| | |  Travel & Outdoors 
Travel: Mexican Exchange Rule Can Affect Canadians
 Canadian Press
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October 02, 2010
| | Last June Mexico introduced tough restrictions on U.S. dollar transactions — limiting tourists and Mexicans without bank accounts to exchanging a maximum of $1,500 in cash each month. | |
Ottawa — New limits imposed by Mexico on the amount of U.S. dollars that can be exchanged for pesos are affecting Canadians and their loonies, the Foreign Affairs Department says.
“Although the rule does not apply to Canadian dollars, some financial institutions, hotels and currency exchanges are not making the distinction,” the department says in a travel advisory.
Last June Mexico introduced tough restrictions on U.S. dollar transactions — limiting tourists and Mexicans without bank accounts to exchanging a maximum of $1,500 in cash each month — to fight money laundering linked to drug gangs.
The Mexican Association of Banks said tourists would not be inconvenienced because they use debit or credit cards for most purchases.
But an unintended effect of the regulation has been that some hotels in destinations including Puerto Vallarta, Cancun, Playa del Carmen and Los Cabos are limiting their guests’ exchange of U.S. dollars to minimum courtesy amounts, said tourism operator RentalsInVallarta.com, based in Puerto Vallarta.
Canadians should contact their hotel or a financial institution at their destination in Mexico before their trip to get more information on how the exchange regulation is being applied, the Foreign Affairs Department says. |
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