Monday, August 8, 2011

Cancun, Mexico. Do we need Pesos or are US dollars widely accepted?

Whether you use dollars, pesos, debit card, credit card or travelers checks all are accepted.Here in Cancun and Playa del Carmen where I live and have several businesses,we average 60% in US dollars,25% in debit or credit cars and the rest in pesos and checks.The monthly 1,500 is at a bank and tourists do not have to use a bank to exchange money besides why would you need to exchange that much?.Banks have long lines and the need for identification." Casa de Cambios" money exchange places are all over, and here do not ask for identification, as well as most hotels and resorts will exchange your money.As of today June 23rd 12 noon the exchange rate for US dollars to pesos is 11.28 most all hotels, resorts,restaurants and bars are offering 11 pesos for a dollar with purchase. Walmart, Costco, Sam's Club,Sears and others offer slightly more. Using a debit or credit card to get a cash advance is simple as there are 100's of ATM machines all over and most offer US dollars or pesos. Please use only an ATM machine at a bank or a major store with a banks name as many ATM's are privately owned and their rates can differ greatly.Marked,torn, taped or defaced bills will not be accepted and be sure not to accept bills in similar condition. FYI foreign coins are worthless for payment or tips.

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