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While many establishments in the Puerto Vallarta area accept American or Canadian dollars, there's no denying that tourists can receive the best exchange rate by converting their money to pesos. This is because local businesses will offer less favorable exchange rates when compared to the national average to offset the costs of exchanging the foreign currency themselves. Credit and debit cards may appear to represent a reliable workaround as well, but there are a range of issues associated with using these cards during your stay in Puerto Vallarta. One concern is the typically high fees associated with foreign transactions using a credit or debit card, which can approach and exceed 5 percent per transaction.
Another issue is simple compatibility…many of the most worthwhile experiences in Puerto Vallarta are cash driven enterprises, and even those that do rarely accept the cards of smaller issuers like Discover and American Express. This means that lack of preparedness with the correct currency could mean you miss out on a unique opportunity. With this in mind, here are a number of ways you can access pesos for your Mexican vacation using your home country's currency.
Through Your Bank
Perhaps the best and most convenient way to obtain pesos before your trip is to order them in advance through your bank. Of course, this must be done in advance of your departure from your home country, but is an easy way to ensure you have the currency you need to get the most out of your trip.
Travelers Checks
Some tourists prefer to carry travelers checks as a backup supply of funds, but visitors to Mexico may want to consider another method. Not only are fewer banks issuing and accepting them in recent years, they are also notoriously difficult to change into usable cash in the country as well as in many places around the world.
At the Airport
Airport currency exchange centers are the most immediate and visible resource for travelers in need of a particular form of cash, placed ubiquitously throughout world class airports. They provide the most possible flexibility, allowing you to retain your home currency until your landing on foreign soil while enabling you to leave the airport already equipped with the cash you need. However, this flexibility comes at a significant cost: exchange rates at airport currency exchange centers are often much less favorable than with currency exchanges performed through other means. Tourists can lose 20 percent or more of their funds in each exchange, making airport currency exchanges into more of an emergency resource for the savvy traveler.
Local Currency Exchange
Fortunately, currency exchanges in town offer much more preferable exchange rates for visitors. Although the relative value of North American dollars against the peso can fluctuate with some regularity, the rate at Puerto Vallarta's officially sanctioned exchange houses typically follows closely with the official federal exchange rate, making it a good option for currency exchanges once you've arrived.
From the ATM
ATM machines, colloquially known as “cajeros” are another reliable resource for accessing pesos in Puerto Vallarta. Although there are relatively few American based banks in this Mexican beach town, withdrawal fees are relatively low and in line with transaction tariffs at American and Canadian ATMs. International transaction fees may also apply to ATM withdrawals, and you should check with your card issuer to learn more about the terms associated with transactions abroad. Travelers should also ensure their card is approved by the issuer for international use, as issuers overzealous in their efforts at identity protection have been known to freeze he cards of unsuspecting tourists as a result of unexpected transactions outside of their usual location.
MoneyGram and Western Union
These wire transfer services are less than ideal choices as a main resource for accessing your funds as pesos abroad, but can represent a critical lifeline in an emergency situation. These two services allow the instant transfer of cash overseas, and serve as a saving grace for travelers who have encountered unfortunate scenarios such as a lost wallet or lost luggage. There are relatively high standard fees associated with use of these services, often exceeding $10 per transaction, but for travelers with no other access to funds, it's an outstanding option. To receive funds sent from abroad, visitors must use their passport to identify themselves at one of the dozens of Western Union or MoneyGram locations in the Puerto Vallarta area.
General Tips
It is usually best to satisfy bills, checks and gratuities in domestic currency, particularly when dealing in person to person transactions. Doing so allows the cash to be used immediately instead of requiring a trip to the bank for exchange, and with the work schedule common in the area, may save an employee a valuable day off. Pesos also maximize the value of a tip, as the exchange rate is always set to favor the exchange house. Another thing to keep in mind is that change and small bills are typically in short supply, especially with street vendors and smaller establishments. This means that you'll want to use smaller bills first to prevent an extended delay and frantic employee search in other local stores to collect your appropriate change. Your change will also be given in pesos regardless of the currency you use. Above all, NEVER pay or leave a tip in foreign coins, as they have no value in the country and are little more than a nuisance. Pesos are essential to maximizing the potential of your stay in Mexico as well as its value. There are many ways to gain access to the country's national currency, and while North American dollars are widely accepted in Puerto Vallarta, the fact is that pesos carry more weight in the area.
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