The currency in Mexico is the Mexican peso. It is posted or written with a dollar sign in front of the amount the same as in the U.S. or Canada.  This can be confusing initially to newcomers as they struggle to make mental conversions, but within a few days everyone is usually into the swing of things. 

Mexico is a cash society. Credit cards may be accepted at high end shops and restaurants and in tourist zones, but don’t expect it. Credit and debit cards are not widely used by Mexicans, so merchants hate to pay the high administration charges unless they have a lot of business from foreigners.  In addition, you will be able to negotiate much better prices for your purchases if you have cash. Some Mexican retailers will accept U.S. dollars, albeit at a reduced rate of exchange. Travellers’ cheques need to be cashed at a bank or money exchange shop (you will have to show your passport for these transactions). Very seldom will a merchant cash a traveller’s cheque. 

Fortunately, cash is easily obtained. Most Canadian or American bank cards or credit cards work in the Mexican ATM’s. Check the logos on the back of your card and compare them to the logos on the ATM to find the ATM’s that are compatible.  Your bank can advise if you need a new personal identification number (PIN) for international access to your account.

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Currency values rise and fall in relation to each other. Some people like to study the trends and make purchases of pesos when it is most advantageous for them. Others may have little choice but to convert their dollars whenever they become available. For people making large conversions, possibly a year or two in the future, there are foreign exchange specialists who will guarantee an exchange rate at dates in the future.  We can put you in contact with these specialists. For those who are making small, but regular exchanges some local casas de cambio offer better rates than others. It is prudent to shop around.