Mexico Money
Mexico money is the Mexican Peso which comes in paper denominations of
$10; $20; $50; $100 and $200 pesos bills.
Although American dollars are accepted at many places, once you arrive at your Mexico vacation
hotel or resort you will want to exchange for Mexico money - pesos. Using the bank or ATM over the hotel
exchange service or any exchange service on the street may be the best method for you. More on that below.
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Many places in resort areas will take US dollars as well as pesos, but will not give as much
in exchange as would a bank or ATM machine. It is customary for vendors to set their own exchange rate, and not to
rely on the one set by the government or the banks.
Travel Tip - The exchange rate varies daily but typically hovers right around 11-12 pesos to the American dollar.
To get you in the ballpark of how much something costs, just divide by 10 and you will be close. For example,
breakfast on the menu says $37. Divide by 10 (just move the decimal), your cost is about $3.70 American.
ATM Machines are widely available throughout the Mexico and the Mexican Riviera. I use my debit card at the
ATM machines available at the local banks. There are ATM’s located in store fronts and such, but I prefer to
stick to the machines in front of the more trusted banks. The advantage is that you don’t pay the
“commission” of the local exchange desk or booth, you get the most up to date exchange rate and you have somewhere
to turn to for help in the rare instance that the machine malfunctions.
Travel Tip - When managing Mexico money and using an ATM machine, be aware, the dollars that show up on the ATM
screen are Mexican dollars (Pesos). So you will see amounts like $1,000, $2,000, etc. Do the divide by 10
method and realize that this is roughly $100 and $200 American respectively. The bank will deduct the proper
amount, at the proper exchange rate from your account. So, if the exchange rate of the day is say, 10.92, the
actual deduction from your account for $2,000 (Mx dlls) is $183.15 (US dlls).
Travel Tip - Since my debit card is a direct pipeline to my checking account (read.. limited fraud protection),
prior to our trip, I get an ATM travel card issued by my bank specifically for my trip. I will carry one
credit card that I can use if necessary for any larger purchases, such as the hotel bill, tours etc. And, you don't
want to get into the position of having to have someone back home worry about sending money to Mexico to pay a
bill! Should the need arise to send Money to Mexico you will find it easy to Send Money with Western Union !
Credits Cards
Widely accepted, the most recognized of course are Master Card and Visa. American Express, Discover and Diner’s
Club are available somewhat, but less recognized. Many of the small town shops, flea markets and beach vendors will
only accept cash.
Traveler’s Checks
Acceptance seems to be spotty. They are accepted at some restaurants, stores and major hotels. I have
experienced some hassle in using them. Some banks wouldn't even take them and referred me to the American
Express office. These offices are available, but not always convenient. As always have a photo ID, and never
sign them until you are ready to use them.
Tipping
I won’t presume to tell you how to tip. Normal percentages are customary to hotel staff, restaurants and cab
drivers. The tip is not normally included in the bill in restaurants. Let me just say that the average wage in
Mexico is $15-$18 dollars (American) per week. When I'm managing money, I allow for helping these folks that bend
over backwards to make sure your needs are met. Let the service and your conscience be your guide.
Business Hours
Banks are generally open weekdays 9-3. Government offices are usually open to the public 8-3.
Mexico
Money - Back to Mexico Travel Requirements
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