US Dollar Not Being Accepted in Mexico Vacation Spots

October 26, 2010 | By | Reply More
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For years vacationers from the United States could count on using their US dollars in Mexico without doing a currency exchange – no more! In an effort to thwart drug-related money laundering, the Mexican government has put a cap on the amount of US dollars foreigners and businesses can trade for Pesos (Mexican currency).   Since the new law went into effect last month, stores, restaurants, bars and other businesses can accept a maximum of $100 in US cash per transaction.  Complicating things further, the maximum amount of US dollars that can be exchanged into pesos at a bank or exchange service has been limited to $1,500 per month.

Major vacation tour companies are warning that business may choose not to accept US dollars at all.  Furthermore, airlines at Mexican airports are no longer accepting US cash for baggage and other fees.  The Mexican tourism board recommends all travelers to Mexico should purchase pesos before they arrive to avoid confusion and inconvenience.  The new laws do not affect credit or debit card transactions however or the amount of pesos than can be withdrawn from Mexican ATM machines.

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Category: Good To Know, Money & Technology