Owais Crawford
Cancun Airport offers currency exchange services to all passengers, allowing them to exchange money at ATMs, hotels, or local banks. While it is easy to obtain Mexican pesos at the airport, some sources advise against exchanging money at airport exchange booths due to unfavourable exchange rates and high fees. It is recommended to use a bank ATM, exchange money in your home country, or exchange money outside the airport to obtain better rates.
| Characteristics | Values |
|---|---|
| Currency at Cancun Airport | Mexican Peso |
| Acceptability of American Dollars at Cancun Airport | Accepted at some places |
| Availability of currency exchange at Cancun Airport | Available |
| Availability of ATMs at Cancun Airport | Available |
| Advisability of exchanging currency at Cancun Airport | Not recommended due to poor rates and high fees |
| Advisability of exchanging currency at local banks | Recommended due to better rates and lower fees |
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What You'll Learn
Cancun airport money exchange rates
The official currency of Mexico is the Mexican Peso, but the American Dollar is also accepted in some tourist destinations like Cancún and the Riviera Maya. While most places in Cancun do accept USD, using dollars can sometimes be inconvenient, as many local stores often undervalue the USD. For example, even if the USD is valued at MXN$20.00 to the Mexican Peso, they may only accept it at MXN$15.00, which can be disadvantageous. This practice applies to gas stations, hotels, restaurants, supermarkets, and retail stores.
You can obtain better local currency exchange rates outside the Cancun airport and your hotel, so just exchange money there unless you have no other choice. The rates given at local banks are a convenient option for changing money, but most of the time they are determined by supply and demand. The banks will only change a limited amount of money per day and per month per person. To do the transaction, you must show your passport. Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte are the most popular banks operating in Mexico, and it is very easy to locate them in the city. Even though they can be tough to find, you can ask the locals for the best exchange house and then go straight away. Exchange houses do not have fees but can have a limited amount to exchange.
ATMs are another option for exchanging currency. You can easily find an ATM machine on the street or in supermarkets in Cancun. It is recommended to notify your bank before your travel since some banks are subject to a fee to use them or may freeze your card if you have transactions abroad. Most stores, hotels, and restaurants in Cancun and the Mayan Riviera accept credit and debit cards as a method of payment. Visa, Master Card, and American Express are the most widely accepted, but you must ask first if you have a different card.
If you are exchanging a large amount of currency, banks may be able to give you a higher rate depending on the amount. However, it is common practice for banks to offer a good rate and then charge a high commission or foreign exchange fees, leaving you with very few Pesos. Therefore, it is recommended to exchange your money with a reputable money exchange service that does not charge currency exchange fees or commissions.
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ATM machines in Cancun
Cancun International Airport offers currency exchange and money services to all passengers. There are ATMs available at the airport, as well as at hotels, local banks, and on the street or in supermarkets in Cancun.
It is recommended to notify your bank before travelling, as some banks may charge a fee for foreign transactions or freeze your card if it is used abroad. Most stores, hotels, and restaurants in Cancun accept credit and debit cards, with Visa, Mastercard, and American Express being the most commonly accepted.
If you are looking for the best exchange rates, it is recommended to avoid ATMs in resort lobbies, malls, or stores, as these may charge higher fees. ATMs at a bank are likely to offer better rates and security. Banco Azteca and Santander are recommended by travellers for offering good rates and low fees.
When using an ATM in Cancun, you may first see a screen offering you exchange rates via Dynamic Currency Conversion (DCC). It is recommended that you decline this option and continue with your withdrawal in Mexican pesos, as this will give you a better exchange rate.
In Terminal 2 of Cancun Airport, there is an airport bank, Banco Santander, located in the national arrivals area, along with three ATMs. Terminals 3 and 4 also have ATMs and a currency exchange service operated by CIBanco.
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Local banks in Cancun
It is not advisable to exchange money at Cancun Airport due to unfavourable rates and high fees. Instead, it is recommended to use an ATM at the airport or visit a local bank branch in Cancun.
ATMs are readily available in Cancun and offer a convenient way to obtain Mexican pesos. They can be found at the airport, on the street, in supermarkets, and near popular tourist accommodations. Using a credit card with no foreign transaction fees is often the best way to get a favourable exchange rate, and it is recommended to choose to pay in the local currency (pesos) rather than US dollars.
When exchanging currency, it is essential to be aware of the current exchange rate and monitor any fluctuations. Websites like XE Currency, Revolut, Wise, Bloomberg, and Reuters provide live or current exchange rates. It is also recommended to notify your bank of your travel plans to avoid any interruptions or unexpected fees.
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Exchange houses in Cancun
Cancun International Airport offers currency exchange services to all passengers. However, while it may be convenient to change your money at the airport, it is not recommended as you will likely receive a poor exchange rate and there may be high transaction charges.
You can obtain better local currency rates outside the airport and your hotel, so it is recommended to only exchange money at the airport if you have no other choice. Local banks are a convenient option for exchanging money, but the rates are determined by supply and demand and they will only exchange a limited amount of money per day and per month per person. To make a transaction, you must show your passport.
The most popular banks in Mexico include Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte. These banks can be found all over Cancun, especially in the Hotel Zone. Banco Azteca is another option, located inside the consumer electronics store Elektra and open 7 days a week from 9 am to 9 pm.
Exchange houses are also an option for exchanging money in Cancun. They do not charge fees, but they may have a limited amount of money to exchange and they do not accept coins. To find the best exchange houses, you can ask locals for recommendations.
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Using US dollars in Cancun
While the official currency of Mexico is the Mexican peso, US dollars are widely accepted in Cancun, particularly in the Hotel Zone and other tourist areas. However, it is generally recommended to use pesos, as using dollars may result in unfavourable exchange rates and scams.
US dollars are commonly accepted in Cancun, especially in tourist areas such as the Hotel Zone. Most stores, hotels, and restaurants in Cancun and the Mayan Riviera also accept credit and debit cards, with Visa, Mastercard, and American Express being the most widely accepted.
If you choose to use US dollars in Cancun, there are a few things to keep in mind. Firstly, the exchange rate may not be favourable, and you may lose money when converting between currencies. Additionally, many places will not accept large bills, such as $100 USD, so it is advisable to carry smaller denominations.
Advantages of Using Pesos
Using pesos is generally recommended for several reasons. Firstly, it is the local currency, and using it will make transactions easier for both yourself and the locals, who will not have to deal with unfavourable exchange rates when converting dollars. Secondly, using pesos can help you avoid scams and shortchanging, which may occur if you are unfamiliar with the dollar-peso exchange rate. Finally, small-value items, such as bus fare, cigarettes, and water, will always be priced in pesos, so using pesos will simplify your transactions.
Obtaining Pesos
If you decide to use pesos, you can obtain them through several methods. Cancun Airport offers currency exchange services, but better rates can often be found outside the airport and at local banks. ATMs are also readily available in Cancun and can be used to withdraw pesos directly. However, it is recommended to notify your bank before travelling to avoid any issues or fees.
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Frequently asked questions
Yes, you can exchange currency at Cancún Airport. However, you may get a better rate outside the airport, at a local bank or ATM.
The official currency in Mexico is the Mexican Peso. However, US dollars are also accepted in some tourist destinations, like Cancún and the Riviera Maya.
It is generally recommended that you exchange a small amount of money at the airport, enough to cover the first few days of your trip. You can then seek out a better exchange rate locally, without having to carry around a large amount of cash.
You can find currency exchange locations inside and outside the airport, as well as at local banks and ATMs. It is recommended that you notify your bank before you travel, as some banks are subject to a fee for using foreign ATMs or may freeze your card if they detect transactions from abroad.
Although the official currency in Cancún is the Mexican Peso, US dollars are also accepted in some places. However, the exchange rate will differ depending on the establishment, and you may get a better deal by exchanging your money for pesos.
