Money tips for Cancun

One of the most difficult barriers to cross when visiting a different country is that of currency. The customs are different, the bills and coins are funny, and above all, you can spend too much or too little. That is why it is important to know money tips for Cancun.

The basics

The Mexican national currency is the peso. One peso is equal to 100 centavos. The sign is identical to the one for the US dollar. Actually, the $ sign always means the peso, only in the border regions with the U.S. and in tourist centers it is better to ask in order to avoid expensive misunderstandings. The currency code for the Mexican peso is MXN.

Money tips for Cancun: banknotes and bills

Mexican banknotes are available in the following denominations: 20, 50, 100, 200, 500 pesos and rather rarely 1000 pesos bills.

Mexican coins

Peso coins are in circulation in denominations of 1,2,5 and 10 pesos. Centavo coins are available in denominations 50 centavos. Lesser denominations are rare.

Banks in Mexico

Major banks in Mexico include Banamex, BBVA, HSBC and Banorte. These and other banking institutions maintain a dense network of branches throughout the country, which mostly exchange foreign currencies and travelers checks.

ATMs and cash dispensers

ATMs (cajero automatico or cajero permanente) are numerous in Mexico. Most bank branches also have ATMs, and ATMs are also becoming more common in shopping centers, gas station stores, pharmacies, etc. The common bank cards such as Maestro, Visa, Cirrus and Plus are accepted. For a significantly higher fee, cash can also be withdrawn with a credit card. In the evening we advise against using the ATMs, unfortunately there can be an incident.

Money tips for cancun: echange offices

The advantages of the exchange offices (casas de cambio) are the longer opening hours compared to the banks and the less bureaucratic handling of the money exchange. For larger amounts of money it is worthwhile to compare the exchange rates. At the airport, the rates are usually not as good as in the city centers, where Mexicans also change their money.

Money exchange and exchange rate

The easiest currency to exchange is the US dollar. The Euro is common in larger towns and in tourist regions. Other currencies for a trip to Mexico are only conditionally recommended. The exchange rate is strongly dependent on the US dollar. In relation to the euro, the exchange rate has fluctuated in recent years between 20 and almost 24 pesos for one euro.