I going to Puerto Morelos and was going to bring some pesos with me before leaving. I was also advised to bring US dollars instead of Cdn. dollars since US is more recognized and accepted in Mexico. However, I understand that pesos is the currency in Mexico and widely used/accepted vs. the US dollar.
I'm trying to decide how much pesos to bring with me. I understand that the ATM's in PM offer good exchange rates but I don't know what the fees are. This is something that I will need to look into with my bank. I use Presidents' Choice (Canadian) and will bring my VISA with me, which I know from previous travel experience, they charge at least 2%.
Also, how much do you tip, and what do you mostly tip for in Mexico? It's been 15 years since I have been to Mexico and it's different than traveling to Europe with regards to tipping.
Thanks.
ATM's in Mexico
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In the past few years, ATM's have sprung up everywhere in Mexico. There is one right in the Cancun airport lobby, and the fee is quite reasonable. The fees at Mexican ATM's vary from about $1 to over $4. US dollars are usually accepted, but at a less favorable rate. I'm not sure about Canadian - however there are lots of Canadians in this part of Mexico. Visa is also becoming more widely accepted. Tipping is not much different than the USA & Canada, however a few restaurants include a tip in the bill.
Hi Isabella, You really don't need to take pesos with you. The exchange rate (and hassle) getting them at your bank isn't worth the effort. US and CND dollars are accepted everywhere.
The ATMs are plentiful and the exchange rate is good. The best way to spend in Mexico is with a Capital One Visa card. They charge no Foreign Transaction Fee and will give you the best exchange rate on any given day.
We have a pre-loaded ATM card that we use at the machines in Mexico for cash and we charge most everything large (hotel, car) on our Cap One Visa.
However, since you are leaving in 3 days, you don't have a lot of choices. Over all, any additional charges won't amount to a lot in total, so....go.....enjoy....stop worrying.
Great advise above!
"US and CND dollars are accepted everywhere."
this only applies in Cancún and area, which is, more or less, an American resort area anyway.
Don´t bother bringing any pesos. Like the above poster said, the best rates are in ATM´s the only addition I would give is you want to make sure you go to an ATM of a real bank. Santander has a bank just as you exit the terminal in the airport, ask anybody and they can point you in the direction of it.
For more information on Candians rights and advice in Mexico check out this site:
www.Canada2Playa.com
"The best way to spend in Mexico is with a Capital One Visa card. They charge no Foreign Transaction Fee and will give you the best exchange rate on any given day."
This may be true for US issued cards, but last year when I looked into this I found out that the FOREX fee on the Canadian issued Capitol One card I was contemplating was 2.5%, similar to most Canadian banks.
It would be best to verify this again (aka read the fine print) if the OP intends to go this route. With a bit of luck, things may have changed since then.
You're correct, the fees come from your home bank. For me (as a Bank of America person) I can use Scotia or Santanders ATMs with no fees and the best exchange rate possible.