Currency & Exchange in Puerto Vallarta

Mexican currency comes in denominations of 20-, 50-, 100-, 200-, and 500-peso bills. Coins come in denominations of 1, 2, 5, 10, and 20 pesos, and 10, 20, and 50 centavos. (Ten and 20-centavo coins are only rarely seen.) Many of the coins and bills are very similar, so check carefully.

U.S. dollar bills (but not coins) are widely accepted in tourist-oriented shops and restaurants in Puerto Vallarta. Pay in pesos where possible, however, for better prices. Although in larger hotels U.S. dollars are welcome as tips, it's generally better to tip in pesos so that service personnel aren't stuck going to the bank to exchange currency.

At this writing, the exchange rate was 10.44 pesos to the U.S. dollar. ATM transaction fees may be higher abroad than at home, but ATM exchange rates are the best because they're based on wholesale rates offered only by major banks. And if you take out a fair amount of cash per withdrawal, the transaction fee becomes less of a strike against the exchange rate (in percentage terms). However, most ATMs allow only up to $300 per transaction. Banks and casas de cambio (money-exchange bureaus) have the second-best exchange rates. The difference from one place to another is usually only a few pesos.

Some banks change money on weekdays only until 1 or 3 PM (though they stay open until 4 or 5 or later). Casas de cambio generally stay open until 6 or later and often operate on weekends; they usually have competitive rates and much shorter lines. Some hotels exchange money, but they help themselves to a bigger commission than banks for providing you this convenience.

You can do well at most airport exchange booths, though not as well as at the ATMs. You'll do even worse at bus stations, in hotels, in restaurants, or in stores.

When changing money, count your bills before leaving the window of the bank or casa de cambio, and don't accept any partially torn or taped-together notes: you won't be able to use them anywhere. Also, many shop and restaurant owners are unable to make change for large bills. Enough of these encounters may compel you to request billetes chicos (small bills) when you exchange money. It's wise to have a cache of smaller bills and coins to use at these more humble establishments to avoid having to wait around while the merchant runs off to seek change.