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Exchanging Money

Bring your ATM caChetumal, Mexicord

The exchange rate changes slightly every day, and you can convert currency online. Lately the rate has been between 8 and 10 pesos to the US dollar. Each bank or money exchange will have a slightly different rate.

You can get the best exchange rate by using your ATM (bank machine card) or credit card in a Mexican bank machine. Both the local bank and your own bank will charge you a small transaction fee, but you get the daily bank rate which is much better than the rate given by street front exchange houses. Plus you don't have the worry of losing a wallet full of cash.

Bank machines are easy to find in Cancun, Cozumel and Playa del Carmen, so get money when you can. Most banks have a $200 (that's dollars, not pesos) daily limit, so plan ahead to get larger amounts of money.

Every tourist town has money exchange offices that will trade travelers checks and cash for pesos. Exchange houses and banks will generally only change currency from the USA, Canada and the Euro. Citizens of most other countries should carry cash in dollars to avoid problems exchanging money. Travelers checks are a safer option, but usually are exchanged at a worse rate than cash.

To avoid getting ripped off, shop around for the best rate and the lowest exchange fee first. Here is a ranking of the best to worst places to exchange money:

  1. Bank machine/automatic teller
  2. Bank
  3. Exchange house (casa de cambio)
  4. Hotels
  5. Airports - the worst rip off around

You can exchange money on the street, but it is not recommended.

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