Where to Exchange Currency in Cancun Mexico with Easy Access

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If you're looking for a hassle-free experience exchanging currency in Cancun, Mexico, consider visiting a hotel with an on-site currency exchange. Many hotels in the area, such as the Hyatt Ziva Cancun, offer this convenient service.

The airport is another great option, with currency exchange services available at the Cancun International Airport (CUN) in Terminal 2. You can also find currency exchange services at the airport in Terminal 3.

Some currency exchange services in Cancun also offer competitive exchange rates, such as the Oxxo currency exchange located on Avenida Tulum.

Where to Exchange Currency

In Cancun, you'll find that small value items are priced in Pesos, while higher value items are priced in US Dollars. This can be confusing, but it's essential to understand to avoid getting taken advantage of.

Store and restaurant exchange rates will never be in your favor, so it's best to avoid using them. You'll be better off using your bank or a currency exchange service.

Credit: youtube.com, Don’t Travel to Mexico Without Knowing These 9 Money Tips: Pesos vs. USD

The Xe App is a handy tool for calculating currency exchange rates, so be sure to download it before your trip. This will help you keep an eye on the fluctuating exchange rates.

If you need to exchange money in Mexico, look for the words "Casa de Cambio" or search on Google Maps for a nearby "Currency Exchange Service". This will give you access to better exchange rates than the airport or downtown currency exchanges.

Mexico City's airport is one of the best places to exchange your foreign banknotes, as the exchange houses there offer competitive and attractive exchange rates due to high competition.

Understanding Mexican Currency

The Mexican currency can be a bit confusing, especially when you're not used to dealing with it. The Mexican Peso (MXN) is the national currency, and it's represented by the $ sign.

You'll often see colorful bills in denominations of 20, 50, 100, 200, and 500 pesos, with coins in 5, 10, 20, and 50 centavos. To avoid confusion, always ask if the price is in Mexican Pesos (MXN) or U.S. Dollars (USD).

Credit: youtube.com, Best ways to GET PESOS for your MEXICO TRIP - Avoid costly TOURIST TRAPS & Save $100s

In Cancun, small value items like bus fare and a bottle of water will be priced in Pesos, while higher value items like tour prices and nightclub entrance prices will be priced in US Dollars. However, using the "wrong" currency can result in a poor exchange rate that could lose you up to 20 percent on the deal.

To give you a rough idea of the exchange rate, here are some quick calculations: $1US = 18 pesos, and £1 = 25 pesos. However, keep in mind that these calculations are not always accurate, especially for large purchases.

Exchange Rate

Exchange rates in Mexico can be unpredictable, like the sand on North Beach. They fluctuate constantly, so it's essential to keep an eye on them.

To get the best exchange rates, use a bank's ATM or visit a bank in person. Store and restaurant exchange rates will never be in your favor, so it's best to avoid them.

Credit: youtube.com, Mexican Currency

Download the Xe App for a handy currency exchange calculator to help you stay on top of exchange rates.

The Cancun currency exchange rate is unregulated in Quintana Roo, which means retail outlets can set their own rate. This often favors the business, not the customer.

Here are some of the best ATMs to use in Mexico to get the lowest fees and best exchange rates:

  • BBVA Bancomer
  • Santander
  • Scotiabank (partnered with Bank of America)
  • Intercam
  • Banorte
  • Inbursa
  • CIBanco
  • Banco del Bajío

Using a debit card at one of these ATMs can save you money on exchange fees. Just be aware that your home bank may charge a Foreign Transaction Fee, which can range from $5 USD.

The Mexican Peso

The Mexican Peso is the national currency of Mexico, represented by the $ sign, and is worth 100 centavos. It's essential to ask if prices are in Mexican Pesos (MXN) or U.S. Dollars (USD) to avoid confusion.

Mexican bills are printed in denominations of 20, 50, 100, 200, 500, and 1000 pesos. You might occasionally spot a 1000 peso note, but be aware that Mexico changed the design and colors of their currency, so old bills may still be in circulation.

Resorts on Sea Shore in Cancun
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Coins come in 5, 10, 20, and 50 centavos, with larger coins in 1, 2, 5, 10, and the rarer 20 pesos. Remember to ignore the colors of the bills and focus on the amount.

The value of the Mexican Peso fluctuates every day, and the exchange rate has varied over the years. In 2000, the exchange rate was ~$10 MXN for $1 USD, in 2010 it was ~$13 MXN, and in 2020 hovered around $20 MXN.

Here's a quick calculation to estimate the exchange rate: $1US = 18 pesos (take the number of Pesos, divide by 2, divide that by 10 and add 10% to get the amount in Dollars).

Alternative Options

If you're not near a physical currency exchange location, you can also order cash online through a service like Currency Exchange International, which will deliver it to your home.

Online currency converters often have less favorable exchange rates, so it's essential to compare rates before making a decision.

Delivery charges may also eat into your funds, so factor those costs into your overall transfer amount.

Atms

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Using ATMs in Mexico can be a convenient way to get cash, but it's essential to be aware of the potential pitfalls. Stick to ATMs inside banks, as those on the street or in stores can be "pirate traps" for your card details.

Many travelers use a "Travel Account" debit card, which allows you to transfer money as needed and set limits on withdrawals and purchases. This can help keep your card details safe.

Some ATMs dispense pesos, but may charge an extra exchange fee, so be sure to check with your bank. You'll often find these ATMs at large supermarkets, such as Walmart.

To get the best exchange rate, use an ATM owned by a bank, like BBVA Bancomer, Santander, or Scotiabank. These ATMs usually have lower fees than private machines.

Here are some of the best ATMs to use in Mexico:

  • BBVA Bancomer
  • Santander
  • Scotiabank (partnered with Bank of America)
  • Intercam
  • Banorte
  • Inbursa
  • CIBanco
  • Banco del Bajío

Keep in mind that your home bank may charge a Foreign Transaction Fee, so double-check with them to avoid extra charges.

Another Money-Change Option

Credit: youtube.com, TOP Currency Exchange Advice! | International Travel Money Tips 💸

You can also order cash through an online currency converter, which will have it delivered to your home.

However, exchange rates are less favorable, and the delivery charges may eat into your funds.

Online currency converters like Currency Exchange International offer this service, but be aware of the less favorable rates and potential delivery charges.

It's essential to weigh the convenience of having cash delivered against the costs and rates involved.

Getting Pesos in Mexico

Getting Pesos in Mexico can be a bit tricky, but don't worry, I've got you covered. The Mexican Peso (MXN) is the national currency of Mexico, and it's represented by the $ sign.

In Cancun, you'll find that Pesos are widely accepted, especially in the Hotel Zone. However, US dollars are also accepted, but you may encounter problems using them for everyday purchases outside of the tourist areas.

To get Pesos, you can use a reputable exchange place, like a bank or a currency exchange office, or withdraw cash from an ATM. Be aware that ATMs often come with fees, so it's essential to choose one with a low-fee exchange rate.

Cityscape of Cancun featuring a ferris wheel, palm trees, and modern buildings.
Credit: pexels.com, Cityscape of Cancun featuring a ferris wheel, palm trees, and modern buildings.

The exchange rate fluctuates daily, but a general rule of thumb is that $1 US equals 18 Pesos. You can use this calculation to estimate the value of your money, but keep in mind that larger amounts may have a wider error margin.

Here's a quick reference guide to help you calculate the exchange rate:

Remember to always check the daily exchange rate to ensure you're getting the best deal.

Frequently Asked Questions

Is it good to exchange money at Cancun airport?

Exchanging money at Cancun airport is not recommended due to poor exchange rates. Consider using a reputable Cambio instead for a better deal.

Vanessa Schmidt

Lead Writer

Vanessa Schmidt is a seasoned writer with a passion for crafting informative and engaging content. With a keen eye for detail and a knack for research, she has established herself as a trusted voice in the world of personal finance. Her expertise has led to the creation of articles on a wide range of topics, including Wells Fargo credit card information, where she provides readers with valuable insights and practical advice.

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