
Level Contributor
71,148 posts
123 reviews
3. Re: Money

Hi Nadine

As you are Canadian, then the choice is easy. Pesos. Don't exchange your Canadian dollars for USD, and then get a less than stellar value for your 'new' money. Just get pesos and spend the most valuable currency.

You can get them at a home bank or withdraw from a bank ATM.

British Columbia...
Level Contributor
34 posts
5 reviews
4. Re: Money

Thank you!

British Columbia...
Level Contributor
34 posts
5 reviews
5. Re: Money

Thanks!

Edited: 09 October 2017, 19:11
Grosse Ile, Michigan
Level Contributor
923 posts
50 reviews
6. Re: Money

Having never been to this area, is it safe to use bank cards at the ATM's? My prior travels have been to the Isla Mujeres, Playa Del Carmen area and many, many people had their cards compromised after using at local ATM's.

Vernon
Level Contributor
391 posts
86 reviews
7. Re: Money

I think the safest ATM's are the ones in the Comer (Mega) store as the store is always busy so it would be very hard to compromise the machines. They are major bank ATM's as well.

Level Contributor
64 posts
1 review
8. Re: Money

I would strongly suggest you use only bank ATMs, preferably inside the bank or one that is next door and sealed off in a glass-enclosed room. Never mind, "it's in a busy area and hard to tamper with". He might want to say that to the hundreds of people ripped off at gas station card readers every day: it takes very little to play around with the readers ... especially at night when NO ONE is around.

By all means, buy Pesos at your bank. The exchange rate may not be the best, but it'll be significantly better than the 20% plus "discount" rate they'll hit you with if you pay in U.S. Dollars (last week, the rate was $1 = 18.22 Pesos and they were allowing you to pay them at $1 = 15.66). If you intend to use taxis and other local services, try to get your bank to give you denominations of 200 pesos and lower (500s are hard to dump outside of hotels). Finally, if you ever intend to go to the mainland, paying in U.S. Dollars will most often not work at all.

Level Contributor
64 posts
1 review
9. Re: Money

Also, be aware that if you want to use your ATM or credit card, not all banks will take your card even if you're bank uses the Plus system (e.g., I couldn't use my Wells Fargo card at Bancomer in La Paz, but could at Bank Azteca, which is much smaller and charged 1/4th the fees). Outside of major tourist areas, credit card usage is barely an option. Both ATM and credit cards will give you the best exchange rate; just make sure your receipt says "MXN $" and not simply "$", as the company can claim the charge was in U.S. Dollars (though this rarely happens anymore and is easily disputable). Make sure your ATM card has a four digit PIN and withdraw the max allowable as you will be paying hefty fees there and at home to use it.

Edited: 11 October 2017, 03:26
Vancouver
Destination Expert
for San Jose del Cabo
Level Contributor
4,539 posts
71 reviews
10. Re: Money

We've used the machines at La Comer for 7 years with no problems. They have a Scotiabank, Bancomer, HSBC, and Santander ATMs.