Mexico Travel Money Tips

Small Town Mexico: a Cash Only Society
Most small town business will only accept cash transactions. ATM's in Mexico generally dispense cash in denominations of 200 and 500 Peso notes. This is not normally a problem when paying for accommodation but for all small purchases it can become a nightmare. It is important to try to maintain a selection of 20, 50 and 100 Peso notes at all times as often businesses cannot make change.

When you realize that you can take a taxi for 4 Peso, buy a meal for two for under 40 Peso it is very difficult for many businesses to make change.

Ball Park Pricing
When you are out shopping you can get a ball park figure by dropping a zero.
$1USD = 11 Peso and the $1CAD = 9 Peso.

Accurate Conversion Rates
We strongly recommend that you use the XE.com Universal Currency Converter when accurate up to the minute calculations are required.

Purchasing Foreign Currency before the trip
As you may have discovered, many Canadian banks do not have foreign currency on hand due to the constant fluctuations in exchange rates. Before leaving home we went to a Foreign Currency Exchange company where it was suggest we take thousands of dollars in cash for our trip as we would get a far better exchange rate at home.

Having traveled internationally for many years I was not about to risk carrying too large an amount but I also realized that Travelers Cheque's are becoming less and less of an alternative. I compromised and took a relatively small amount that I could split with my wife. I was soon thankful that I did as I was given a wad of 100 Peso notes that I had to proceed to stuff into my wallet.

Obtaining Cash in Mexico
Many smaller communities do not have a bank and those that do often will not cash Travelers Cheque's. Many small communities do have an ATM which will permitted you to access cash via Interac and credit card. As you can imagine there is a high demand placed on these machines so they do run out of money from time to time.

How Much Should I Withdraw?
Here are a number of considerations to keep in mind:

1. How difficult is it to get to the ATM?
2. How much will I be charged in service charges?
3. What is the likelihood of the ATM running out of money?

On our last trip our bank charged us $4 per transaction for using an International ATM. The Machines ran out of cash on a number of occasions and we spent a tense couple of hours wondering if the ATM would be refilled before we had to buy our bus tickets. We got the cash with ten minutes to spare.