Frugal gets a bad rap. But we at La Estancia Vacations believe in getting the most out of our travel dollar. It’s exactly why we continually pass on our favorite inexpensive and free activities, partner discounts and more. Well, this money saving tip is one that we can’t take any credit for, but nevertheless believe you should be taking advantage of.
As it stands today, 1 US dollar is equivalent to 21.66 Mexican pesos. That’s an incredible exchange rate for anyone planning their Cabo vacation or considering a Mexican getaway in the near future (who is spending USD, of course). And, at a time with the declining peso, the country can use a boost in tourism dollars.
Where some popular holiday destinations will see US visitors getting less value (hello, pound and euro), the peso is offering us all a chance to explore the Baja Peninsula for pennies on the dollar, literally!
How to Take Advantage of the Exchange Rate:
1. Don’t spend your US dollars in Cabo
If you’ve visited Los Cabos before, you know that hotels, restaurants, etc are often more than happy to accept USD. Don’t do it! When you pay in USD, you are going to receive a less-than-optimal (and most likely less-than-fair) exchange rate.
2. Avoid exchanging money the traditional way
Gone are the days of jetting off with a stack of travelers checks. Hold off on exchanging USD or travelers checks in the traditional way. It will often cost more money to convert your U.S. dollars into Mexican pesos at a bank or at designated exchange counter. You’re giving up the whole benefit of a strong dollar when you take this route.
3. Consider a credit card
Of course, you need to know your credit card terms before spending internationally, but this can be a great option to avoid international fees AND take advantage of the current exchange rate. Certain cards are better than others for traveling, but we won’t get into that now. *As always, inform your bank and credit card provider of any travel plans. No one wants the headache of being cut off internationally!
4. Make one ATM withdrawal
While using a credit card around Cabo is quite simple, it’s also a good idea to carry some local currency. As mentioned above, avoid the exchange loss and pull out your money straight from an ATM. Of course, if you continually pull out small sums of money you will begin to incur more than ideal charged. However, if you pull out one time, this is a great options for obtaining pesos and enjoying the dollar to peso exchange. *Depending on how much you are pulling out, we don’t recommend carrying all your cash on you. Take what you need for the day (plus some extra for the random taco craving), and leave the remaining in a safe, secure, hidden spot in your room.
Get in touch with La Estancia Vacations today to learn more about enjoying a Mexican vacation while the dollar is hot.