National and the Mexican Mercantile Banks, and the London Bank of Mexico and South America.
The Monte de Piedad, a Governmental corporation, has bank-bills from one dollar upward in circulation, which are taken at par throughout the Republic. Outside of the City of Mexico the currency of the other banks is received at a discount. This fact should be remembered by tourists.
The London Bank of Mexico and South America will cash letters of credit on British and American bankers, and a few of the branches (sucursales) of the Banco Nacional Mexicano will do likewise.
Travelers may also provide themselves with drafts on the various diligence offices in the interior of the country, by depositing the amount in advance at one of the principal offices. In case of robbery by brigands, the diligence company will repay the value of the draft, if it be taken from the person of the tourist, upon furnishing satisfactory evidence to one of the agents.
Bankers will give a higher rate of premium on drafts on New York than can be had in exchanging money. In Vera Cruz, United States money may be exchanged for Mexican currency at 113 to 114 cents on the dollar; and in Monterey and near the American frontier, the rate is as high as 115 cents.[1]
In the City of Mexico the banking hours are from 10 a.m. to 4 p.m., and in other cities from 9 to 12 a.m., and from 3 to 4 p.m.
Up to the year 1883 the Mexican Government has exacted an export duty of 5 per cent on coin. It is now remitted. For the Fiscal year ending June 30, 1882, the coin and bullion exported amounted to $6,631,938.
- ↑ Mexican coin can be purchased on better terms the farther the seller is from the country.
