Exchanging Money in Oaxaca Mexico

 

Last year marked a dramatic change in the ability of visitors to Mexico (and Mexican residents including business owners for that matter) to exchange their US dollars into pesos.

Traditional Methods Used for Exchanging Dollars into Pesos

Until May, 2010, Mexicans and international tourists alike were able to freely attend at the bank and exchange their dollars for pesos. Rates were posted, and it was simply a matter of comparison shopping and then transacting the exchange. For residents of the country, in particular those in the hospitality industry serving predominantly 벳플러스  Americans (innkeepers, tour guides, restaurant owners, etc. ), this was a key means by which business was conducted. It was particularly important in cities such as Oaxaca which rely on tourism for their very existence. Travelers would pay their accounts for accommodations in American dollars – sometimes as a result of having been quoted US dollar prices – and the beneficiaries of their money would simply go to the bank and exchange funds into pesos. Alternatively they would deposit dollars into their business (or personal) accounts, and the financial institution would do the conversion, generally using a preferred rate.

For tourists as well, it was often a case of comparison shopping, and then an unfettered exchange of dollars for pesos. For visitors to Mexico there was always the option of comparing rates at casas de cambio (storefront exchange houses) as well as banks. But for Mexicans, the banks were the better medium for exchanging dollars for pesos.

The Change in Mexican Rules and regulations Regarding Changing US Dollars into Pesos, as Applied in Oaxaca

Now, a resident of Oaxaca for example, cannot simply exchange dollars into pesos in a bank, or deposit dollars into a personal account or even some types of business accounts. The business end of matters is complicated and beyond the purview of this article. But suffice it to say, Oaxacans must now either use casas de cambio (with a less attractive rate of exchange more often than not), or open the type of business account permitted by the change in rules.

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