It couldn’t be said clearer: this past election season in America has been anything but ordinary. But travelers to Mexico will soon see signs of relief in one key area — their wallets.
As each new vote for the president-elect rolled in on Election Day, something else happened — the Mexican Peso began a sudden, unprecedented collapse to all-time-lows never seen before in history. The result: everything in Mexico is now on sale to foreign travelers.
The Mexican Peso has so far plunged nearly 15% since the election. Panic over the prospect of the president-elect’s stern Mexico policies becoming a reality sent financial markets into a tailspin. So what does this mean to you if you’re bound for a Mexican travel destination such as Cabo San Lucas? Here’s the rundown.
Let’s start with the bad news. Don’t expect to be saving money on air travel. This expense is usually paid for in your local currency where rates remain unchanged, leaving you no extra benefit.
What you will be saving money on is everything else in your trip to Mexico. Think restaurants, tours, activities, drinks, taxis, tips, and shopping expenditures, to name a few. That’s because they all accept Mexican pesos.
If you wan’t to take advantage of the savings, be sure to convert your travel money to Mexican pesos as soon as you arrive in Mexico. The idea is that you will now be receiving around 15% more pesos for your money than you would have pre-election. And by receiving more pesos, the trip will now cost less to you.
Usually, your hotel’s front desk will let you convert your money. But what happens if you don’t convert your travel money? Most businesses in Mexico’s travel spots do accept US dollars, but don’t count on them to update prices to your benefit.
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