Money Tips
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When traveling to another country, we often face the same questions: should we bring a credit card or cash? And if so, how much of it? Where can we exchange currency? In this section, we have gathered all the tips you need to travel safely within Mexico. Don't forget to notify your bank that you're traveling to Mexico at least 72 hours in advance!
SAVINGS/CHECKING ACCOUNT
When traveling to a new country, I always make sure to prepare financially by opening a separate savings/checking account with a budget I have planned for the trip, plus an additional 20% for any unexpected expenses. look for an account that doesn't charge commissions or currency conversion fees for withdrawing cash outside your contry.
To keep my finances organized while traveling, I divide my funds equally between my savings and checking accounts, which allows me to transfer funds between them easily if needed. For added security, I withdraw the equivalent of about $150 USD at a time to ensure that I don't lose my entire budget in case of an emergency.
If withdrawing cash from Mexican ATMs, you may be charged a small fee of $2 to $5 depending on the bank and location. However, withdrawing money directly from a Mexican bank will give you a better exchange rate (known as the inter-bank exchange rate) than getting Mexican pesos from your own bank or at the airport. The inter-bank rate will offset the withdrawal fee, as long as you withdraw $150 USD or more per transaction.
Be aware that some ATMs will "offer" you a convesion service so you know exactly how much of your local currency you will be charged. always decline it, this is never a good deal fo you.
CREDIT CARDS
It's worth noting that while many places in Mexico still only accept cash, such as archaeological sites, some toll roads, and small restaurants, there are more and more establishments that now accept credit cards, particularly in tourist areas. Both Visa and Mastercard are widely accepted, while American Express is starting to become more common, especially in larger hotels, malls, and rental car companies. However, I recommend only carrying American Express for renting a car or paying hotel bills. If you have a Discover card, it's best to leave it at home.I always pay with a credit card that doesn't charge foreign fees, and I try to get either points or car insurance through the card. Credit cards are safer than using your ATM card, as they offer better insurance against fraud if your card is cloned or stolen. If your credit card charges foreign fees, I highly recommend getting a card that doesn't charge them, such as the Chase Sapphire Preferred® Card, which is one of the most popular travel expense cards in the USA. Additionally, let your bank know at least 72 hours before you travel to Mexico, and it's a good idea to carry at least two credit cards, in case one gets blocked by your bank.
Places where is recommended to use a credit card in Mexico
Hotels
Car Rentals
Well established restaurants or convenience stores like OXXO and 7-eleven
Tour companies and Eco parks
Big box stores (Wal-Mart, Chedraui, Calimax, Soriana, Comercial Mexicana, etc.)
Souvenirs from brick and mortar locations.
CASH
Planning ahead is key to a smooth and enjoyable trip to another country. One of the best practices to ensure you have sufficient cash in your wallet before leaving home is to exchange a small amount of money in local currency from your bank to avoid any inconvenience in case you forget to use an ATM upon arriving in Mexico.
To have a stress-free vacation, I recommend carrying $20 bills worth $100 USD / $100 EUR in total. This will come in handy in case you run out of cash in Pesos or if you find yourself at a place that doesn't accept credit cards. Although the conversion rate might not be optimal, it will save you from any awkward situation where you can't pay for something like a restaurant bill. You can always check the current conversion rate online, but at the time of writing this, 1 USD = 17.00 MXP / 1EUR = 18:50 MXP.
Places where is recommended to use cash in Mexico
Archaeological Ruins entrance
Gasoline (Gas stations are known to be the preferred places for unethical people to clone credit cards)
Small Restaurants
Taxis and local buses (except intercity and interstate buses)
Tips
Convenience stores
Mexico as any other country has several convenience and big box stores all over the country. The cheapest store chain is “Bodega Aurrera”. The two most expensive are Chedraui and Soriana, but they have a greater assortment of products and are almost everywhere. Small convenience stores like OXXO are everywhere and are a good place to buy in small quantities.
When using your money use common sense, compare prices and don’t stress too much if you ended paying the “Tourist Price,” this happens to all of us even when traveling in our own country.
