Question

How can I change U.S. Dollars to Mexican Pesos at the best exchange rate?

Location

Country: Mexico

Answers

Paying merchants directly in U.S. Dollars (when priced in Mexican Pesos) will get you the worst exchange rate (unless your purchasing at a major grocery store like Wal-Mart, Chedraui, Sam's Club, etc..).

You can also change U.S. Dollars and Exchange houses (Casa de Cambio). Some charge commission so be sure to ask if the rate of purchase is commission free when comparing rates.

The next best exchange rate is going to a major bank such as HSBC, Bancomer, Banamex. There are no commissions. You must bring your passport and tourist visa so that you can prove you are a visitor (new anti-money laundering laws). Unfortunately the lines can be long and move slow (not sure if you want to spend your limited time available for your vacation like this).

The most efficient way to exchange U.S. Dollars to Mexican Pesos is via a Major Bank ATM Machine (NOT THE PRIVATE ONES!!!). Even with the ATM fee from the host Bank and depending on your Bank ATM Fee's charge, if you are withdrawing larger quantities, the interbank exchange rate is higher and offsets bar far the ATM fee's.
ATMs are the best option!
Look for Banamex (Citi Bank) ATMs (they charge the lowest cash withdraw commision).
You could withdraw up tu $5,000.00 Pesos (almost $420.00 USD) daily.
Enjoy your trip!

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