Hi, everyone, so you are planning to spend your money in Mexico, but you want it to have a good exchange rate?
we will talk about where you should change euros for Mexican Pesos, or any other currency really.
For me to explain a little better I will split the methods into two points:
1. Changing money on arrival.
Well as you may have noticed, back home its almost impossible to find Mexican Pesos (MXN) so you are probably thinking to get USD dollars so its easy to change your money on arrival, I mean we are closer to the US so we must have dollars.
well, that’s a terrible idea; remember that everyone wants to earn money out of your own money, so everytime you make a transaction someone has to earn money! so if you change any currency (money) the bank or the exchange company that will give you the service WILL earn money unless, and this is important to understand, the company have a deal with you somehow(i will speak more about this ahead); its something dumb if you think about it, but yes, that’s how it works our system, and that is why people get rich in Wall Street (well a little more complex than that, but you get the idea).
So meanwhile you do fewer transactions, you will have more money “GUARANTEED”.
Ok, so then what smartie? the tacos on the corner don’t accept credit card! well, where do I change my euros for Mexican Pesos? well right now we are just going to focus on the airport, so you can use that cash to get a cab or a SIM card for your new phone etc.. (to know more about what you have to do when arriving at México check this out ) i recommend you to do get around 1000 MXN which its around 50 EUR to get home without any problems.
If you are in a rush and you just want to go home, then get money from anywhere you want, for that quantity of money even if they give you a bad exchange rate you will not lose a lot of money. if they pay 1.5 pesos less than what they should, then you would need 4 more EUR to get 1000 MXN (if the exchange rate of EUR and MXN was 1 to 20). Just don’t withdraw money from a CIB ATM, just don’t.
Still if you want to have a good transaction since then, well after going an checking the exchange rates on the business close to the international gate, I understood something, and that is that while you get further away from the gate, the cheaper it gets, or the less money they will charge for the transaction, also remember that those are less visited so the employees might be much more friendly and welcoming than the ones close to the gate.
In México the EUR is not popular so you won’t have any problems changing them for MXN(supply and demand law), the problem it’s changing them back, but that’s another business.
If you didn’t bring any cash at all, then go to an ATM and withdraw money, doesn’t matter the bank, but remember not CIB ATM, thats the best way for changing your euros for Mexican pesos just make sure that the company that owns that ATM has the VISA and MASTERCARD logo, and see if your card does too.
To sum it up, at the airport, you might be tired, don’t worry you won’t save a lot of money looking for an amazing exchange rate, just go and get money from anywhere you want (1000 MXN) and go home, you are in MÉXICO!
Well this is pretty different, and the reason is that if lets say your rent will be of 5000 MXN per month, plus your spences will be around another 3000MXN per month and you are party maniac, add another 2000MXN for 6 months you will need 60000 MXN + 40000 MXN that you saved for traveling, buying tacos and trying to bargain in local shops (which you will never win I guarantee it, but its still fun, you can see our guide for place where you should bargain and how, and where you shouldn’t)
ehmm.. 100k MXN with a exchange rate of 1 EUR – 20 MXN you will need only 5k EUR (not much right and I am exaggerating the numbers, this is only to give you an idea) if you get your money with a 1.5MXN deficit, so 1 EUR – 18.5 MXN then you will need 5400 EUR! 400 EUR for free. almost 10% more expensive.
So if you are cool with that, then don’t worry it’s your money, you can do whatever you want with it, but if you don’t (probably if you read until here you are this person) then you should do some research!
At the beginning i said something that you won’t spend money changing currency if the company with you do it have some kind of deal with you, same way that back home when you withdraw money from the same ATM of your company, but if you do it in another ATM, then they will charge you for the service.
Well, there is a kind of Global Alliance of Banks, so if are reading this before leaving home, then you should get one card from one of this banks before coming.
- Scotiabank we have it here in Méexico
- Bank of America
- Deutsche Bank
- BNP paribas
- Citibanamex; which form part of this alliance, see if your bank forms part of CITI CORP
If you are back home, go and ask which alliance does it have your bank with a Mexican bank, usually that comes with no commission asked for withdrawing money and the transaction will be the same that what the exchange rate at that moment is. so you will get your 20MXN for each EUR.
If you don’t have any of the listed banks in your country, then well, I’m sorry you will have to pay commission, sometimes its a % and some others are a constant value, ask all of those questions with your bank, but yes, withdrawing from an ATM its most of the times the best practice.
That it’s pretty much all, if you need specific information about your bank, contact us in HousingBMG.com we might help you out with your doubts!
ATM in mexico will give you from 6kMXN – 10kMXN on a day , and that its a lot of money, so always be cautios in where you are going to withdraw and if you can go in a UBER or ask a friend to go with you, remember that you as a “tourist” might be easy to spot in Mexico, so just be careful, “hombre precavido, cuenta por dos”.