Owais Crawford
Tulum is a popular tourist destination in Mexico, with its closest airport being in Cancun, two hours away. While some businesses in Tulum may accept US dollars, it is recommended to use Mexican pesos (MXN) for most transactions to get the best value and convenience. Carrying pesos is especially important when shopping at local markets, street vendors, or small businesses. So, can you convert cash at the airport? While it is possible to exchange currency at the airport, it is generally advised against due to unfavourable exchange rates. Instead, withdrawing pesos from ATMs typically provides a more favourable rate. ATMs are widely available in Tulum, including in popular tourist areas and near banks, and many will allow you to withdraw pesos using your debit or credit card. However, it is important to be mindful of transaction fees and daily withdrawal limits. Banks in Tulum also offer currency exchange services and often provide competitive exchange rates, but they may have limited operating hours.
| Characteristics | Values |
|---|---|
| Nearest airport to Tulum | Cancun airport, 2 hours away |
| Currency in Tulum | Mexican Peso (MXN) |
| Currency exchange at Tulum airport | Possible, but not recommended due to poor rates |
| Currency exchange in Tulum | Possible at banks, exchange offices, some hotels, and ATMs |
| Best place to withdraw cash in Tulum | Tulum Centro/pueblo |
| Exchange rate at ATMs | Typically competitive, but may be subject to transaction fees |
| Currency exchange at banks | May have limited operating hours |
| Currency exchange at exchange offices | May offer extended hours, but choose reputable and authorized establishments to avoid scams |
| Payment methods in Tulum | Cash, credit and debit cards, and mobile payment apps like PayPal |
| Card acceptance in Tulum | More common at larger establishments, hotels, and restaurants |
| Cash usage in Tulum | Preferred at smaller shops, local markets, street vendors, and small businesses |
| Credit card conversion fees | May involve hidden fees, with some terminals charging in USD or Euros with poor conversion rates |
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What You'll Learn
- Airport exchange kiosks have unfavourable rates, use an ATM instead
- Withdrawing pesos from an ATM offers a better rate than exchanging cash
- Avoid carrying large amounts of cash, use a money belt or secure wallet
- Exchange a small amount of money at the airport for immediate transactions
- Tulum businesses may accept USD, but the exchange rate is often poor
Airport exchange kiosks have unfavourable rates, use an ATM instead
Airport exchange kiosks are convenient, but they rarely offer good exchange rates. These kiosks make money by offering poor exchange rates and charging extra fees, knowing that travellers may feel they have no other choice. The rates can be up to 15% lower than the mid-market rate, resulting in travellers receiving significantly less foreign currency for their money. For instance, if your bank offered you an exchange rate of £72 per $100, the airport kiosk may give you only £67 per $100, costing you extra money.
ATMs, on the other hand, typically offer better exchange rates than airport kiosks. Using your debit or credit card at an ATM is a convenient way to access cash in the local currency. However, it is essential to check the exchange rate and any associated fees. Some banks charge fees for using out-of-network ATMs abroad, and international ATMs may limit you to a lower withdrawal amount than your bank allows. It is recommended to contact your bank to ask about daily ATM withdrawal limits and any fees for using out-of-network ATMs.
If you are travelling to Tulum, Mexico, you will need to exchange your money into the local currency, Pesos. While many places in Tulum accept US dollars, local spots usually only take cash, and you will get a better exchange rate by withdrawing money from a local ATM once you arrive. There are plenty of ATMs in Tulum Centro/pueblo, and in the hotel zone, although these sometimes run out of money. You can also withdraw cash from a local bank in the airport in Cancun, or once you arrive in Tulum.
If you want to avoid using an ATM altogether, you can use online money transfer services to send money to a trusted contact at your destination, who can then withdraw the funds in the local currency from an ATM. Alternatively, you can exchange a small amount of money at your local bank before your trip to cover immediate costs and then find a better exchange rate once you arrive at your destination.
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Withdrawing pesos from an ATM offers a better rate than exchanging cash
Tulum is a town two hours away from Cancun, and the closest airport to Tulum. The local currency of Tulum is the Mexican peso (MXN), and it is widely accepted throughout the area. While some establishments may accept US dollars, it is recommended to have pesos on hand for most transactions.
When it comes to exchanging currency, it is best to avoid currency exchange kiosks at the airport, as they offer less favourable rates and higher service fees. Instead, withdrawing pesos from an ATM typically offers a better exchange rate. This is because the base exchange rate for ATM withdrawals is usually set by card networks like Visa and Mastercard, which offer competitive rates, often within 0.5% of the current market rate.
However, it is important to understand how ATM exchange rates work to avoid unnecessary fees. When withdrawing cash from an ATM in Mexico, you may encounter two types of exchange rates: the local conversion rate offered by the ATM operator, which can be less favourable, and the rate offered by your home bank. It is generally recommended to decline the ATM's conversion offer and pay in Mexican pesos (MXN) to get the better rate from your bank or credit card company.
Additionally, it is wise to choose ATMs in banks or shopping centres, as these tend to be safer and more secure. Standalone ATMs on street corners or in isolated areas are more likely to be tampered with or stolen. ATMs from established banks like Banamex and Santander are often monitored and considered more secure.
In Tulum, it is recommended to withdraw cash from a local ATM in Tulum Centro/pueblo, as the ATMs in the hotel zone often run out of money. The Chedraui Supermarket in Tulum Centro offers a higher withdrawal limit of up to 7,000 MXN pesos at a time, with a fee of 80 MXN pesos.
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Avoid carrying large amounts of cash, use a money belt or secure wallet
When travelling, it is advisable to avoid carrying large amounts of cash. This is because there is a strong possibility of your wallet getting lost, snatched, or misplaced. Instead, consider using a money belt or a secure wallet to protect your valuables.
Money belts are a great way to keep your cash and other valuables safe when travelling. They are portable safes that you can wear under your clothes, hiding them from potential thieves. Most money belts have zip pockets on the inner side to make them more secure. When wearing a money belt, ensure that you wear it properly and tuck it back in after retrieving something from it. Avoid using a fanny pack as a money belt, as thieves may assume this is where you keep valuable items. You can also use a waterproof pouch or dry bag to protect your valuables if you plan to go swimming.
If you prefer to use a wallet, consider getting a zip wallet or using a wristband wallet. A zip wallet ensures that your cash and cards are secure and less likely to fall out. Wristband wallets are also a good option as they are always close to your body, making it difficult for snatchers to access them. You can also attach an AirTag to your wallet, which is a Bluetooth radio device that connects to your phone or laptop. This allows you to locate your wallet if it is lost or stolen.
Additionally, when travelling with large amounts of cash, it is important to understand the rules and regulations of the country you are visiting. For example, when entering or leaving the United States, travelers must complete the FinCEN Form 105 to declare the total amount of cash they are carrying. Failing to declare cash amounts exceeding a certain limit can lead to severe consequences, including seizure of funds and criminal charges.
When visiting Tulum, Mexico, it is recommended to have Mexican pesos (MXN) with you, as this is the local currency of choice. While some establishments may accept US dollars, smaller shops and local spots usually only take cash in pesos. You can exchange your currency at authorized exchange offices, banks, or ATMs located throughout Tulum. However, keep in mind that the airport may not be the best option for getting a good exchange rate. Consider using a debit card that offers unlimited ATM fee rebates and no foreign transaction fees, such as Revolut, to avoid additional costs.
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Exchange a small amount of money at the airport for immediate transactions
When it comes to exchanging currency at Tulum airport, it's generally recommended to avoid airport currency exchange kiosks due to unfavourable exchange rates and fees. However, if you need to exchange a small amount of money at the airport for immediate transactions, there are a few options available.
Firstly, you can withdraw cash from a local bank ATM in the airport. This option provides more favourable exchange rates than currency exchange counters. Make sure to decline the machine's exchange rate if offered, as this is usually set for profit. You will incur ATM fees, which can range from 40 to 110 Mexican Pesos (MXN). Remember to notify your bank of your travel plans to prevent disruptions when using your cards abroad.
Another option is to exchange a limited amount of physical cash at a bank branch in the airport. You will need your passport, and there may be daily withdrawal limits, such as $300 per day. This method may be more secure than carrying large amounts of cash, but it's still important to be cautious and aware of your surroundings.
It's worth noting that some sources suggest that the airport exchange rates are "criminal" and should be avoided. If you can, it's better to exchange money at authorised exchange offices, banks, or ATMs located in Tulum Centro/pueblo, as the rates are typically more favourable, and there are plenty of options available. Carrying Mexican Pesos is essential, as it is the preferred currency for most transactions, and it ensures smoother transactions and better value for your money.
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Tulum businesses may accept USD, but the exchange rate is often poor
Tulum is a beautiful and historical city and a popular tourist destination. The official currency in Tulum is the Mexican peso (MXN). While some businesses may accept US dollars, paying with them often comes with unfavourable currency exchange rates. Therefore, it is recommended to primarily use Mexican pesos for the best value and convenience during your stay.
When travelling to Tulum, it is best to pay with Mexican pesos instead of US dollars. Many places, especially smaller establishments, may not accept USD, and even if they do, they may offer a poor exchange rate. Some sources suggest that while large retail chains like Chedraui, 7-Eleven, and Oxxo offer pretty good exchange rates for cash payments in USD, smaller businesses often impose a significant markup (up to 15% or more) when accepting dollars.
ATMs are plentiful around Tulum, and many will allow you to withdraw pesos using your debit or credit card. Withdrawing pesos from ATMs usually provides a more favourable rate than exchanging money at currency exchange counters. However, keep in mind that some ATMs may charge additional fees for foreign card transactions. It is also important to notify your bank of your travel plans to prevent any disruptions in using your cards abroad.
If you are not sure about the exchange rate from your foreign currency, you can make use of online apps to get a good idea of what your foreign currency is worth in pesos. One of the apps recommended by travellers is XE Currency, which is available on iOS and Android.
To summarise, while some businesses in Tulum may accept USD, it is recommended to use Mexican pesos for the best value and convenience. Withdrawing pesos from ATMs is a convenient and cost-effective option, but it is important to be mindful of any additional fees or charges.
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Frequently asked questions
Tulum does not have its own airport, but there is an airport in Cancun, which is two hours away from Tulum. While it is possible to convert cash at the airport in Cancun, it is not recommended due to poor exchange rates.
There are several options for currency exchange in Tulum, including banks, exchange offices ("casas de cambio"), and some hotels. Banks often provide competitive exchange rates, but they may have limited operating hours. Exchange offices are conveniently located throughout Tulum and may offer extended hours of service. ATMs are also widely available in Tulum, and many will allow you to withdraw Mexican pesos (MXN) using your debit or credit card.
The best way to convert cash in Tulum depends on your specific needs and preferences. It is generally recommended to have a mix of cash and cards for convenience and security. Withdrawing pesos from an ATM typically provides a more favourable rate than exchanging money at currency exchange counters. However, be aware of transaction fees imposed by both your home bank and the local ATM provider, as these can vary. To obtain the best exchange rates, compare rates from different sources and choose the option that offers the most favourable rates and minimal fees.
