How do pesos work?

Question

I'll be visiting Cabo San Lucas, Mexico next month and I want to know how do you pay for pesos. There must be labels on the $, so do you just follow that. HELP!

Answer 1

See website below so you can check the exchange rate for pesos .  It varies a little day to day.  To make it easy, just remember that 10 pesos is a little over a dollar.  A 100 peso bill is worth a little over $10.00.  It is better to use pesos than dollars when you shop.  if you use dollars, merchants will just figure the rate a t 10 pesos per dollar...and you end up over paying.  you can use your ATM card to get money from your U.S. account in pesos...or go to a bank.

Answer 2

i agree with the first person.  also, yes the money is labeled.  major coins are the $1, $2, $5, $10.  And then bills are in $20, $50, $100, $200, $500.  so if you use the 10 to 1 rule, just remember the money will start at the equivilant of 10 cents USD and go up to 50 dollars.  there is also a very large coin which is $100 pesos...but it's not very common and it's fairly new.  there are coins which are 10, 20, and 50 "cents"  but it would actually be like....a penny, a 2 penny piece, and 5 cents.  i find these smaller coins hard to deal with and so do most mexicans...they would rather charge you less, or have you pay a little more than bother with the exact amount.

Answer 3

Pesos work just like any other currency in any other country.  Prices are usually listed in the local currency, and on the coins and bills are numbers which tell you how much they are worth.  If a price is not in pesos it should list which currency it is being charged in, such as Euros, Canadian Dollar.  In tourist areas often people will try to charge in US dollars.  No doubt you will be overcharged so just accept that.

Answer 4

If you come in by plane, there should be a place in the airport with a sign that says: "Cambio."  There you can change dollars or travelers checks into pesos.

Answer 5

Don't get fulled by the 10 to 1 exchange.

10 to 1 is easy to remember, and give you an idea, but is more close to 11 to 1.

The worst places to exchange is at the airport or at the hotel. Use any bank, and they will give you 10.7 pesos per dollar at least.

As a rule, if the price is in pesos, pay with pesos, and if the price is in dollars, pay with dollars.

If you want to change your unused pesos to dollars at the end of your trip, you will loose 0.40 pesos, since they will give you 1 dollar for 11.1 pesos. So do not exchange much, mostly everybody will accept dollars here.

Enjoy Cabo