Lois Larson
Cancun Airport offers currency exchange and money services to all passengers, including ATMs, hotels, and local banks. The official currency of Mexico is the Mexican Peso, but US dollars are also accepted in some tourist destinations like Cancun and the Riviera Maya. It is recommended to notify your bank before travelling, as some banks charge a fee for international transactions or may freeze your card. While Cancun Airport offers currency exchange services, it is recommended to only exchange enough money to get to the hotel or the nearest currency exchange provider, as airport exchange rates are often high and include additional currency conversion fees.
| Characteristics | Values |
|---|---|
| Currency | Mexican Peso |
| Exchange locations | Terminal 2: Banco Santander (national arrivals area), Terminals 3 and 4: CIBanco |
| ATM locations | Terminal 2: Banco Santander, Terminals 3 and 4: CIBanco |
| Exchange rates | Vary across providers, with airport rates typically higher than outside the airport |
| Fees | Vary across providers, with some charging additional currency conversion fees |
| Recommended amount to exchange | Enough to cover transportation and basic needs until reaching the nearest currency exchange provider outside the airport |
| Payment methods | Cash, credit/debit cards (Visa, Mastercard, American Express), and online money transfer services |
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What You'll Learn
- Cancun airport money exchange rates are high, with additional fees
- Exchange money at ATMs, hotels, or local banks
- Beware of banks blocking cards for international transactions
- Exchange only enough money to get to a better exchange rate location
- Compare exchange rates and fees before exchanging physical currency
Cancun airport money exchange rates are high, with additional fees
Cancun Airport offers currency exchange services to travellers, but be aware that exchange rates at the airport are often higher than those offered by local banks and exchange bureaus outside the airport.
While Cancun Airport currency exchange bureaus and banks provide up-to-the-minute exchange rates, they may also charge higher fees and commissions. It is a common practice to offer a favourable rate and then charge a high commission or foreign exchange fee, resulting in you receiving fewer pesos. Therefore, it is recommended to exchange money with a reputable money exchange service outside the airport or use a credit/debit card that does not charge international transaction fees.
ATMs at Cancun Airport may offer slightly better exchange rates than currency exchange bureaus, especially if you decline their offered exchange rate. However, some ATMs may charge additional fees for withdrawals. To avoid ATM fees, consider using a no-fee account or withdrawing from an ATM on a network that does not charge fees, such as the Allpoint network, which has ATMs in Cancun.
If you prefer to exchange money before arriving in Cancun, you can do so at your local bank. However, be aware that exchange rates at local banks can be less favourable, and they may only exchange a limited amount of money per day and month per person. Additionally, you may need to show your passport for the transaction.
Overall, to get the most for your money, it is advisable to compare exchange rates and fees at different locations, including the airport, local banks, and ATMs, before making your currency exchange.
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Exchange money at ATMs, hotels, or local banks
If you don't want to carry a lot of cash, ATMs at Cancun Airport are a convenient way to obtain Mexican pesos at a reasonable exchange rate. Terminal 2 has the airport's only bank, Banco Santander, and three ATMs in the national arrivals area. Terminals 3 and 4 also have ATMs and a currency exchange service operated by CIBanco. However, transactions may be subject to a fee, so check with your card issuer before your trip.
ATMs can be found on the street or in supermarkets in Cancun, and most hotels, stores, and restaurants accept credit and debit cards. Visa, Mastercard, and American Express are the most commonly accepted cards. Using an ATM after declining its exchange rate is a good option, but you may need to withdraw a significant amount of cash to cover your expenses, as ATMs may limit the amount you can withdraw per day and per month.
Local banks offer a convenient way to exchange money, but rates may be determined by supply and demand, and you'll need to show your passport. Popular banks in Mexico include Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte. Exchange houses do not charge fees, but they may have limited amounts of currency available and do not accept coins.
Exchanging money at your hotel or a local bank in Cancun may offer better rates than the airport, but it's essential to research the current exchange rate and be aware of any fees or limitations.
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Beware of banks blocking cards for international transactions
While it is possible to exchange money at Cancún Airport, it is generally advised to avoid airport exchanges due to their unfavourable exchange rates and fees. Instead, it is recommended to use an ATM or a no-fee account to withdraw Mexican pesos directly, which often offers better rates. However, it is important to be cautious when using debit or credit cards for international transactions, as banks may block such transactions due to security concerns or fraud prevention measures.
When travelling internationally, it is crucial to be aware that banks may block your card for overseas transactions. This can happen even if you have previously used your card abroad without any issues. In some cases, banks may routinely block transactions from specific countries or regions, deeming them high-security risks. This can be frustrating, especially if you rely on your card for accessing funds during your travels.
To prevent your card from being blocked, it is advisable to contact your bank before your trip and inform them of your travel plans. They can make a note on your account and adjust the fraud strategy to reduce the likelihood of your card being blocked. Additionally, consider carrying multiple payment options, such as a backup credit card, to ensure access to funds in case one payment method becomes unavailable.
If your card does get blocked during your travels, don't panic. Contact your bank immediately and explain the situation. They may ask you a series of security questions to verify your identity and the legitimacy of the transaction. Be prepared to provide detailed information about your card, including the address, number, expiration date, and CVV. Once they have cleared the fraud codes, they will ask you to repeat the transaction, which should then go through successfully.
While it is essential to take precautions, it is also worth considering alternative banking options if frequent international travel is a part of your lifestyle. Some banks and credit unions are known for their restrictive policies regarding international transactions, while others, such as Wells Fargo and credit unions, have better reputations for accommodating their customers' global needs. Ultimately, finding a bank that suits your specific requirements is essential to ensuring a stress-free travel experience.
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Exchange only enough money to get to a better exchange rate location
When exchanging money at Cancun Airport, it is recommended to only change enough money to cover travel and transportation costs for at least three days and then look for a better exchange rate in the city. This way, you can avoid high transaction charges at the airport and make the most of your money.
Cancun Airport currency exchange services may offer attractive rates, but they often come with high commissions or foreign exchange fees, resulting in fewer Mexican Pesos in your pocket. By exchanging only what you need initially, you can explore other options outside the airport, such as local banks or reputable money exchange services, that offer more competitive rates with lower or no fees.
ATMs are another convenient option for obtaining Mexican Pesos. You can easily find ATMs on the street or in supermarkets in Cancun. However, be mindful of potential ATM fees and always use bank ATMs to get the best rates. It is also advisable to notify your bank before travelling to avoid any issues with foreign transactions.
Exchanging a small amount of money before your trip can also be a good idea. This way, you have some cash on hand when you arrive, and you can take the time to find the best exchange rates in Cancun without feeling rushed. Remember to carry your passport when exchanging money at local banks, as it may be required for the transaction.
By following this approach, you can strike a balance between having enough cash for your initial expenses and maximising your purchasing power by finding better exchange rates beyond the Cancun Airport.
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Compare exchange rates and fees before exchanging physical currency
When it comes to exchanging currency, it's important to be aware of the various exchange rates and fees involved to ensure you get the best deal. Here are some tips to help you compare and make an informed decision:
Compare Exchange Rates
Firstly, understand the mid-market or interbank rate. This is the rate banks and large institutions use when trading large volumes of foreign currency. You can find this rate through trusted sources like Reuters or online currency converters like OANDA, which provide real-time FX rates. Knowing the mid-market rate gives you a benchmark to compare rates at banks and currency exchange providers.
Understand Rate Manipulation
Companies manipulate the interbank rate to make a profit, usually based on volume. Smaller money transfers tend to attract a higher markup, so you'll often find that currency kiosks, hotels, and airport exchanges offer poorer rates and higher fees.
Research in Advance
Before embarking on your trip, research the exchange rates offered by your local bank or credit union. They will almost always be the cheapest place to exchange currency, and you can order the foreign currency for pickup or delivery. Additionally, check if your bank has ATMs in your destination country, as using their ATM network abroad is likely the best option for withdrawing cash with competitive rates and low fees.
Consider a No Foreign Transaction Fee Card
If your destination is card-friendly, consider applying for a no foreign transaction fee credit or debit card. These cards can help you avoid extra fees, and they offer fraud protection and safety features, making them a safer option than carrying large amounts of cash.
Be Wary of Dynamic Rates
Exchange rates fluctuate, so staying informed about economic events that might impact currency values can help you time your exchange strategically.
Avoid Common Pitfalls
Be cautious of exchanging currency at airport kiosks or stores, as these often offer unfavourable rates and high fees. Also, avoid paying in US dollars when abroad, as merchants will likely convert at a disadvantageous rate and charge additional fees.
By following these tips and comparing exchange rates and fees, you can make informed decisions and maximise the value of your currency exchange.
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Frequently asked questions
Yes, you can exchange money at Cancún Airport. There is a currency exchange service operated by CIBanco in terminals three and four, and Banco Santander in terminal two.
Exchange rates at the airport may not be the best option. It is recommended to check the exchange rate before your trip to avoid unpleasant surprises. You can obtain better local currency rates outside the airport, at local banks or exchange houses.
Transactions at the airport may be subject to a fee. It is suggested to check with your card issuer regarding the applicable fees. Also, it is recommended to notify your bank before travelling to avoid potential card blocks due to out-of-the-ordinary transactions.
