Whats best to have in cash while in Cancun? Which do the merchants want to receive from tourists? Pesos, or USD? If I do carry pesos, what denominations are the best? Some have told me to carry singles in USD for tips. Others have said to carry peso coins for tips. But coins can get heavy in the pockets. Arent there Mexican dolares or pesos in bill form I can use? I don't know how much things cost there so I really have no clue what kind of bills or coins to carry. I don't want large bills because I wont know if Im getting the correct change. So any info from you all will be appreciated. Thanks.
It depends on the person. I always take lots of US dollars. I usually go with a 10 to 1 ratio even though it is probably around 12 to 1 really. When on the bus just give the driver a dollar for the ride per person. Easy enough. The taxi is (for 2 people) 10 bucks. Your gonna get pesos back in change most of the time. I then use them until they are all gone. Some people like pesos because they like to pay the exact amount and know how much it is. idc.
Uhm, it probably depends where you are. Mexico's currency is technically pesos, and prices are in Peso's. I did notice however in the north of Mexico such as those bordering texas prices will be in both dollars and pesos. Cancun is definately in Mexico so I would suggest pesos if you are off resort. That is if you are going into the city itself. Most major commercial areas will also have cambios de exchange. Exchange houses, money conversion places, and they offer pretty good rates, generally there are also lots of banks, and if you have your passport often they will also allow a money exchange in any given bank. Some places may not take USD, and some Mexicans are patriots so be aware of how you might feel if someone offered you pesos where you live? None the less have as much in pesos as you plan on spending in cash, you should be able to get away with no more than 1000 pesos for most dining and otherwise in a given day unless you are going super fine dining. Most stores accept credit cards which do the conversion automatically but could very well have a conversion or service charge ontop of it. I'd recommend $20 in pesos (or about 220 or so pesos per day you plan on being in mexico.) This is enough to live on as a local no problem. If you are just on resort you may be able to get away with USD. Chances are you will get a better deal if you pay in pesos. If your purchase is large, then even if the business person doesn't normally take USD they may, but don't count on it, and you may loose a few cents on the conversion rate they give. Its Mexico.. their currency is PESOS, what do you think is the best currency to have? Sorry maybe I just don't get it.
Never bring USD or pay for anything in USD. Either convert to Pesos before you leave or exchange at the resort. Most resorts offer very standard conversion rates. As of today 1 USD equals 12.71 Pesos. Many vendors try to make it "easy" on the tourist by simply dividing by 10. For example, if something costs $100 Pesos, they will tell you that you can buy it for $10 USD.....but in reality, you should have only paid 100/12.71 = $7.87 USD. You are immediately losing %20+ percent. Same goes for taxi drivers and shuttles, always ask how much in Pesos. We usually take about 5000 pesos or about $400. Get denominations of 1000 ($80 USD), 500 ($40), 200 ($16), 100 ($8), 50 ($4) and some 20s ($1.60). hope this helps, Chuck
I normally take my pesos from an ATM (hotel, Costco or other safe places) It's better for me since I'm from Canada, with canadian dollars
We always pay in pesos. Taking some USD with you to cover tips until you can get to an ATM is probably a good idea. You may also be able to order some pesos through your bank and take them with you. I wouldn't worry much about trying to take a lot of pesos with you, just pull them from an ATM when in Cancun. I think the Scotiabank let me take out up to 3,000 at a time on our last trip for a fee of about 30 peso Be sure to notify your bank that you will be in Cancun so they don't put any freezes on your account leaving you with no cash.
Ive been seeing better rates at some cajero's than back in canada after service Fee. also you can get a better rate potentially than back in canada if the exchange improves. the rate does not always completely follow the exchange. I never use atms though, except after my credit card was stolen last january.. then of course my debit card was skimmed.. likely in one of the "offline" hacked atms on the 5th ave beach strip ... credit card is my thing where possible. Sometimes you will need cash but for me the cajero has been fine for conversions... as said I have been getting better rates than my bank rate before travelling. I'd avoid mexican atms like the plague. due to skimming. apparently the security on atms isn't as good in mexico as it is in canada because there are lots of private atms.. in tourist areas like playa del carmen. and I suppose there are so many tourists it is really next to impossible for them to find criminals behind the acts. police likely won't really investigate stuff its just a write off to them even a 13000 usd theft. no follow up at all. same with the deposit theft. as an extranjeo and english speaker you are incredibly exposed to criminal acts such as theft and fraud. debit card skimming is a real possibility. imo exchange of usd, cad or euro for pesos at a bank will be your safest option. and only use credit cards at major retailers or with people you trust as a cancled bank or credit card while on a trip can be a major pain in the but if you only have one. if a crime is committed by an unknown person chances of them being caught are slim. I had both 13000usd and other stuff and the debit card skim and a refundable deposit theft my last time in mexico... get some pesos at a bank or cajero in mexico and maybe some pesos before arrival, bring some cash but not a lot of cash on hand as much as you plan on spending not on your credit card, and use the credit card due to the fraud protections. but imo atms should only be used if you are in an emergency. and only use cash when you can't use credit card. Also trust no one.
Coming from the Uk i take both but we can only get them in note/bill form. The last trip in jne i took some 1's, 5's 10's and 20 dollar bills and nothing bigger then a 200 peso note as have found in the past if you are making small purchases and then pay with a 500 peso note you get a funny look. When i was there the ATM's in and around the hotel i was in were not working but i have used them in the past no problems. I do agree report to your bank and credit card company you will be in cancun and the duration of your stay
It's all about getting the best bang for the buck. For both you and the merchant. If they have a "fair" exchange rate, there is virtually no difference to you, but that rarely happens. I always recommend exchanging money wisely and paying with pesos. BUT, if someone is selling something for $130 pesos, or $10 US, pay with dollars as you can't get $13 to $1 at most banks or for sure not at the Casas de Cambio. If you have a Bank of America debit card, that is absolutely the best way to exchange here. BUT you must do it at Scotiabank or Santander. The rate is usually very close to XE - The World's Favorite Currency and Foreign Exchange Site and there is NO FEE by either bank. At this moment the xe rate shows $12.87. the same rate as over the weekend. I hit the ATM on the 25th and got $12.926 pesos per $1 dollar. Sometimes though, as rates are changing, the actual can be a little less than xe. When I was a tourist years ago, I used to say that smart money exchanging is good for two beers a day. The day I got $12.926, the sign on the bank's window showed only $12.25. So a BOA customer gets a far better rate at the (Scotia) bank ATM, than their own customers or someone walking in to exchange at the teller windows. The casa de cambio is the easiest, no passport needed, usually no line, and they are everywhere. Banks are better but lines are always there and you need passport. ATMs are convenient but the fee is deadly especially at private, non bank machines. Enjoy your two free beers each day by shopping wisely. But if you are all inclusive and not out eating, drinking, shopping, going on tours, etc. it's probably not worth effort.
Use pesos, you are in Mexico not the US. Respect the currency and it's people. It is more expensive for a Mexican person to have to change US to Pesos to put money in their peso bank account or pay a higher bank fee for a US Account. If I were a Mexican worker I would appreciate receiving pesos. Would you appreciate receiving pesos in the US as a tip? Consider the people you are giving your money too as well as what is best for you.
