Thread: Mexico's New US Dollar Policy

Traveling abroad means converting to the local currency, right?

While Mexico has had a very liberal acceptance of US dollars for decades, the Mexican Government passed new laws beginning September 14, 2010.

With this new law, the use of American Dollars (CASH) to make purchases in Mexico will change. Other payment methods such as credit cards of all types and all issuing banks, Travelers Checks, Mexican pesos and non-American foreign currencies (such as Euros or Canadian Dollars) are NOT affected in any way by this new law.

The most noticeable differences to your customers will be:

• Hotels and Exchange Booths, and Local Banks will only be able to change a maximum of $1,500 USD CASH per person per month into Mexican Pesos. Previously there was no limit.
• Businesses (including restaurants, shops, and DMC's) will only be able to accept a maximum of $100 USD CASH per transaction - but the number of transactions per customer is not restricted.
• Certain businesses may not be able to, or may choose not to accept American Dollars for any purchase at all (this may include shops, etc), however still accepting Mexican Pesos.
• If a customer wants to purchase an excursion (for example) that costs $150 US dollars per person, customers will only be able to pay $100 of this amount in USD CASH and the remainder will need to be in another form of payment (credit card, Mexican pesos, etc).
• Airlines are advising that within Mexico, they will only accept Mexican Pesos and credit cards for any fees (including baggage fees).

Vacationers should never carry large amounts of American dollars with them abroad, but instead they should consider either using a Credit Card, taking or locally withdrawing Mexican Pesos from an ATM (very easy and convenient), or use Traveler's Checks (of any currency).

http://www.magicofmexico.com/magic_U...ar_Policy.html

Originally Posted by MD11F

With this new law, the use of American Dollars (CASH) to make purchases in Mexico will change. Other payment methods such as credit cards of all types and all issuing banks, Travelers Checks, Mexican pesos and non-American foreign currencies (such as Euros or Canadian Dollars) are NOT affected in any way by this new law.

Guess it's no big deal. When traveling, we are use to having to convert to the local currency.

Still, wonder why it's only the US Dollar?

I seemed to be in a minority when in Mexico, by taking local currency, it seems everyone has to now.

Thanks,
We never cary large amounts of cash in Mexico.
Most big pruchases are with credit cards.
J

I have cruised to Mexico 18 times and have never converted any money to pesos.
I wonder how much it will effect taxi drivers.

I also wonder how with NAFTA in effect, how can they do this to the US $ and not the Canadian $.

Let's see, $100 in a restaurant is about enough for a hamburger and coke and 1,500 is enough for a couple of nights in a cheap hotel. Better take some pasos. Lee