Cancún Travel Forum

can anyone help, my wife and i are going to cancun, mexico, for the first time, will it be best for us to change our money here in the uk before we go to cancun, or will we get a better rate if we change in cancun. ? also is it wise to take some american dollars with us also. ? i have noticed that the exchange rate at thomas cook at the mo is 20 pesos to the pound, however i was told that you can get 22 pesos to the pound in cancun ( bank ). thankyou for your help.
steve and nicola from england.

All you need is a Visa or Mastercard ATM debit card tied to your account at home.

When we went to Cancun, we didn't bring any pesos. We took out some pesos from ATM machines in Cancun and other cities we visited, but in many cases, they wanted to be paid in US$, which you can also take out from local ATM machines. Local shops prefer to do business with cash.

Have fun in Cancun! :)

I have never seen a better rate for Mexican Pesos outside Mexico. In most countries airport exchange rates are very poor. This is especially true where a "service" fee is charged, but at least in the Mexico City airport, there are competing banks and exchange windows that give a good rate without fees. (The difference between what you can get at the airport and in town from a bank or exchange office has been insignificant and for me never worth the hassle of going into a bank.) I believe that this is true in Cancun as well but if you are carrying a few dollars you will have full flexibility to take it or leave it. Having a few US dollars can be useful throughout your visit because they are readily accepted, but you do have to be attentive to the rate you are given. (If the dollar is worth 11 pesos and the vendor wants a dollar for a 10 peso charge, you are giving a 10% bonus for the convenience of not having to go to an exchange window. I think you will find Mexicans a lot less eager to accept a dollar for a 12 peso charge.)

Credit cards if handled carefully can be useful to pay bills or get money from ATM machines. You must be aware of the fees that your particular card charges. ATM charges of 3-4% on each transaction with a minimum of $5 and an immediate interest rate of close to 20% per year is not uncommon. You should also be aware that many stores and businesses in Mexico will charge an extra 10% for credit card purchases or give an extra 10% discount for cash. The newest credit card company money grab is to charge 3-4% on all purchases in a foreign currency. You should check your credit card fees to avoid receiving an ugly surprise after your trip.

Handling carefully also means never letting your card out of your sight --for example, you get up from your table and walk with the waiter back to the machine to observe the transaction for a restaurant or bar fee. Because of concerns about possible fraud many experienced VT travelers severely restrict their use of credit cards in Mexico. I have never had a problem, but I do not use my cards as freely as I do in the USA. Also, as in the case in all countries, be very careful with ATM machine transactions and during your exit to the street immediately after such transactions.

good luck.

We usually take only bank card, and withdraw the cash from the cash machine when we need it.

With the US dollar what it is, you might be better off getting dollars, which 99% of cancun will accept ( no change ). I have never personally seen anything but Pesos & dollars exhanged. We'll be there late may/june. It's hard waitig for that time