Cancun Airport: Currency Exchange Availability And Benefits

Currency exchange is an important consideration when travelling to another country. Cancun International Airport offers currency exchange services, but is this the best option for travellers? This guide will explore the various currency exchange options available to travellers visiting Cancun, including exchanging money at the airport, withdrawing from an ATM, exchanging at a local bank, or using credit cards. We will also discuss the advantages and disadvantages of each option to help travellers make an informed decision about their currency exchange needs.

Cancun Airport Exchange Rates

Cancun Airport offers currency exchange services at kiosks in Terminals 2, 3, and 4. While it is convenient to exchange money at the airport, it is generally not recommended due to their unfavourable exchange rates and high fees.

Alternative Options

• ATMs: Withdrawing money from a local ATM is a good alternative as they offer reasonable exchange rates and minimal commission charges. Scotiabank, Inbursa, and Santander are some of the trustworthy ATMs in Cancun. Additionally, there is no fee for transactions made at Scotiabank ATMs if you bank with Bank of America.
• Credit/Debit Cards: Credit and debit cards are widely accepted in Cancun. Cards such as Mastercard, VISA, and American Express are commonly used.
• Local Banks: Exchanging money at a local bank branch is a convenient option, but the rates are dependent on supply and demand. HSBC, Scotiabank, and Banco Azteca are some of the banks that offer currency exchange services. However, there may be limits on the amount you can exchange, such as USD 300.00 per person and USD 1,500.00 per month.
• Hotels: Hotels often provide currency exchange services, but the exchange rates may be high.
• Exchange Money in Advance: To avoid the hassle of exchanging money upon arrival, it is advisable to exchange some money before your trip to cover initial expenses such as transportation and tips.

Exchange Rates

As of January 2025, the official currency of Mexico is the Mexican Peso, with an exchange rate of approximately 10 Mexican Pesos to 1 US Dollar, depending on market fluctuations. It is important to check the current exchange rate before your trip to avoid unpleasant surprises.

ATM Withdrawals

Cancun Airport has ATMs in Terminals 2, 3, and 4. Terminal 2 is home to the airport's only bank, Banco Santander, which is located in the national arrivals area and has three ATMs. Terminals 3 and 4 also have ATMs and a convenient currency exchange service operated by CIBanco.

ATMs are a convenient way to obtain Mexican pesos at a reasonable exchange rate. However, transactions may be subject to a fee, so it is recommended to check with your card issuer about applicable fees before using this service. Different card providers may have varying fee structures, and being aware of these charges beforehand can help you avoid unexpected costs. It is also important to note that your bank may block your card if it detects out-of-the-ordinary transactions, such as withdrawals in different countries over a short period. Therefore, it is advisable to set a travel notice with your card issuer to avoid any potential issues.

When using ATMs in Mexico, it is generally recommended to decline the offered exchange rate and let your bank handle the exchange instead. This is because the ATM's exchange rate may be significantly lower than the international rate, resulting in additional fees. By declining the offered rate, you can often save a considerable amount of money on your withdrawal. Additionally, it is worth noting that some ATMs may charge different fees, so it is a good idea to compare fees between different machines.

While using ATMs at the Cancun Airport can be a convenient option, some travellers suggest avoiding them due to potentially high fees. Instead, they recommend exchanging money before your trip or using ATMs located outside the airport, such as those found in supermarkets or on the street in Cancun. However, it is always a good idea to research the most recent information, as exchange rates and fees can change over time.

Credit Card Usage

Credit cards are a convenient option for travellers who want to avoid carrying large sums of cash. They are widely accepted in Cancun, with most stores, hotels, and restaurants in Cancun and the Mayan Riviera accepting credit cards as a method of payment. Visa, Mastercard, and American Express are the most commonly accepted cards, but it is always a good idea to check with the merchant beforehand if you have a different card.

When using a credit card for currency exchange, it is important to be mindful of any fees that may be charged by your card issuer for international transactions. Additionally, while credit card companies often offer favourable exchange rates, there is a risk of ending up with a less favourable conversion rate if the home currency is falling. This is because transactions are not converted instantly and the exchange rate may change over a few days.

To avoid unexpected fees or a frozen card, it is recommended to notify your bank before travelling. Additionally, withdrawing cash from ATMs in Mexico will incur fees, and if your credit card also charges a fee for international withdrawals, you will end up paying double fees. Therefore, it is advisable to rely on credit cards for purchases and payments rather than cash withdrawals.

Overall, using a credit card in Cancun can be a safe and convenient option, allowing you to track your transactions and benefit from favourable exchange rates, as long as you are mindful of potential fees and take the necessary precautions.

Local Banks

If you're looking for a convenient option to exchange your money, local banks in Cancun can be a good choice. The rates offered by banks are often determined by supply and demand and can fluctuate. It's important to note that banks usually have limits on the amount of money that can be exchanged per day and per month for each person. Don't forget to carry your passport with you, as it's required for the transaction.

Some of the popular banks operating in Cancun include Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte. These banks have a presence in the city, and you can easily locate their branches. However, finding them at the airport might be a bit challenging. You can always ask locals for directions or recommendations on the best exchange houses. Exchange houses typically don't charge fees, but they may have limits on the amount they can exchange.

While local banks offer a viable option, it's worth considering other alternatives as well. Airport currency exchange booths, for instance, should be approached with caution as they often offer unfavourable rates and high fees. Using ATMs is a convenient way to get cash, but remember to notify your bank before travelling to avoid any issues or unexpected fees. Credit cards are also widely accepted in Cancun, but be sure to check with your card provider about any international usage fees.

Hotel Currency Exchange

While Cancun Airport does offer currency exchange services, it is generally recommended to avoid exchanging money at airport exchange booths anywhere in the world due to their unfavourable exchange rates and high transaction charges. Instead, exchanging money at a hotel in Cancun is a more viable option.

Currency in Cancun

The official currency of Mexico is the Mexican Peso, but the American Dollar is also widely accepted in tourist destinations like Cancun and the Riviera Maya. However, it is important to be aware of the actual currency exchange rate to avoid unpleasant surprises.

Where to Exchange Money in Cancun

Local Banks

Local banks in Cancun, such as Banamex, HSBC, BBVA, Santander, Scotiabank, and Banorte, offer convenient exchange rates, but these rates are often determined by supply and demand. Banks may also have limits on the amount of money that can be exchanged per day and month per person, and a passport is typically required for the transaction.

ATMs

Using ATMs in Cancun is a good option if you don't want to carry large amounts of cash. ATM machines can be easily found on the street or in supermarkets, but it is recommended to notify your bank before travelling to avoid potential fees or card freezes for international transactions.

Credit Cards

Using credit and debit cards is another convenient way to pay in Cancun, as most stores, hotels, and restaurants accept them. Visa, Mastercard, and American Express are the most commonly accepted cards, but it is always good to check with the merchant beforehand if you have a different card type.

Tips for Exchanging Money in Cancun

• It is generally recommended to exchange only enough money at your home bank to cover travel and transportation costs for the first few days of your trip, and then look for better exchange rates in Cancun.
• Be cautious of exchange rates offered at retail outlets, as these are often set to favour the retailer rather than the customer.
• Avoid using foreign coins in Mexico, as they are not accepted as a method of payment or for exchange in banks or exchange houses.
• If using US Dollars, be aware that some places may not accept $100 USD bills, and there may be requirements to spend a certain percentage of the value of the bills used for payment.

Frequently asked questions