Currency:
The currency of Mexico is
the Mexican Peso, with one Peso equal to 100 centavos. The
Mexican peso can be found in coins of 1, 2, 5 and 20 pesos,
while there are 20, 50, 100, 200 and 500 Mexican pesos note.
The newest is 1000.
Exchange Rate:
Mexican Peso fluctuates
freely in relation to the American dollar.
Exchange rate as of March
2008:
1 US Dollar = 10.8217
MXN
1 Euro = 16.5941 MXN
To check for the latest Exchange
rate, visit http://www.xe.com/ucc/convert.cgi
It is advisable to exchange money only at licensed banks.
You may do this in the airport; they’re usually open
from 6am till 22 hours.
Payment:
-
Cash in Peso: Always
have change available. Avoid showing your money and separate
it in smaller amounts in different parts of your luggage
and clothes.
-
Cash in US Dollars:
US Dollars are accepted in big establishments, but don’t
expect them to be taken in taxis or public transport.
International credit
and debit cards: This is a safe and practical way to pay.
-
Traveler’s cheques:
Although seldom used, they’re accepted in banking
institutions and some important enterprises, but they’re
not used when paying in restaurants or in small stores.
-
Tax: In Mexico City
you must pay a tax known as IVA, which is included in
almost all articles except medicines and foods and equals
to 15% of the product’s value. You pay this tax
when buying in stores, departmental stores, boutiques,
restaurants, bars, nightclubs, gas stations, drinks, cigarettes
and travel tariffs. Hotels have an additional tax for
housing.
-
If you stay at Official
Congress hotel during Congress days (24-28 October 2008),
you can get 15% tax waived on room, food and beverage
providing that if you present the hotel with proper document
(copy of passport, copy of immigration paper and payment
made by International credit cards or fund transfer from
abroad).
-
Beware of counterfeit.
Be alert of change from unsupervised services or places,
such as taxis. Fake pesos notes are easy to detect by
their different texture and colour, the confetti’s
noticeable at first glace.
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