Cards are being accepted more and more in Puerto Morelos, but cash is still king. Many small shops and restaurants only take cash, and chances are your card won’t get you anywhere at one of the weekend art markets. There may be an extra fee for using your credit card too.
You have many choices on how to get pesos in your pocket. For most people, we recommend using a bank-affiliated ATM here in town. You will likely pay a transaction fee at both ends, but you will get a very attractive exchange rate which should make up for it more or less. (Some banks or investment houses will refund ATM fees. Scotiabank in Canada charges no ATM fee if you use a Scotiabank machine here in Mexico.)
But, what about ordering cash from your home bank? Many banks offer this service. It is tempting. You get beautiful clean bills and can often order them in small denominations, which comes in very handy in Puerto Morelos. But, does it make sense economically? Or is it more sensible to bring currency to Mexico and convert it here?
We decided to test it out at our home banks in Canada and the United States. You may be surprised at the results. We were!
First, we’ll use our US funds account at Bank of America. We asked for 10,000 Mexican Pesos. Here is what we found:
Bank of America: 10,000 MXN would cost us $546.00 USD. That is a rate of 18.32
That doesn’t sound too bad, but check out CI Banco in Puerto Morelos
CI Banco: 10,000 MXN would cost us $537.63. That is at their rate today of 18.60
The difference is $8.37 (or about 156 pesos. That’s at least 3 cervesas)
Next, we’ll try our Canadian bank account at CIBC. Again, we want 10,000 Mexican Pesos.
CIBC: 10,000 MXN would cost us $743.20. That is a rate of 13.46
CI Banco: 10,000 MXN would cost us $729.93 at their rate today of 13.70
Once again, CI Banco wins, the difference is $13.27 CAD (or about 182 pesos. That’s up to 4 cervesas)
We did this research on November 16, 2022. Currency rates change daily, but I am betting that it will still hold true that you get more pesos for your buck (or loonie) here in Mexico. We’ll check it again in the next month or so.
For more information on where the ATMs are in town, CLICK HERE.
Remember, if you bring cash to exchange, it’s bills only. No coins. And you will need your passport to exchange US dollars. There is a limit of $1500 US per month, per person that you can exchange.
STAY WITH US!
Casa de los Viajeros is filling up fast for the upcoming season. We do have some high-season dates still available.