New US $ Exchange Laws In Mexico.

[DesireWeek43]

Hello Everyone

Just a short Email. In case some of you are not aware of this, as of Sept 14 2010, there are some new laws regarding currency exchange.

This is ONLY for US CASH, exchanging to Peso's within Mexico.

In short, the limit permitted for Cash payments and currency exchange at the Resort will be $1500usd per person (Monthly basis). Passport will be required and IFE ID for Mexican citizens.

Hotels and Exchange Booths will only be able to change a maximum of $1,500 USD CASH per person per month into Mexican Pesos. Previously there was no limit.

What does that mean, well for those of you like to pay cash for your stay, you can no longer do this if it is over $3000. However you can pay say $2950 in cash, and the rest in peso's, perhaps.

There are some other restrictions regarding regarding a $100 US cash cap/person for some smaller business's. I suggest that you do a Google search to see if this may effect you while in Mexico.

Again, this is ONLY US cash.


Anyway, just thought I would post this as some on here may pay for their stay in US cash.

Have a great day
See you Week43'rs in about 38 more days.

[seef33]

So I assume paying with credit card in US$ is not a problem and no limit,, correct?

[CokeMann]

So I assume paying with credit card in US$ is not a problem and no limit,, correct?

Correct !

btw - those restrictions( exchange of $1500 USD per tourist per month into pesos) only applies to US funds being exchanged for Pesos in Mexican Banks - you can used local ATMs to get whatever amount of Pesos you wish without restriction.

Here is the full interpretation by the US Dept. of the Treasury
http://www.fincen.gov/statutes_regs/guidance/html/fin-2010-a007.html

The bottom line is that for most US tourists, things will not change from before.