Mexico's currency is the Mexican New Peso ("Peso")
The symbol for Peso is $. Obviously, that's easily
confused with the Dollar sign, $.
If there's any question, ask before using your
credit card!
Sometimes you'll see abbreviations such as MXN$ or
USD$, which helps
Prices are usually best when you pay in Pesos
There are theoretically 100 Centavos per Peso, but
prices are nearly always in full Pesos
Keep a few hundred Pesos when you leave so you'll have
some when you return to Cozumel
Ways to Get Pesos
Casa de Cambio - "Foreign Exchange House"
Plentiful throughout the island
Not necessarily the best exchange rate
Get Pesos at home at a bank or exchange house
Not usually a very good exchange rate
Withdraw from ATM on the island (see below)
Usually a good exchange rate
Some US banks have free withdrawals or no foreign
exchange fees at certain Mexican ATM's
Larger withdrawal limits will save on fees due to
fewer withdrawals - check with your bank
Exchange Dollars for Pesos at Mega
Favorable exchange rate when you make a purchase
Limited to fairly small amounts
Use a credit card
Usually a good exchange rate
Watch out for foreign use fees charged by some cards
What you think of as a "credit card" may actually be
a debit card
Some debit cards work in Mexico, some do not
Debit cards may not have the same fraud
protections as credit cards
Caveats Concerning Dollars
Torn or heavily worn foreign bills will not be accepted
It's a terrible idea to withdraw Dollars from ATM's on
the island. You'll pay fees to exchange your home
currency into Pesos then pay again to exchange into
Dollars.
All foreign coins are completely useless in
Mexico as they are not accepted in exchange
Don't tip using foreign coins
We use Dollars only when non-negotiable prices are set
in Dollars, such as for diving, and when we have plenty
of Dollars and are short on Pesos. If we have plenty of
Pesos, we'll usually still pay using them after
converting the Dollar amount to Pesos.
Travellers' Cheques
Not recommended!
Not widely accepted - merchants hate them
Difficult to use
Do NOT sign except in front of the person you're paying
Names must match your ID exactly, including middle names
ALL signatures must match EXACTLY, both each other and
your ID
ATM's
Avoid using any freestanding ATM's on the street, such
as Cashola machines along Melgar
Fees are massive and exchange rates are exorbitant -
they're a terrible rip-off
Watch out for skimmers, as you would anywhere
Cover your hand when entering your PIN to defeat PIN
cameras
Safest ATM's are the ones inside banks or large
grocery stores
Low fees (or, sometimes, no fees)
As safe, and as risky, as in the US
Credit or Debit Cards
Minimize the need to carry cash
Not widely accepted at small businesses
Widely accepted at large businesses
Credit card surcharges are common at discount stores
Exchange rates are usually favorable
Exchange rate is determined by your bank, so check
with them
Foreign use fees usually apply - check with your bank
Mexico widely accepts swipe cards, so chip-and-PIN cards
aren't currently necessary