ccw Posted December 10, 2017 Report Share Posted December 10, 2017 Hell all, We will be visiting in February. Are their any ways to learn using pesos? I am not worried about exchange rates, just a way to feel comfortable using them. Thanks, CCW Link to comment Share on other sites More sharing options...
barcelonaman Posted December 10, 2017 Report Share Posted December 10, 2017 Just think of pesos as cheap dollares and cents. Link to comment Share on other sites More sharing options...
Xena Posted December 10, 2017 Report Share Posted December 10, 2017 Until you figure out how to use a formula for converting pesos to dollars and begin thinking in pesos, here’s a way to start. Move the decimal point over one space and divide the amount in half adding back a few bucks. So I’d figure the 4000.00 peso rug is about 220 dollars. I just calculated it at today’s exchange and it’s 212 dollars so my guesstimate is close enough for me to decide if I want to buy the rug. After awhile you just automatically convert in casual transactions and calculate formulas when exact amounts are needed. Link to comment Share on other sites More sharing options...
hammerhead Posted December 10, 2017 Report Share Posted December 10, 2017 Used to vacation in Acapulco ever year during the years of 1973 10 to 1 thru into the 80s 7,000 to 1, I think, so I made out a exchange rate card that showed USD in one column ( one dollar, 3 5, 10, 20, 30 40, 50 across in another was the peso equivalent. Worked perfect and easy to have with you at all times. The peso was moving so fast the merchants started to print than and give then out to all us Gringos It works well, Give it a try or convert it on you Ipad or phone. Link to comment Share on other sites More sharing options...
Bisbee Gal Posted December 10, 2017 Report Share Posted December 10, 2017 The OP profile indicates Maryland residency. Most US states have sales tax; Maryland's appears to be 6%. Prices in Mexico include all taxes. While the peso:USD rate fluctuates, it's been running near 19:1. The latest quote is 18.93. Factor in the 6% sales tax, and it's more like 20.06. So for now, I'd suggest the OP simply dividing the peso purchases price by 20. To make it easy, think of a 100 peso note as a 5 dollar bill, or a 200 peso note as a 10 dollar bill. Link to comment Share on other sites More sharing options...
cedros Posted December 10, 2017 Report Share Posted December 10, 2017 Quote I rarely convert pesos to dollars just quickly get used to compare pesos prices to pesos prices. Just like temperature in Celsius. Note what the temperature is in C and what it feels like. Link to comment Share on other sites More sharing options...
geeser Posted December 10, 2017 Report Share Posted December 10, 2017 11 hours ago, ccw said: Hell all, We will be visiting in February. Are their any ways to learn using pesos? I am not worried about exchange rates, just a way to feel comfortable using them. Thanks, CCW Download the Peso to Dollar app to your phone. Go to your app store and search for peso dollar conversion, download and install. Type in your peso amount and it will show the dollars. Link to comment Share on other sites More sharing options...
Jackie Posted December 10, 2017 Report Share Posted December 10, 2017 CCW - I hope you will enjoy your visit with us in February - your concern per your note was not about the exchange rate but use of Mexican money, and being familiar with the various coins and paper money.. - I hope this attachment will help you [ hopefully I have successfully attached it ] Getting Used to Mexican Currency - Focus On Mexico - www.focusonmexico.com/getting-used-mexican-currency/ The first time I ever laid eyes on Mexican money I said, “Oh look! It's like Monopoly money!” I can assure you, while it is pretty, it spends just like real money! If you're not used to dealing in more than one currency, it can feel daunting at first to convert from your home currency to pesos quickly and confidently. I've seen many ... .. Link to comment Share on other sites More sharing options...
TelsZ4 Posted December 10, 2017 Report Share Posted December 10, 2017 If using pesos appears daunting for you maybe you shouldn't go out alone.. Each bill is clearly marked as to the denomination.. Why would you want to quickly and confidently convert to your home currency for other than interest sake.. Wait till you get home and use a calculator .. Link to comment Share on other sites More sharing options...
zerbit Posted December 10, 2017 Report Share Posted December 10, 2017 They are clearly marked. Same as US currency. If you buy something for 88 pesos and use a 100 note, you get back 12 in change. Pretty simple. Link to comment Share on other sites More sharing options...
Bisbee Gal Posted December 10, 2017 Report Share Posted December 10, 2017 25 minutes ago, TelsZ4 said: If using pesos appears daunting for you maybe you shouldn't go out alone.. Each bill is clearly marked as to the denomination.. Why would you want to quickly and confidently convert to your home currency for other than interest sake.. Wait till you get home and use a calculator .. Perhaps they want to know their cost in USD when shopping for higher priced items to bring back (art, high end clothing, jewelry, etc.). Link to comment Share on other sites More sharing options...
El Saltos Posted December 10, 2017 Report Share Posted December 10, 2017 1 hour ago, sugarplumfaerie said: That link is helpful but does not include the $2 coin nor the new small 50 cent coin. Mexican currency is alway in Pesos. Do you mean new 2 Peso and 50 Centavos coins? Link to comment Share on other sites More sharing options...
El Saltos Posted December 10, 2017 Report Share Posted December 10, 2017 The easiest way has already been pointed out above: Move the decimal one place left, e.g. 200 becomes 20, the divide by 2 and it becomes 10. 200 Pesos is about $10 US, etc.. Also for the OP, prices here are shown using the $ sign. e.g. $50 = 50 Pesos or about 2.5 US dollars. Link to comment Share on other sites More sharing options...
ezpz Posted December 10, 2017 Report Share Posted December 10, 2017 13 hours ago, Xena said: Until you figure out how to use a formula for converting pesos to dollars and begin thinking in pesos, here’s a way to start. Move the decimal point over one space and divide the amount in half adding back a few bucks. So I’d figure the 4000.00 peso rug is about 220 dollars. I just calculated it at today’s exchange and it’s 212 dollars so my guesstimate is close enough for me to decide if I want to buy the rug. After awhile you just automatically convert in casual transactions and calculate formulas when exact amounts are needed. This is exactly how I've done it, very easy, ballpark figures work. However, when I moved here over 10 years ago, the peso actually was 10-11 per USD. A roast chicken cost 70 pesos, around 7 USD. Today a roast chicken costs around 120, which is still around 7 USD, although those rates are not pegged to eachother. In August 2008 I had an emergency hip replacement - during the Great Economic Meltdown. The day I cashed out of the hospital, the exchange rate was exactly 10/USD. 3 months later, the USD tanked but the peso tanked even more and stabilized at around 13/USD. I would have saved $3000USD if my surgery had been at that time, but that was not what the universe had in store for me. We USians have enjoyed a bonanza in the peso devaluation of the last 2 years. However, in the purely MX economy, this has been rather inflationary, and the people of the villages struggle with prices at the same time that we find them so low. So, please be generous with tipping, giving to the poor, and compensating your long time help. Link to comment Share on other sites More sharing options...
RickS Posted December 10, 2017 Report Share Posted December 10, 2017 15 hours ago, ccw said: Hell all, We will be visiting in February. Are their any ways to learn using pesos? I am not worried about exchange rates, just a way to feel comfortable using them. Thanks, CCW Also be aware that if one uses an ATM for their source of pesos, and ask for a 'large' amount (say 3000 pesos) one will get a number of 500 pesos notes. These are hard to spend and probably should not be 'presented for payment' to small stores but is OK for gas stations, Walmart, large restaurants where your bill might be 200-300 pesos. Link to comment Share on other sites More sharing options...
Mainecoons Posted December 11, 2017 Report Share Posted December 11, 2017 I multiply by 6 and then shift the decimal point two places to the left. Example: 200 pesos x 6 = 1200, shift decimal place two to the left, $12.00 U.S. Link to comment Share on other sites More sharing options...
AlanMexicali Posted December 11, 2017 Report Share Posted December 11, 2017 7 hours ago, RickS said: Also be aware that if one uses an ATM for their source of pesos, and ask for a 'large' amount (say 3000 pesos) one will get a number of 500 pesos notes. These are hard to spend and probably should not be 'presented for payment' to small stores but is OK for gas stations, Walmart, large restaurants where your bill might be 200-300 pesos. When I have a bunch of ATM $500.00 peso notes I go to OXXO and they always give me change even for a 1 liter $16.50 peso Coca Lite. Link to comment Share on other sites More sharing options...
Xena Posted December 11, 2017 Report Share Posted December 11, 2017 2 minutes ago, AlanMexicali said: When I have a bunch of ATM $500.00 peso notes I go to OXXO and they always give me change even for a 1 liter $16.50 peso Coca Lite. Yes. I most often break my 500 peso notes at Farmacia Guadalajara and Soriana. They always have lots of change and don’t mind the 500s at all. Link to comment Share on other sites More sharing options...
airchamby Posted December 11, 2017 Report Share Posted December 11, 2017 Be prepared to use cash. Most small stores and restaurants will only accept cash. Larger stores and fine dining restaurants will usually take Visa and MasterCard but it is very difficult to use American Express or Discover Card. Also forget about using traveler's checks. Your bank will charge you a foreign transaction fee every time you use your debit or credit card. Make sure you tell your bank that you are going to be traveling to Mexico and give them the dates of your stay. If you don't, they will lock your card "for your protection" and you might not be able to have it unlocked and you will have to return home to get a replacement card. Get your Mexican currency at an ATM in the Mexican airport where you arrive. You will get a better rate than at one of the currency exchange stands at the airport. I had my bank increase my daily withdrawal limit so that I could take out more money from the ATM at one time to reduce the quantity of ATM fees with both banks. Link to comment Share on other sites More sharing options...
AngusMactavish Posted December 11, 2017 Report Share Posted December 11, 2017 2 minutes ago, airchamby said: Your bank will charge you a foreign transaction fee every time you use your debit or credit card. Sorry for those folks, but Capital One does not have such a fee. Link to comment Share on other sites More sharing options...
AlanMexicali Posted December 11, 2017 Report Share Posted December 11, 2017 47 minutes ago, airchamby said: Be prepared to use cash. Most small stores and restaurants will only accept cash. Larger stores and fine dining restaurants will usually take Visa and MasterCard but it is very difficult to use American Express or Discover Card. Also forget about using traveler's checks. Your bank will charge you a foreign transaction fee every time you use your debit or credit card. Make sure you tell your bank that you are going to be traveling to Mexico and give them the dates of your stay. If you don't, they will lock your card "for your protection" and you might not be able to have it unlocked and you will have to return home to get a replacement card. Get your Mexican currency at an ATM in the Mexican airport where you arrive. You will get a better rate than at one of the currency exchange stands at the airport. I had my bank increase my daily withdrawal limit so that I could take out more money from the ATM at one time to reduce the quantity of ATM fees with both banks. The problem now for about 1 year is Mexican Banks have reduced the máximum peso withdrawal per transaction per day and possibly from one account. Banamex and Banorte was $8,000 pesos but now is $6,000 pesos. Ban Regio is still $10,000 peso per transaction. The fee is $21 pesos at Ban Regio and $69.00 pesos at Banorte and $31.00 pesos at Banamex. Increasing your US bank daily limit will get you more pesos in one day but you need to do more than 1 withdrawal and possibly go to more than one bank - 2 different Mexican Banks, and pay the US bank fee 2 or 3 times here in Mexico - depending. Link to comment Share on other sites More sharing options...
Bisbee Gal Posted December 11, 2017 Report Share Posted December 11, 2017 10 hours ago, airchamby said: Be prepared to use cash. Most small stores and restaurants will only accept cash. Larger stores and fine dining restaurants will usually take Visa and MasterCard but it is very difficult to use American Express or Discover Card. Also forget about using traveler's checks. Your bank will charge you a foreign transaction fee every time you use your debit or credit card. Make sure you tell your bank that you are going to be traveling to Mexico and give them the dates of your stay. If you don't, they will lock your card "for your protection" and you might not be able to have it unlocked and you will have to return home to get a replacement card. Get your Mexican currency at an ATM in the Mexican airport where you arrive. You will get a better rate than at one of the currency exchange stands at the airport. I had my bank increase my daily withdrawal limit so that I could take out more money from the ATM at one time to reduce the quantity of ATM fees with both banks. There are many many credit cards available that do not charge foreign transaction fees. I get excellent exchange rates as well on these cards. Link to comment Share on other sites More sharing options...
Alfa Posted December 11, 2017 Report Share Posted December 11, 2017 TelsZ4 has the right idea. Trying to follow any of the above gratuitous advice will only make your stay a headache and you will not enjoy yourself. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.