Dear John: I have friends who are going to Mexico for vacation. They told me that Mexico does not accept the US dollar anymore. Could that be true? If it is, that’s scary. M.M.
Dear M.M. There’s no research that I know of on this.
But a friend of mine who travels regularly to Mexico says that things haven’t changed much: Some merchants accept dollars in payment for goods and services, some don’t, and many that do accept dollars will cheat you on currency translation. So your friends are better off getting some pesos at the bank.
A different friend of mine travels the globe constantly. He says the dollar is still considered the safest currency in the world.
“The yen is in the tank, the euro is a big question mark, and the US dollar is always the safe haven,” he says. “People are stuffing their mattresses with greenbacks all over the world.”
Maybe that’s why investors aren’t sleeping well these days.
My friends also said it’s always better to use ATMs to withdraw dollars from a local bank outside the country. The exchange rates are better.
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