How to Make the Most of Your Dollar

In today’s blog we are going to share with you some tips on how to make your money go further after booking your vacation with Gate48. The US and Canadian dollar are currently at 18 and 14 and you want to make every one of them count. It’s important to be aware of exchange rates offered by different merchants during your vacation, especially if you plan on using your currency from home.The exchange houses located in most city centres are always your best bet when swapping out your dollars for pesos. Since they are all in competition with one another you get the best, most up-to-date rates, usually better than what you would from the bank. These kiosks are your guide to what is current in currency.

If you happen to find yourself in downtown Playa del Carmen you might be tempted to use one of the many ATMs on 5th avenue when you have run out of pesos. If you do, you will likely lose out as these are independently operated machines not affiliated with banks, and they will rate the dollar low, for your convenience of course! Don’t fall for it.

Try not to use American or Canadian dollars without exchanging them. Yes, locals love to accept USD at restaurants, bars and in stores, but they will give a lower rate so it is always best to pay cash in pesos (or efectivo, as it is said here). If you happen to be riding on a bus or a colectivo transport and don’t have the local currency expect an awful exchange of as low as 10 pesos for USD. It sound outrageous but we have seen it happen, including to locals. And taxis will be happy to give you a terrible rate if you wait too long to negotiate it.

Supermarkets and convenience stores like Oxxo are good places to uses your dollars. They give a high rate on the change given back to you from a purchase. This is one place where it is worth it to spend in USD or CAD. Oxxo’s latest numbers are always up in red neon, right by the entrance.

Cash is the best option and you should stick to using pesos as often as you can while exchanging them in the best places. If you must use an ATM choose a major banking institution like Scotiabank, Banorte or Banamex. These are reputable banking institutions and your best place to withdraw money.

We hope that this guide proves helpful! Got any questions for us? Please leave your comments below.

Tags: dollars, exchange, pesos

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