Dollar Peso Conversion Currency Rate
Although many stores and vendors accept U.S. currency, tourists pay a steep penalty when using dollars. This "street rate" of exchange can be 30-40% less favorable than the bank rate, and budget-conscious tourists should convert dollars to pesos prior to spending cash in Mexico.
Options When Converting U.S. Dollars to Pesos
There are many options available to tourists when exchanging dollars for pesos. Traveler's checks and/or cash can be converted at banks or casas de cambio (exchange houses), and ATM machines are increasingly common. However, rates of exchange differ significantly between options, and even among the same option (such as banks) within a given locale.
In addition, convenience and safety are issues that warrant consideration. Long lines, formidable procedures, and language can be overwhelming. Carrying unneeded cash risks unrecoverable loss, while replaceable traveler's checks sometimes are impossible to cash.
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