Living at Lake Chapala in Mexico

Most travelers don't want to carry enough cash to bank roll a two or three-week vacation. In years past, the answer was to bring along a set of traveler's checks.

These days traveler's checks are becoming harder to cash each year. You'll find that your hotel and area restaurants don't want to accept them, banks won't exchange them, and that leaves you hunting for a casa de cambio (an exchange house). There are four of these exchange houses in Ajijic and more in Chapala, but it can be inconvenient to make it to them during their regular business hours if you have other more fun things to do with your time.

If you are coming from Canada, please be aware that most businesses will not accept Canadian traveler's checks and even Canadian cash is very difficult to exchange.

So, what do you do to have a good time in Mexico's cash in hand society where most places look at a credit card with amazement and distain?

Here's an easy, quick, inexpensive three-part plan to easily obtain all the cash you need for your entire Mexican vacation.

• First, when you book your room, ask your B&B or hotel contact if they accept credit cards, and if they offer a discount for cash payment. At some local inns, that discount is a full 10%.
  
• Second, exchange at least $100 U.S. before you leave home, or at the airport before your depart. This will be enough to cover your cab fare from the airport to your B&B or hotel (about $30 from the airport to Chapala or Ajijic) and food and incidentals for the first day or two.
  
• Three, bring your ATM card and plan to get the rest of the money you need for your trip from the local machines. There are several in Ajijic and more in Chapala, at the airport and in Jocotepec. You'll get the best exchange rate from the ATMs, you don't have to carry large amounts of cash or struggle to exchange traveler's checks.
  
• Here's an additional fourth point if you are coming to purchase a home or secure a rental. Bring your U.S. checkbook. You'll need it to write a check for the "good faith money" money for the purchase of a home, or to pay the first and last month's rent and the deposit (usually equal to a month's rent) that will be required when you sign a lease on a home. Some rental companies may require that part of this money be paid in cash. If so, you can draw as much from local ATMs per day as your bank back home allows. Give them a call; ask them to increase your daily limit.
  

When you are using the machine, the pre-set amounts on local machines only show up to $2,000 or $3,000 pesos (about $200 or $300 U.S.). You'll need to click on the words "otra cantidad" (other quantity to type in the amount you want to withdraw (in pesos).

ATMs are the ticket to a carefree vacation or life here at Lake Chapala. If you decide Lakeside is the place for you, managing your finances will be your easiest task. Leave your money where it is and draw money as you need it (in $3000 to $5000 pesos increments to avoid paying excessive fees) from the nearest ATM.

Labels: Cash, Credit Cards, Money, Personal Checks, Traveler's Checks

---

Judy King is publisher of  Mexico Insights' Living at Lake Chapala, a monthly online magazine for people interested in Mexico's Lake Chapala region, in the state of Jalisco.

Judy, a 16-year resident of Ajijic on Lake Chapala's north shore, conducts weekly newcomer's seminars, shares her expertise about Mexico in her monthly online magazine, and in the "Mexico Lindo" column for the Lake Chapala Review.

Judy also is a speaker for local organizations and visiting tour groups about the Lakeside area and Mexican customs and holidays.