Exchanging Money in Cancun

Whether it's your first time to Mexico or you've been countless times, exchanging money can still be confusing when you're visiting a new location. In order to skip the learning curve we are giving a brief run down of places you can exchange dollars for pesos from worst to best as well as a few places you can use dollars while you're there. 

Why exchange money?? I heard everywhere takes dollars...

While many places do accept dollars, there are still many that do not. These include local stores and vendors. Plan on buying souvenirs? Be sure to have some pesos on hand, especially if you plan on visiting Isla Mujeres. Some vendors and restaurants will take dollars, but the exchange rate will be quite bad. Keep in mind they will have to exchange the money you give them. Currently the exchange rate is hovering between 20-22 pesos for every dollar. As of January 2017, a few convenience stores were willing to offer 15 pesos to a dollar. That means by having pesos you will save 25%!!! Having pesos will also make taking the money a bit easier since the driver will have change. 

Where can I get pesos?

There are several places you can get pesos. We listed them below from worst to best. 

Bank in USA

Most banks allow you order foreign currencies for you to pick up before you travel. While this may be convenient and help to have some money on hand when your first arrive, there are a few downfalls. First, you have to remember to order the money typically a week in advance and then remember to pick up the money. If you get busy before your trip this could be a problem. The bank typically charges a fee. This may vary from a set fee ($7.50 for example) or a percentage of your order (5-7%). That means if you are only exchanging $200, you are paying between $7-$14 to get pesos. They should have the latest rates, but small banks often have a poor exchange rate compared to the most current.

Airport

You've probably seen the Travelex exchanges at the airport. Again, handy if you are in desperate need of a currency, but not so great otherwise. Here the exchange rate is ~18 pesos to 1 dollar (10-14% lower than current exchange rates). Again, you can order ahead of time, but must pay shipping ($9.99). You can also exchange in person, but must be there during set store hours. If you have an early flight out, you might be out of luck.

Local Shop

Many of the shops in the area (especially in the hotel zone) will take pesos, credit cards, or U.S. dollars. If you don't have pesos, I would recommend using a credit card if you don't have foreign transaction fees. Otherwise, stick to dollars. You will pay a dollar or two extra depending on what you are buying (for us it was 2 dollars more for sunscreen when paying in dollars). 

Hotel

The hotel makes it easy to exchange. They can typically exchange your cash at the front desk or at a tourist agency. Again, you won't get the most current rate, but you'll probably get a decent deal. Plus you don't have to travel far to get your pesos.

Money Exchange

Exchange shops are all over in Cancun. We had one just across the street from the resort. Again this had a slightly better exchange rate, but we had to walk to the shop and still not get the current exchange rate. Plus you will potentially have to wait for service.

ATM/Credit Card

This is tops them all. If you have a debit card, I would get pesos from an ATM. Many banks will reimburse you the ATM fees the same as they do in the US. Plus, you're getting the latest and greatest exchange rates. We have found the ATMs to be very secure and have had no issues. Most have english along side the spanish so no need to fuss if you know zero spanish. Be careful only to use ATMs for pesos. Resorts typically have ATM scattered around that dispense US dollars. This won't help you unless you then go and exchange with the hotel. Another option is to use your credit card when making purchases. This works at larger stores or for tours. You want them to charge you in pesos though (so you can take advantage of the exchange rate!). Again, if either of these options have foreign transaction fees try to make as few transactions as possible and weigh your options accordingly. A couple great credit cards without transaction fees are Discover and Capital One Signature. If your bank doesn't have foreign transaction fees, the debit card is the easiest. Ours does since it is a smaller bank which is why we stick to credit cards.

Money Tips

• Don't store it all in one place. While it may be more convenient at the airport to keep in all in your purse/wallet, you don't need a ton of cash on you at all times. Find unique hiding places in  your luggage. 
• Carry small bills. Most places will not have change for $20 US. It is also easier to get bargain if you have smaller bills. Most vendors you barter with along the street won't go as low if you're holding a lot of cash.
• US $1-$5 
• Peso $50-$100 ($2000 for day trip to Isla for 2)

• Don't show off your money. You're more likely to be a victim if you flaunt that you're carrying a lot of money. 
• Have fun in Mexico and enjoy a great exchange rate!!