Money in Mexico
The currency is the Mexican peso (MXN). Some shops and tour companies in Cancun, Los Cabos and other resort areas accept US dollars, but at their own exchange rate, so you almost always pay less in pesos. Shops and taxi drivers often refuse torn or damaged notes, so check the ones you get as change.
Cards are accepted in hotels, malls, chain restaurants and most businesses in the cities and resorts. Markets, street food stalls, colectivos and small family businesses in the countryside want cash. Use ATMs inside banks, shops or malls during the day, avoid large withdrawals, and expect a fee from the ATM operator on top of your own bank’s charges. When an ATM or card terminal offers to charge you in your home currency, choose pesos instead. Exchange counters at airports and hotels give worse rates than bank ATMs.
Tipping is part of the price in Mexico. In restaurants, 10 to 15 percent is usual if service is not already on the bill, and small tips are normal for hotel porters, housekeeping, tour guides and gas station attendants.
Banks, ATMs and Cards
The large banks are BBVA México, Banorte, Santander, Banamex, HSBC and Scotiabank, with branches and ATMs in every city. Each ATM operator sets its own fee for foreign cards and shows it on the screen before you confirm, so compare when you have the choice. Standalone ATMs in tourist zones and at airports often charge more than the machines inside bank branches, and many machines limit how much you can take out at once.
Visa and Mastercard are the most widely accepted cards, American Express less so. In restaurants the card machine is brought to your table, so your card never leaves your sight. Staff may ask if you want to pay in installments, which works only with Mexican cards, so choose a single payment. Keep small notes and coins for tips, markets and small shops, because change for a 500 peso note can be hard to find.