Mexico and US currency

Still a bit sketchy but a new law passed just a few days ago limiting the use of US dollars in Mexico.

This is the latest that My Vacation Lady knows:

You may have heard that a new law has been passed in Mexico effective September 14th regarding transactions done in US dollars. While the interpretation of the law is still unclear we do know a few facts:



1. There will be a limit on US dollar cash transactions of $1500.00 per person per month. We are not sure if this includes converting American dollars at banking institutions or exchange booths.

2. There will be a per transaction limit of $100.00 per person US Dollars. With unlimited transactions up to $1500.00 per person per month. For example: if an item costs $150.00 they can pay $100.00 US dollars with the balance being paid with either credit card, travelers checks, or Mexican pesos.

3. To the best of our knowledge these restrictions do not apply to credit card or travelers checks transactions. They only relate to cash transactions.



Again we are still getting more information; however, you do want to advise your clients travelling to Mexico that they many encounter this situation and to make sure they travel with a credit card or travelers checks. They can also exchange their money into Pesos and purchase items in Mexico using Pesos, which might be a good idea if your clients are high ticket item shoppers.



I will of course keep you up to date as we verify all the little pieces to this new law and get better clarification for you