When using credit card as a form of payment, should you choose USD, CAD or PESOS?
As of May 2, 2023:
In this case, since the exchange rate on May 2, 2023, is 18.03 MXN to 1 USD, it would generally be more advantageous to choose to pay in Mexican Pesos (MXN) when using a credit card in Los Cabos.
When you pay with your credit card in a foreign country, your credit card company will typically apply an exchange rate to convert the transaction amount to your home currency, and they may also charge a foreign transaction fee. If you choose to pay in USD, the merchant may also apply their own exchange rate, which may not be as favorable as the official exchange rate.
Therefore, if you choose to pay in MXN, you will usually get the most favorable exchange rate, and you will avoid any additional fees or markups that may be applied by the merchant or your credit card company.
Of course, you should always check with your credit card company to confirm their policies and any fees associated with foreign transactions, as well as keep an eye out for any conversion options presented by the merchant that may be more beneficial.
Hope this information was helpful and enjoy your stay in Cabo San Lucas!
Saludos from Co-Founder…
Michael L Mattos