Friday, April 19th 2024

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2019
5
February
When visiting Mexico, should I tip & pay for things in $USD or Pesos ?

One way to answer this question is to think of how you would like to be paid here in Canada. With your local currency, or $USD?

You might think, well, if I was paid in $USD, I would have to convert it to my local currency, and lose 3% in the process, along with the hassle of going to a bank / money exchange. If I did that, and I still ended up with more Canadian dollars than I would have if I were paid in Canadian dollars in the first place, well, I would still be happy.

And If the alternative were to not be paid at all, you'd be happy, or at least willing, to take $USD.

But all things being equal, you'd probably want to be paid in your local currency.

There's also the fact that if you are bringing $USD to Mexico, you presumably converted some of your Canadian dollars to $USD, and lost 3% to the bank / money exchanger in the process.

And then the person you're giving the money to in Mexico loses another 3% to the bank / money exchanger converting it back to Pesos.

The bank / money exchanger is the winner here!

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