The Mexican Peso exchange rate is not fixed and can change at any point in time. Many travelers decide to watch for fluctuations in the exchange rate in order to get the best deal for their holiday spending money.
For example if you are traveling to the Mayan Riviera on vacation and intending to change your national currency into Mexican Pesos then you may gain a better conversion rate and more money than expected when the exchange rate is good. However if the market rates are currently low then you will likely obtain less money when exchanging currency.
Of course you never know when those extra few pesos will become useful on your holiday, you could well need them when relaxing on the beach and attempting to purchase an ice cold drink to cool you down.
The location and outlet where you exchange your money may also effect your Mexican Peso exchange rate. Many outlets and shops that offer a currency exchange service will often charge a commission for doing so. These commissions can vary considerably.
For example many people decide to convert their vacation money when they get to the airport. They will often spot one of the appropriately placed exchange desks and think that it will be a great idea to change their holiday money there and then. However these desks will usually charge a premium price for the service, leaving travellers with far fewer Mexican Pesos than they would otherwise have expected.
with most good travel advice, the best approach is to plan ahead.
You may find a far better deal in your local outlet than you would in the conveniently located currency desks at airports and travel agents.
A common approach that many people take when traveling on holiday, is to take a limited amount of Mexican Pesos and then pay for any other goods and services with their credit or debit cards.
If you plan to take this approach, then it is a good idea to work out a rough vacation budget and find out how many pesos you will need for the first few days of your vacation.
Remember to include a budget for any taxes you may have to pay (including for some people, the Mexico departure tax) and for any services for which you would be expected to tip.
It may be important to inform your card issuer that you are traveling to Mexico, because some banks often put a hold on transactions made in other countries that they deem as unusual to your regular spending habits. It is advisable to research which of the two ways of using your credit or debit card will give you the best Mexican Peso exchange rate. For example it may be best to pay for services directly with your card or alternatively it may be beneficial to withdraw currency from your resort cash-point.
There will usually be a fee for using you card in both of these ways, however the fees can vary from bank to bank and from country to country.
Once you have worked out your best strategy then it may be time to start think about more important things, like having a fantastic, memorable and relaxing holiday.