I noticed the same thing when I was in Cancun last year. We were mostly paying in US dollars but we were still getting charged way higher than if we would have paid in pesos. We learnt our lesson and decided that next time we are down there we will get some currency exchanged at the airport!
I am glad you were smart enough to do this from start! :)
Florida2Texas (rep: 13.2k) posted May 14, 2012
Thank you lilywow! That was definitely worth reading! I just wish I knew more about what credit cards are widely accepted, for example, do you mind sharing what credit card you used? It would also be awesome if you got cash back on top of your savings :)
I hope you enjoyed your trip to Cancun!
dealwagger (rep: 10.3k) posted May 14, 2012
@florida2texas - don't pay cash in US Dollar either. If you don't want to use a credit card, go to the atm and take out foreign currency. You will pay about 5% in fees between your bank and the foreign bank, but it is still lesser that what the currecy exchanges charge at the airports which is somewhere between 10-20% also reflected in the unfavorable exchange rate.
lilywow (rep: 8.5k) posted May 14, 2012
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