Cozumel
Mexico Currency
The Mexican
currency is the Mexican Peso
(MXN).
 
The US Dollar is widely
accepted in Cancun, mostly
in the tourist areas and
the hotel zone. In fact,
you can just use USD for
everything from tips to purchases.
Even buses in the hotel zone
accepts USD. Note: When receiving
a bill, always check to see
if the bill is in USD or
MXN.
USDs or Pesos?
USD is very convenience to
use since you don't have
to exchange your money. However,
often when purchasing items
(i.e. grocery store), you
will be better off paying
in Pesos because if you pay
in USD, don't be surprised
at the higher exchange rates
used. If you plan to travel
outside the hotel zone to
explore the "real"
Mexico, it's a good idea
to travel with Pesos because
Pesos is accepted anywhere
in Mexico. In addition, large
USD bills ($50's and $100's)
will be hard to exchange
unless at a bank. Remember
that exchange rates fluctuate
daily so check out the current
exchange rates below.
Credit Cards:
Most establishments such
as restaurants, hotels and
rentals all accept credit
cards. Most places accept
Visa and Mastercard and some
of the larger companies take
all different types of credit
cards.
Cash or Credit:
Cash tends to have more purchasing
power especially when bartering
and bargain hunting. Stores
will sometimes charge a higher
rate for credit card purchases.
However, for restaurants,
car rentals, tours, hotels,
etc., the cost is the same
whether you pay in cash or
credit. However, most places
in Cancun, the credit card
is charged in Pesos and then
your credit card company
uses an exchange rate (normally
higher than the bank) and
converts it into USD. The
exchange rate differences
will depend on current exchange
rates and your financial
institution. Also, some smaller
market places don't even
take credit cards.
Traveler's Checks:
Most tour operators, hotels
and restaurants will take
traveler's checks but ensure
that your signature is exactly
the same when signing. Otherwise,
you will have a hard time
to use them. When cashing
traveler's checks, legal
form of ID will be required.
ATM Machines:
There are ATM machines available
at banks, downtown. It's
just like using it at home
but the machine only gives
out the equivalent amount
in Pesos.
Where to Exchange
Money: Your local
bank at home, Cozumel/Cancun
airport, hotels, banks, exchange
booths. You'll get the best
exchange rates at the banks
but it's not as covenient.
The exchange booths around
town tend to have competitive
exchange rates and it's very
convenient. Generally, hotels
tend to have the worst exchange
rates. For other non USD
currencies, exchange rates
tend to be lower than expected.
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