Baja California, Monterrey and the Yucatán Peninsula's Caribbean coast are pricey, but elsewhere you can expect to get away with spending around US$25.00 - US$40.00 a day, particularly in rural areas. Throw in a few luxuries like traveling in reasonable comfort, staying at better mid-range places and eating at more expensive restaurants, and you'll need more like US$40.00 . Stay at luxurious hotels and hire a car occasionally, and the sky's the limit.
Money Preferred Form
The most convenient form of money in Mexico is a major international credit card or debit card. Credit cards can also be used to obtain cash from ATMs in Mexico, and are accepted for payment by most airlines, car rental companies, travel agents, many upper mid-range and top-end hotels, and some restaurants and shops. However, it's probably a good idea to have more than one credit card as acceptance of cards is erratic - American Express in particular is not accepted by some Mexican businesses. Visa, Amex or MasterCard stickers on a door or window in Mexico do not necessarily mean that these cards will be accepted for payment there. As a backup, it's wise to take some travelers checks and a little cash. US dollars are still the most easily exchangeable foreign currency in Mexico.
In heavily touristed areas such as Acapulco, Cancún and Cozumel, you can often spend US dollars as easily as pesos at hotels and restaurants (although the exchange rate will probably be awful).
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Currency
- Name Mexican Peso
- Symbol $
Notes come in denominations of 20, 50, 100, 200 and 500 pesos.
The peso is divided into 100 centavos. Coins come in denominations of five, 10, 20 and 50 centavos and one, two, five, 10 and 20 pesos.
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Changing Your Money
You can exchange money and travelers checks in banks or at casas de cambio . Banks can be slower than casas de cambio, and usually have shorter exchange hours (generally business hours) while casas de cambio can be found easily in just about every town, their service is quick and they're often open evenings or weekends. Some don't accept travelers checks, whereas banks usually do.
Exchange rates vary a little from one bank or cambio to another and there is often a better rate for efectivo (cash) than for documento (travelers checks). If you have trouble finding a place to change money, particularly on a weekend, you can always try a hotel, though the rate won't be the best.
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Money Tips
ATMs are very common in Mexico, and are the easiest source of cash. You can use major credit cards and some bank cards, such as those on the Cirrus and Plus systems, to withdraw pesos from ATMs. Should you need money wired to you in Mexico, an easy and quick method is the Dinero en Minutos (Money in Minutes) service of Western Union (tel: 800 325 6000 in the USA; www.westernunion.com). It's offered by thousands of bank branches and other businesses around Mexico.
Note that the dollar sign is used to refer to pesos in Mexico; prices in US dollars are usually marked US$ or USD.
Mexico has a 15% value-added tax (IVA) which by law must be included in quoted prices. Sometimes - usually in top-end hotels - prices are quoted without this tax
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Sample Price Guide
- one roll 36 exposure color film
- US$ 7.50
- city metro single fare
- US$ 0.25
- litre of petrol
- US$ 0.60
- 1L bottle of water
- US$ 0.60
- small bottle of beer
- US$ 2.00
- 36 fresh tortillas
- US$ 0.45
- one-person hammock
- US$ 15.00
- street taco
- US$ 1.00
- five-hour first class bus ride
- US$ 23.00
- local small car rental
- US$ 60.00
- internet access per hour
- US$ 1.00
- major museum/archaeological site
- US$ 3.50
Average Room Prices
Low Mid High Deluxe US$10-20 US$20-70 US$70-200 US$200+ Average Meal Prices
Low Mid High Deluxe US$2-8 US$8-20 US$20-50 US$50+ -
Tipping
In general, waitstaff in small, cheap cafes don't expect much in the way of tips, but those in expensive resorts certainly do. Workers in the tourism and hospitality industries often depend on tips to supplement meagre wages. In tourist hotspots, tipping is up to US levels of 15%; elsewhere, 10% is standard. If you stay a few days in one place, you should leave up to 10% of your room costs for housekeeping staff.
A porter in a mid-range hotel will be happy with US$1.00 a bag. Taxi drivers don't generally expect tips unless they go out of their way for you. Gas station attendants and car park attendants don't expect tips but appreciate them if offered ( US$0.25 - US$0.50 ).
