New US Dollar Policy for Mexico
Written by: Jan Shaughnessy
On September 14, 2010 the Mexican Government passed new laws concerning the acceptance of US Dollars in Mexico. This may or may not affect vacationers in some of the most visited destinations like Cozumel, Cancun, Puerto Vallarta, and Cabo San Lucas, to name a few.
The new law will change the way American Dollars (cash) are used to make purchases in Mexico. Other methods of payments such as all types of credit cards issued by banks, Travelers Checks, Mexican Pesos, and other non-American foreign currencies are not affected by the new law.
The most noticable changes are:
1) Hotels, 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.
2) Businesses (including restaurants and shops, and DMC’s) will only be able to accept a maximum of $100 USD cash per transaction. The number of transactions per customer isn’t restricted.
3) Some businesses may not be able to, or may choose not to accept US Dollars for any purchase at all. This could mean shops, restaurants, etc.
4) An example of how customers may be affected is: If you desire to purchase an excursion that cost $150 US Dollars per person, you will only be able to pay $100 in USD cash, and the remainder would need to be paid in another form such as credit card or Mexican Pesos.
5) Those doing land vacations in Mexico should be advised airlines within Mexico will only accept Mexican Pesos and credit cards for any fees, including baggage fees.
It is always advisable not to carry large amounts of cash when traveling. Instead, consider using a credit/debit card which can be used in an ATM machine. Always check with the issuing bank on any fees and notify them you will be traveling and using your credit/debit card abroad.
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