Exchange Restrictions – Pesos to Dollars

Restricting pesos exchange…

…Maybe a good thing?

Purchasing Restrictions for North Americans

As of October 2010, Mexico decided to try to stop or at least slow down illegal money laundering.  Mexico now wants foreigners to pay for all purchases/spending in pesos – the money of Mexico.  

You are now limited to exchanging $1,500 U.S. per month for pesos…if you’re exchanging your currency for pesos south of the border.  I can’t believe there are records kept, so what would keep you from going to a couple of different cambios, I don’t know.  

As of October 2010, Mexico decided to try to stop or at least slow down illegal money laundering.  Mexico now wants foreigners to pay for all purchases/spending in pesos – the money of Mexico.  

exchange pesos 10 Pesos, approx $1. U.S.D.

 

But in a few areas, actual purchases are even capped at $100 per person.  There have been instances of vendors refusing to accept U.S. dollars at all – those, I’m sure those are few and far between…but if you run into them, it would be real nice to feel those Pesos in your pocket available.  

US Airways is not accepting U.S. dollars in Mexico facilities, at ticket counters. And, well, they just might be killing the golden goose, ‘cause you can’t even pay for your luggage handling unless you have pesos – so, sorry, fella – no tip today!  Jet Blue and American airlines has similar restrictions.  

If you’re a visitor to Mexico and just want to have pocket money – for tips, a couple of drinks or a meal, a few souvenirs, then it’s easy enough – just exchange your U.S. dollars for pesos – at a bank, the cruise ship you’re traveling on, at the airport, etc., before getting into Mexico.  Once you’re into Mexico, go to a bank or any of the many casa de cambios (houses of exchange), 

Just to be on the safe side, if you want to maybe buy an expensive trinket or something in Mexico, you are going to have to pay in either traveler’s checks, credit card, or pesos…no greenbacks.  

So, we’ll see what happens with the enforcement – who knows, maybe it will slow up the money laundering…in that case, it’s a good thing. 

And anyway, $1500 a month sounds like more than enough to me! 

After all, that’s the equivalent of about

15,000 Pesos!

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2 Responses to Exchange Restrictions – Pesos to Dollars

  1. carlton

    March 13, 2012 at 5:07 am

    Just FYI, here in the Yucatan, I have seen people turned away that was wanting to change usd mxn at banks, They did not want the hassle of dealing with it. Here is a link to more info:

    http://gomexico.about.com/od/money-matters/qt/exchanging-dollars-in-mexico.htm

  2. Barbie

    Barbie

    March 15, 2012 at 9:57 pm

    Hi Again Carlton – Actually, to try to thwart money laundering, almost all banks in Mexico have put a limit – usually a per day or per month limit – on such transactions.
    “According to the new regulations, casas de cambio (currency exchange booths), banks and hotels may exchange a maximum of $1500 USD in cash per person per month into Mexican pesos. Many financial institutions are limiting this to exchange up to $300 USD in a single transaction, and some banks are currently refusing to exchange dollars. It may also be required to present an official identification when exchanging dollars for pesos.”
    Barbie

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