What is the best currency to use when visiting Cancun?

When I`m planning a trip, the first thing that comes to mind is what type of currency is used in the country that I going to visit and how I`m going to calculate it to make it easy for me when comes to pay.

So, what is the best currency to use when visiting Cancun Mexico? The best currency is Mexican Pesos, but many places accept USA dollars however if you have to do a currency exchange anyway, skip the US dollars and just get pesos.

Should I bring Mexican currency before arriving in Cancun?

Try to have some cash before stepping out of the airport at the money exchange or bring $100 US worth of pesos which is around $2000 pesos, the exchange rate from dollar to peso is constantly fluctuating and usually, the exchange rate at the airport is not the best. Is good to have some of the local currency for transportation, or any other needs.

If your main concern is having cash for transportation, you should get your transportation to organize beforehand or get official transportation inside of the airport on your arrival, there you can make your payment with a credit card. Otherwise, shuttle services can be arranged through your hotel. Just to be safe, $2,000 pesos (about $100) should cover transportation services to your hotel.

How much cash should I bring? The reasonable amount should be around $500 to $1000, for a week–long stay and use it mostly for tips, taxis and small purchases. If you need more cash get money in advance using an ATM and put tours, hotel, and food on a credit card.

Where is the best place to Exchange Money?

If you are staying in and around the tourist areas there are exchanges houses across Cancun, however, there will be charged with a commission to perform the exchange, you will be also able to exchange currencies at your hotels which would be the easiest but for a lower rate. At the banks, you need to show your passport and some banks do not cash more than $300 per day, per person. To avoid exchange fees, consider having an account at a U.S. bank with branches in Mexico.

Another recommendation is to use a debit card in any of the ATM it will give you the best exchange rate and the lowest-cost option to take cash.

Can I Pay with my Credit & Debit Card?

These days all major credit or debit cards are accepted in restaurants, hotel, shopping centers. Cash is necessary when buying in the local market, street food truck, small grocery store or jewelry with the artisans. Many restaurants need your credit card information to confirm your reservation. Using your debit cards at the ATM give you a better exchange rate.S

What currency should I use, pesos or dollars?

While dollars are accepted almost anywhere you’ll often receive change in pesos, and sometimes at very unfavorable rates.

In Cancun, all small value items such as a soda, the bus fare, taxis, a bottle of water, etc will be priced in Pesos. Higher value items such as tour prices, nightclub entrance prices, and souvenir clothing will be priced in both Pesos and US Dollars.

For those who don’t use US dollars regularly do not complicate your existence by dealing with two unfamiliar currencies, just use pesos and be done with it. For those from the US who are used to Dollars, you’ll open yourself up to all sorts of scams and shortchanging if you insist on sticking with dollars for every purchase you make. If you plan to venture beyond the Riviera Maya, then US dollars will prove more useful. If you are from the US and don’t want to use Pesos due to their unfamiliarity do what you feel comfortable for you, but I would always recommend that you use Pesos to avoid the hassle

Getting Cash Using ATMs in Cancun

ATMs are all around Cancun but use the once at the bank or your hotel rather than a kiosk on the street or at a convenience store. Doing so ensures that the ATM is monitored and secure, and you will be less likely to accidentally withdraw counterfeit money, or that the machine sallow your card which does happen. Avoid using ATMs during night time, It’s safer during daylight hours. Each bank charges a different rate to withdraw pesos on a foreign card, but generally, the fee is around usd$5. To avoid this fee, consider getting an account at HSBC, Scotiabank, Bancomer or Santander, banks with branches in Mexico that don’t charge a fee upon withdrawal.

ATMs offer several advantages:

Open 24 hours
Better Exchange rate
Dispense up to US$500 to US$800 worth of Mexican pesos in local currency
Accept Major credit and debit cards

Mexican ATMs accept the card regardless of the currency stored, however you have to call your bank before your travel to let them know that you are traveling abroad.

ATM´s Locations in Downtown Cancun:

In Cancun at Tulum Avenue, you can find many banks and ATM`s one next to the another. ATM`s are inside of an area that is open 24/7. There are 4 to 6 machines per bank usually.

Here is a list of banks on Tulum Avenue and locations.

ATMs Locations in Hotel Zone

Banks & ATM`s Location in Las Americas Malecon Cancun Mall

Mexican Currency in Circulation Today

Mexican Bills: The Mexican Peso Bill in circulation currently are in denominations of $20, $50, $100, $200, $500 and $1000.

The 1000 Peso bill is new and may not be accepted at all stores or supermarkets in Cancun. Damaged bills are not accepted in establishments, only in banks. If you have a high denomination bill and is damaged, take it to any bank to have it replaced. Is not worth it to make a long queue to replace $20 peso damage bill.

Mexican Coins: Mexican cent coins denominations in circulation: .5, .10, .20 and .50 centavo (cent) pieces;

Peso coins in denominations of $1 $2, $5, and $10 are used frequently in Mexico, especially for tipping. There is a limited edition $20, $50 and $100 peso coin in circulation, but these are rarely seen as people collect them. But if you are a collector you can get them at the bank. e

Large bills to small bills: There is always a problem trying to get change from large bills to small bills or coins. So, try to make as much change as possible to use for taxis, small purchases, buses, where the traders often don’t have the available change on hand.
Guard your small change! Nobody seems to have change and you are almost always asked for the odd peso or two to round up or down. By the way….. do not bring USD coins, they are not accepted.

Can I pay with personal check in Cancun? You can not pay with Personal checks in Cancun, there are not accepted anymore unless you know the person you are dealing with and you already agree to pay a purchase with checks deposited to their USA bank account. You can use other methods like PayPal.

Can I cash traveler`s check? You can still cash a traveler`s check at the Houses exchange. Some people still like to carry them for ‘back-up’ or emergency funds, although note that not all banks sell them now and they are more difficult to exchange into cash in Cancun than they were in the past, plus cashing them would cost a commission.