Should I use Dollars or Pesos in Cancun
Cancun Money InfoThis is one of the most often asked questions on my Cancun message board and is still very much a personal choice. My advice is to use US dollars but only if it is your home currency. For those who don't use US dollars regularly then why complicate matters by dealing with two unfamiliar currencies when you could just use pesos? Pesos, being the national currency of Mexico, will be accepted absolutely anywhere. US dollars will be accepted throughout the Cancun Hotel Zone, but the further you venture into 'real Mexico' the more problems you may find in using them for everyday purchases. Check out our Mexican currency page to see photos of the bank notes currently in circulation and familiarize yourself before you go.
If using US dollars be aware that many places will not accept a $100 USD bill -including the large supermarkets such as Walmart downtown. Don't fill your shopping trolley and then be disappointed at the checkout if all you have are 100's and no one will change them for you. Undoubtedly, however, the real benefit in using pesos is that you will avoid losing out on the varying exchange rates offered at the places where you spend your money. For most purchases you will nearly always receive your change in pesos. The exchange rate is not regulated in Quintana Roo and that means retail outlets can set their own rate. Here's an example to illustrate the point: You buy 5 beers in a
bar advertised at 40 pesos each. This bar offers an exchange rate
of 10 pesos to the dollar. You could either pay 200 pesos or $20.00,
fair enough. So you give the bar tender 25 dollars because your change is given back to you in pesos. You don't know what they are worth are scared to use them and then they sit in your bedroom drawer for years. You then realize that had you paid in pesos you'd have spent $5 less and could have had another beer! ....... More Money Advice |
