Banking in Puerto Vallarta
In 1982 the banking industry in Mexico was nationalized and in 1991 the government began to privatize the banks. With banks being in the private sector they are obligated to modernize upon being able to accommodate the international trades and the restructure of Mexican economy.
The banks in Puerto Vallarta usually open at 9 AM and close at 2:30 PM. They are only opened on weekdays. Some of them are opened from 4 to 6 in the afternoon and on weekends. Many banks will only exchange money between 9 AM and 1PM. Information about the nearest branch can be at your hotel.
Casas de cambio or exchange houses have longer opening times and give you a much faster service. The best exchange rates can be found at banks and at these exchange houses and the worst you will find at the hotels. In general there will be no exchange fees charged.
As a tourist, you are also able to get money from the ATM's. ATM's in Puerto Vallarta are linked to the Cirrus and Plus systems. The machines have English and Spanish menus. The ATM's will dispense pesos at the current exchange rate.
During your stay it is best if you use pesos, although US dollars are accepted almost everywhere. You might even find old bills between your new pesos. Don't worry it won't be any problem to exchange them into new bills. The new bills were printed a few years ago when the government decided to drop 3 zeros from the national currency.
If you see a price printed as $15.00 M.N., than this will mean the national currency. Exchange an small amount in pesos before you enter Mexico, it will come in handy to pay for a ride to your hotel. Of course the exchange rate is typically going to be better once you get to Mexico, than in the US. It is good to have some $1 dollar bills in your pockets to spend on tips.
Upon arrival in your hotel you will probably be asked for your credit card. This is being used for extra charges. They will also ask you to sign a blank charge slip, there's no need to be suspicious about this, because it is standard procedure. Credit cards are accepted almost anywhere, especially Mastercard, Visa or American Express. When you've used your credit card at a local restaurant or bar, the waiter will bring you a customer copy of it. When using a Visa or Mastercard you will be charged 2 to 3% , when you use an American Express card this can be 6%. The use of a credit card can be beneficial at times, especially when the exchange rate is more favorable. Changing dollars into pesos at your hotel can be very expensive. It often happens that the amount that was charged on your credit card is converted into dollars days after you have paid for something. If the rate of the dollar is higher at that time, you will profit some money.
In Puerto Vallarta you will find 20 banks, with Banamex and Bancomer as the largest ones.