The currency chart on the next page is based on August 2009 exchange rates. Check the currency converter on websites like www.xe.com or www.bloomberg.com for the latest exchange rates.
As a general rule, it’s cheaper to convert money in Mexico than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for the first 24-72hr. of your trip.
When changing money abroad, try to go only to banks or casas de cambio that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, convert large sums (unless the currency is depreciating rapidly), but no more than you’ll need. Keep in mind that banks tend to have better exchange rates than casas de cambio.
Store your money in a variety of forms; ideally, at any given time you will be carrying some cash, some traveler’s checks, and an ATM or credit card. All travelers should also consider carrying some US dollars (about US$50 worth), which are often preferred by local tellers to the peso or other currencies.
Traveler’s checks are one of the safest and most convenient means of carrying funds. American Express and Visa are the best-recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and assistance with lost and stolen credit cards or passports. Traveler’s checks are readily accepted in large commercial and urban areas. Purchase checks in US dollars; many casas de cambio refuse to exchange other currencies. Ask about toll-free refund hotlines and the location of refund centers when purchasing checks. Remember to always carry emergency cash.
Where they are accepted, credit cards often offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency-exchange establishments. Credit cards may also offer services such as insurance or emergency help and are sometimes required to reserve hotel rooms or rental cars. MasterCard (a.k.a. Cirrus in Mexico ) and Visa (a.k.a. PLUS ) are the most frequently accepted; American Express cards work at some ATMs and at AmEx offices and major airports. Debit cards are as convenient as credit cards and can be used wherever the associated credit card company (usually MasterCard or Visa) is accepted.
The use of ATM cards is widespread in Mexico. Depending on the system that your bank at home uses, you can most likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is also typically a surcharge of 7.50 pesos to withdraw; it costs three pesos to check your balance.
The two major international money networks are MasterCard/Maestro/Cirrus (for ATM locations call ☎+1-800-424-7787 or visit www.mastercard.com) and Visa/PLUS (for ATM locations visit http://visa.via.infonow.net/locator/global/). Contact your bank or credit-card company before going abroad; frequent charges in a foreign country can sometimes prompt a fraud alert, which will freeze your account.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Otherwise, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank at home to wire money to a bank in Mexico. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in pesos, potentially sticking you with a poor exchange rate; inquire about this in advance. Expect transactions to take between one and three days to complete. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide and works with Dinero en Minutos in Mexico for wire transfers. To find a Western Union near you, visit www.westernunion.com or call the appropriate number: in Australia ☎800 173 833, in Canada and the US 800-325-6000, in the UK 0800 735 1815, or in Mexico 800 325 4045. To wire money using a credit card in Canada and the US call ☎800-CALL-CASH, in the UK 0800 833 833. In Mexico, call 800 325 4045 for assistance. Money transfer services are also available to American Express cardholders and at selected Thomas Cook offices. In Mexico, money transfer services can also be found at Banamex and Bancomer banks nationwide.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse the money according to your instructions for a US$30 fee. If you wish to use this service, contact the Overseas Citizens Services division of the US State Department (☎+1-202-501-4444, from the US 888-407-4747).
The cost of your trip will vary considerably depending on where you visit, how you travel, and where you stay. The most significant expense will probably be your round-trip airfare (see Getting to the Yucatán: By Plane) and a railpass or bus pass.
To give you a general idea, a bare-bones day in Mexico (camping or sleeping in hostels or guesthouses, buying food at supermarkets) would cost about US$15-25 (160-370 pesos). A slightly more comfortable day (sleeping in hostels/guesthouses and the occasional budget hotel, eating one meal per day at a restaurant, going out at night) would cost US$30-40 (375 pesos). For a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least US$200) when planning how much money you’ll need.
The age-old question: to tip or not to tip? In Mexico, it can be hard to know what to do. Overly eager tipping can be offensive (never, for example, throw a couple of pesos at someone you just asked for directions), but many people make their livings assisting tourists in exchange for tips. In general, anyone who offers a service and then awkwardly waits around afterward is expecting a tip.
In a restaurant, waiters are tipped based on the quality of service; good service deserves at least 15%. Taxi drivers are generally not tipped, as they do not run on meters—when hailing a taxi, settle the price of the ride beforehand to avoid exorbitant charges. Regardless of the quality of service, never leave without saying gracias. In Mexico, skillful bargaining separates the savvy budget traveler from the timid tourist. If you’re unsure whether bargaining is appropriate, observe locals and follow their lead.
Pack lightly: lay out only what you think you absolutely need, then pack half of the clothes and twice the money. If you plan to do a lot of hiking, consult The Great Outdoors.
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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