Attention Travelers! Mexico has Changed the Exchange Rules for US Dollars

By: Lisa Coleman

We have had a number inquiries about the “peso situation” and we recently received a short, yet official statement from the tourism board listed below.  It appears the rumors are true.  We are not sure of how it will all work, and we don’t have details from hotels either. Bring your debit card and use ATMs – just keep in mind the $ sign is the same for pesos and dollars, but the rate you are seeing on the screen is in PESOS. We will keep up on this and post as we get reports.

MEXICO BANKING SYSTEM CAP ON
EXCHANGE OF DOLLARS FOR PESOS
 
OFFICIAL STATEMENT
September 13, 2010
  
In order to regulate the quantity of dollars entering the Mexican banking system, beginning September 14, 2010, the Mexican government will cap the amount of dollars foreigners can exchange for pesos in Banks & Money Exchange Establishments to no more than US$1,500 per month.
 
The measure WILL NOT AFFECT purchases made with credit cards or debit cards in Mexico.
 
The measure WILL NOT AFFECT the amount of CASH (in Mexican pesos) an International Tourist can withdraw from an ATM machine on a daily or monthly basis.
 
It is recommended that all travelers bring Mexican pesos as well as their credit and/or debit cards to minimize any inconvenience the exchange cap at banks may cause.

7 thoughts on “Attention Travelers! Mexico has Changed the Exchange Rules for US Dollars”

  1. Hi John – no idea on the traveler’s checks, but I’ll poke around and ask some questions.

    Hola Mike – You can thank the drug lords and their money-laundering ways.

  2. Traveler’s checks are ok… the whole purpose of the new regulation is to make it more difficult to use or launder illegal cash. The narcos — to date — are not known to deal in traveler’s checks, so these remain fine to use.

  3. I would assume this does not affect travellers checks since it is aimed at controling the quality of US cash entering the Mexican system.

  4. Our experience is that travelers checks are not looked on favorably and it is becomming more and more difficult to exchange them, the Mexican casas de cambio do not want them and we’ve been told not to bring them (by ex pats and business owners)

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