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New Mexican Law on Accepting US Dollars


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#1 beachbum53

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Posted 10 September 2010 - 08:31 AM

I saw this posted on another site. I usually use pesos anyway, but sometimes like the convience of using US dollars.

http://www.applevaca...ing-us-dollars/

The Mexican Government passed a new law, which comes into effect in Mexico starting September 14, 2010. I wanted to share the information, which I have received from our off offices in Mexico so everyone is aware.

Starting September 14, 2010 the use of CASH American Dollars to make purchases in Mexico will not be as free as it has been in the past.

Many repeat guests to Mexico who have become accustomed to using American Dollars CASH in Mexico as though they were effectively in the United States will notice the difference. Other payment methods such as Credit Cards of all types and all issuing banks, Travelers Check’s, Mexican Pesos and non American Dollars foreign currencies in cash (ex Euros or Canadian Dollars) are not affected in any way by this new law.

The most noticeable differences to Apple Vacations’ customers will be...


Has anyone else heard about this? Is the article true?
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#2 nauticab

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Posted 10 September 2010 - 01:25 PM

well, my store will continue to accept USD, up to any amount. so feel free to spend away! :)
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#3 roxie

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Posted 10 September 2010 - 02:32 PM

nauticab, what is the name of your store?Nevermind nauti, I see it now..lol I am blind in one eye and can't see out of the other.
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#4 roxie

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Posted 10 September 2010 - 02:36 PM

Any good suggestions for where I can exchange my US dollars for pesos? (Best exchange rate?) I am not currently a Bank of America or an HSBC customer..I know some of those ATM transactions in Mexico are free..
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#5 Coz2wonder

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Posted 10 September 2010 - 02:39 PM

The best exchange rates that I see is on 30th, across the street from the gas station.

Everybody else today was 12.10...he was 12.20.

Also, if you are exchanging more then a couple of hundred, you can request a better rate.
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#6 BlueWaterPrincessa

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Posted 10 September 2010 - 02:46 PM

The best exchange rates that I see is on 30th, across the street from the gas station.

Everybody else today was 12.10...he was 12.20.

Also, if you are exchanging more then a couple of hundred, you can request a better rate.


he's back down to 12.10 i just left there but they gave me 12.20 because I changed a lot. i think time of day and day of the week also make a difference from my observations. once wall street closes for the weekend it seems that the rate goes down and stays down until tuesday. if you don't mind the long lines bancomer gives a good rate.

to answer the first person i think that you won't notice a difference as a tourist. the hassle is for business owners here that deal primarily in dolars and they can still use the dollars it just becomes a hassle and trickier.
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#7 beachbum53

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Posted 10 September 2010 - 03:42 PM

Thanks folks, that's kind of what I figured... much ado about nada.

That said, is the Banamex ATM off the Plaza still up and running? Is it still the best place to get pesos from a machine?
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#8 TRAVELER89

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Posted 10 September 2010 - 04:45 PM

Banamex has moved to it's new location at Ave 30 and Calle 1. this is next to the new Burger King, still the swipe machines, a security guard and plenty of free, well lite parking...

Just for your info, the ATM rate today was somewhere around $12.80, I got $13+ last Friday on my "direct deposit" from the states....

T.
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#9 Cozumel Wireless

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Posted 10 September 2010 - 11:17 PM

Banks will accept up to 300.00 USD per day from any mexican walking in with a copy of their IFE (Mexican federal ID) up to 1,500 USD a month.

At Bancomer if you have a personal account that is older than 6 months then you can deposit up to 4,000 a month and be able to withdraw it right away.

I think they will accept up to 300 USD from any tourist walking in with a passport... I'm not too sure about this one so you may want to check...
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#10 Carey

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Posted 11 September 2010 - 08:48 AM

The Banamex on the plaza has closed down, as Traveler said, and moved to the corner of Calle 1 and Avenida 30 -- about a 6 block walk from the downtown plaza. This is the ATM I use all the time. I will occasionally use the other Banamex swipe machine at the front of the Chedraui grocery store, west end nearest the ocean. But I'm hesitate because it's not actually in the bank so if something goes wrong, I have no recourse really.

I can continue to rec. the Banamex on 30 as my ATM of choice. Depending on your bank, there will be a withdrawal fee involved and it will tell you what that is upfront. But the exchange rate is going to be far better than what you'll get at a casa de cambio/changing house. Those are mostly only used by business owners who need to change money and for whatever reason, choose not to do it through a bank.
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#11 Kandy

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Posted 11 September 2010 - 09:18 PM

The banks will exchange $300 USD per day, up to $1500 per month. You must provide them with a copy of your passport.
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#12 Ron

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Posted 14 September 2010 - 03:43 PM

I have an app on my computer that gives the latest exchange rate. I realize you cannot get that rate but I have a question.
recently the rate was over 13 and right now it shows the rate at 12.915 pesos to 1 U.S. If this is the case there are currency trade houses it would seem you can get a better rate from them. If so why not use the houses to purchase pesos and then bring them down?

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#13 djrio1

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Posted 20 September 2010 - 02:25 PM

Does this new law affect Taxi cabs or small local restuarants and bars from taking American dollars? Coming on a cruise in November and just need to know if we need to get pesos before we leave the states.
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#14 Coz2wonder

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Posted 20 September 2010 - 03:00 PM

this only applies to exchange of larger sums of cash. Tourist will feel NO effect.

Dollars will work just fine for you.
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#15 BlueWaterPrincessa

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Posted 20 September 2010 - 05:20 PM

exactly coz2wonder! tourists don't need to worry about this

the whole us dollar acceptance thing has been blown wildly out of proportion plus there's a ton of misinformation out there and the only people that will really be affected are business owners and how they manage and handle their dollars now.
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#16 djrio1

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Posted 26 October 2010 - 02:51 PM

Good deal on spending dollars since I can only be there one day off the cruise ship... Wish I was staying forever..
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