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Mexican Currency |
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Local currency is the Mexican Peso. Currently the exchange rate is approximately 10.50 pesos for each U.S. dollar. The peso is one of the most stable Latin America currencies. There are bills of $20, $50, $100, $200, $500 and $1,000, and coins of 5¢, 10¢, 20¢, 50¢ cents and $1, $2, $5, $10 and $20, $50 and $100 pesos. Small fractional coins are so scarce that usually payments are rounded to the nearest peso or 50 cents. In Cozumel, U.S. dollars are accepted almost anywhere but the best exchange rate will be at a currency exchange business or at one of the many banks. Most other currencies may be exchanged for pesos at banks.
Taxi cabs and small businesses usually don't have change so try to pay with small bills. If they don't have change they will "go" to get it, wasting a little bit of your time. Keep in mind that your personal checks won't be accepted anywhere, not even in banks.
Most small businesses and restaurants will not accept payment with neither credit or debit cards. So it's a good practice to check in advance the forms of payment a business will accept. Most small business neither will accept $100 dollar bills.
There are several bank ATMs, most of them around downtown. Usually they have a $3,000 pesos daily withdrawal limit. Some of them will give you dollars or pesos at your option. If you withdraw pesos, they will be converted to your local currency at the bank's current exchange rate. Usually the bank that owns the ATM will charge a small processing fee. There are ATMs at all bank offices and a few in other places.
Most banks are near the Benito Juárez Park, in downtown. Most of them open weekdays from 9:00 to 16:00 or 17:00. Some open Saturday morning. At banks you can exchange currency, get cash advances from your credit or debit card (passport may be required). At banks you may also cash or buy traveler checks, buy money orders and make wire transfers. |
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