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Cancun is one of the most popular destinations in the Caribbean, known for its beautiful beaches. The official currency of Mexico is the Mexican Peso, but the American Dollar is also accepted in some tourist destinations like Cancun. Cancun Airport offers currency exchange and money services to all passengers. However, it is recommended to notify your bank before travelling, as some banks are subject to a fee to use them or may freeze your card if you have transactions abroad. You can exchange money at the airport or use an ATM, hotel, or local bank.
| Characteristics | Values |
|---|---|
| Currency in Cancun | Mexican Pesos |
| Currency exchange at Cancun Airport | Available |
| Best place to exchange currency | Bank ATMs, exchange houses, hotels |
| Exchange rates at the airport | Not favourable |
| Using USD in Cancun | Accepted in some tourist destinations |
| Average daily expenses in Cancun | $50-$100 USD |
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What You'll Learn
Cancun airport currency exchange rates
The official currency of Mexico is the Mexican Peso, and you will need pesos for tips, souvenirs, transportation, and bar and restaurant purchases. While the American dollar is also accepted in some tourist destinations like Cancun, it is recommended to check the currency exchange rate before your trip to ensure you get a favourable rate.
Cancun Airport does offer currency exchange and money services to all passengers. You can exchange money at the airport in ATMs, hotels, or local banks. However, it is important to note that while you can find a great exchange rate at the airport, there may be high transaction charges. You can obtain better local currency exchange rates outside the airport and your hotel, so consider exchanging money there unless you have no other choice. The rates given at local banks are generally convenient, but they may be limited by the amount of money they can exchange per day and per month per person. To perform a transaction at a bank, you must show your passport. Popular banks operating in Mexico include Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte.
If you don't want to carry a large amount of cash, you can easily find ATM machines on the street or in supermarkets in Cancun. It is recommended to notify your bank before your travel, as some banks may charge a fee for using ATMs abroad or may freeze your card if they detect international transactions. 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 exchanging a large amount of currency, banks may be able to offer you a higher rate. However, if you need a smaller amount of "vacation money", currency exchange services may be a better option as they typically do not charge currency exchange fees or commissions. It is important to be aware of common practices where businesses offer a good initial rate but then charge high commissions or foreign exchange fees, resulting in you receiving fewer pesos than expected.
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ATM withdrawals in Mexico
Cancun Airport offers currency exchange and money services to all passengers. You can exchange money at the airport's ATMs, hotels, or local banks. However, it is recommended that you notify your bank before travelling, as some banks charge a fee for international withdrawals, and your card may be frozen if you do not inform them in advance.
When withdrawing money from ATMs in Mexico, you will typically encounter two types of fees: those charged by Mexican banks for ATM withdrawals, and those charged by your home bank for international withdrawals. Mexican banks charge varying fees for ATM withdrawals, with some being more economical than others. Your home bank may also charge foreign transaction fees, usually 1-3% of the withdrawal amount. Therefore, it is important to check with your bank about any potential charges before travelling. Some banks may reimburse both the Mexican bank fee and foreign transaction fees, so it is worth considering this when choosing a bank.
To save money on ATM fees in Mexico, it is recommended to use an ATM that will reimburse your withdrawal fee, such as Banco Inbursa, Santander, and Citibanamex, which have low fees and wide availability. It is also advisable to decline the ATM exchange rate and allow your home bank to charge the exchange rate, as this will typically be much cheaper. You should also choose to withdraw in the local currency, Mexican pesos, rather than converting the transaction into your local currency, as this will result in a better rate.
ATMs in Mexico usually accept a wide range of debit and credit cards, including Visa and Mastercard, which are the most commonly issued cards. They may also accept Cirrus, Plus, Maestro, and UnionPay, but not usually American Express, JCB, or Discover. It is worth noting that credit card cash withdrawals are expensive and accrue interest immediately, so it is best to use a debit card to avoid these fees. Additionally, it is safer to use ATMs located at bank branches or lobbies due to card cloning and other scams.
Withdrawal limits at Mexican ATMs typically range from 4,000 to 11,000 pesos per transaction, but your home bank's daily withdrawal limit will also apply, so it is important to check this before travelling.
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Using US dollars in Cancun
The Mexican peso is the official currency of Mexico, and it is typically preferable to use the local currency of the country you are in. However, US dollars are widely accepted in tourist areas in Cancun, and you can use them almost anywhere in the Cancun Hotel Zone.
While you can use US dollars in Cancun, there are some considerations to be aware of. Firstly, if you use dollars to pay for items priced in pesos, the amount will always be rounded up, which may not be favourable for you. For example, if bus fare is 13 pesos and you pay with a dollar note (worth over 18 pesos), you will not receive any change. Additionally, many places will not accept $100 bills, including large supermarkets.
It is also important to be cautious of the exchange rate, as some establishments may offer poor rates. For instance, a bar may advertise beers at 30 pesos each and offer an exchange rate of 15 pesos to the dollar, but the true bank rate may be 18 pesos to the dollar, resulting in a loss for you.
Furthermore, while dollars are widely accepted, it is worth noting that using pesos can make transactions easier and more cost-effective for both yourself and the locals, who will need to exchange any other currency to pesos.
If you do choose to use US dollars, it is recommended to bring smaller denominations such as $1 and $5 bills for tipping and getting change.
You can exchange money at the Cancun International Airport, as well as at ATMs, hotels, and local banks. However, it is recommended to notify your bank before travelling to avoid any issues or fees when using ATMs abroad. Additionally, credit and debit cards are widely accepted in stores, hotels, and restaurants, so you may not need to carry large amounts of cash.
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Credit and debit card payments
Credit and debit cards are widely accepted in Cancun and the Riviera Maya. Most stores, hotels, and restaurants in these areas accept card payments, with Visa, Mastercard, and American Express being the most commonly accepted cards. However, it is always a good idea to check with the establishment beforehand if you have a different card.
Using your credit or debit card for payments can offer several benefits. Firstly, you can receive a better exchange rate and easily track your transactions. Additionally, you avoid the need to carry large amounts of cash, which can be a safety concern for some travellers.
However, there are a few important considerations when using credit and debit cards in Cancun. Firstly, it is recommended to notify your bank before you travel, as some banks may charge fees for international transactions or even freeze your card if they are not aware of your travel plans. Secondly, while ATMs are readily available at Cancun Airport and throughout Cancun, it is important to be aware that all ATMs in Mexico will charge a fee for withdrawing cash. If your card also charges a fee for international withdrawals, you may end up paying double fees. Therefore, it is advisable to use a debit card that absorbs ATM fees or to withdraw larger amounts to minimise the impact of these fees.
Furthermore, it is crucial to be vigilant when using your credit or debit card for payments. Ensure that you never lose sight of your card, and if a waiter or merchant wants to take your card out of your sight to process the payment, politely refuse and offer to accompany them to the credit card machine. By taking these precautions, you can help protect yourself from card cloning or other fraudulent activities.
In conclusion, while credit and debit cards are widely accepted in Cancun and offer several advantages, it is important to be mindful of potential fees and to prioritise the security of your card and personal information at all times.
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Exchanging leftover pesos
If you have any leftover pesos at the end of your trip, you can exchange them back into your native currency at the airport. Cancun International Airport has currency exchange services, with ATMs, banks, and currency exchange centers available.
However, it is worth noting that exchanging money at the airport might not always get you the best rate. Some travelers recommend exchanging leftover currency before returning home, as rates may be more favorable in the country of origin of the currency. It is also important to consider that high transaction charges may apply at the airport.
If you have a significant amount of pesos left over, it may be worth shopping around for the best exchange rate, especially if you are exchanging thousands of pesos. In this case, exchanging your money with a reputable money exchange service outside the airport may be a better option.
Additionally, if you are not in a rush to exchange your leftover pesos, you could consider keeping them for your next trip to Mexico or offering them to a friend or family member for their future travels. This way, you can avoid exchange fees altogether and have some spending money ready for your next adventure.
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Frequently asked questions
Yes, you can get pesos at the airport. However, you may get a better rate in Cancun itself.
You can get pesos at the airport by exchanging money at a booth, or by using an ATM.
Yes, there are ATMs at the airport. However, some are located inside the departure area, so it may be easier to use an ATM in Cancun itself.
Yes, you can also exchange money at a local bank or exchange house. Many hotels in Cancun also have ATMs.
Although the official currency of Mexico is the peso, US dollars are also accepted in some tourist destinations, including Cancun. However, you may get a better exchange rate if you use pesos.
