Money, ATM, Banks, and Changing Money

What is today's exchange rates?
Visit www.gocurrency.com
For today's rates and history of exchange try Oanda Currency Converter
Time Zones in the USA time zones and for Time in select Cities of Mexico

BANKS. It is usually not convenient to open a bank account during your stay. You can receive wires from a major bank such as Bancomer. Most banks in the Yucatán and Caribbean coast change pesos at a standard good rate, although less than the official rate and what is available in central Mexico. Change money at the México city airport if you fly through that city. Casa de Cambios can offer better rates, but necessarily. Additionally, if you have an American Express Card, there are offices in Cancun and Mérida and these provide the top exchange rate. AMEX offers other services such as: writing a personal check and having it cashed into pesos at going rate. AmEx is also very good if you lose your passport, money, etc and can provide great emergency services. Call AmEx for other benefits & services.

How much money should I bring and in what form?
I always recommend bringing cash, not travelers' checks. As a general rule of thumb bring about $200 to $400 US cash depending on your own personal finances and budget. You can assume that travel during the program break can cost about $200 to $400 depending upon how many you travel with, how much you like to eat at expensive restaurants and bars, how much and often you want to pay for touritic recreational activities-- from scuba, boat trips, cenote swimming, water skiing, etc. Also consider how much you may want to spend on gifts for yourself, friends, and family. On site, you will have very little expenses during the main part of the program -- say at the most $50 for snacking, phone, short trips, etc. It is perfectly safe to bring a few hundred dollars with you and leave in your family homestay. It is suggested that you also bring a credit card if you have one for your travel before, after and during program break. Note however that credit cards charge an excessive 3%! international finance fee for purchases and ATM withdrawal

In case you need additional funds under $500 US you can get money very easily via ATMs. If you need substantially more money, you can receive overnight wire money from $500 to $3,000 from western union or other international wire services. See below.

Where do I Exchange Money? Casas de Cambios
Do not change money in any airport or hotel if you can avoid it. If you really must have local currency just change the bare minimal amount. Make sure you travel with cash and at least $100 in small change -- twenty $1 bills, four or six $5 bills, one $20, and the rest in $10 bills. You can change money in Pisté, but there are no casas de cambio and the rate is inferior to Mérida and Cancun. Cancun has the best exchange rates always.

Note that the exchange rate posted in the window is not necessarily the actual rate that you will get!!! You must ALWAYS ask what is the actual real rate and if there is a commission charge.

In Cancun, there are Casas de Cambios on Tulum Ave. near the Bus Station. Exit the bus station, turn left, cross the street -- Uxmal Av. -- and walk around the street past Sanborn's restaurant toward the main boulevard, that is Tulum Av. See Cancun Map . If you have time, there are other casa de cambios all along that strip from the diner to the next block (about 1/4 mile) as well as banks that may or may not have a competitive rate. Compare prices if you wish. This by the way is the tourist center of Cancun City and you will find interesting clothing stores, the FAMA bookstore, and restaurants. We do not suggest eating at these for the food is only for the tourist show and experience; they are expensive.

In Mérida there are Casas de Cambio on Calle 60 starting in the 3rd block north of the downtown (after Calle 59), also on 59 entre [between] 60 and 62. These are easy access, good rates, and quick. The very best exchange rates in Mérida are at one of two stalls in the Hotel Fiesta Americana. Sometimes the American Express or AmEx has a superior rate, sometimes not, but AmEx has limited hours and lines whereas the others are almost always rapid service and open till 9pm. The American Express office is on Paseo de Montejo just north of downtown.

In Merida AIRPORT. If you arrive in Merida airport on a day other than when we pick you up, then just change money to get the taxi; change $15 US. The taxi ride should not be more than 180 to 250 pesos to get to the center of town. The public bus would be 4 pesos (you may have to wait 20-30 minutes for the public bus, but this entails significant savings).

In Cancun AIRPORT.you need not change money. You can use US $$ to buy your ADO bus ticket. This should be US$4.

ATMs
We recommend that you bring sufficient cash for your needs. Do not buy traveler's checks unless you really feel that the need for the security of the check. Cash gets you much better exchange rate, thus you will lose money buying the check and then cashing it. We also use our ATM cards for getting cash in pesos. The machine charge is about $5.00 but this is safe, quick and secure. You can withdraw up to $7000 pesos from Bancomer at Chichen Itza. Other banks have other lower maximum limits on ATM cards. You also need to check the limits of your credit card, ATM card, or bank check card.

In Merida, the ATMs are located on 63 between 60 and 64; also along 60 and 58 streets.

In Pisté there is a convenient ATM in the OXXO convenient store. However this ATM has a limit of 3000 pesos, which for me is low perhaps not for you! At Chichen Itza there are three other bank ATMS that have a higher withdrawal of 4 or 5000 pesos. Again, check your own banks' limits for ATM withdrawal. .

Finance Charges on ATM Use
Note that many large banks and credit card companies now charge a flat 3% surcharge on foreign transactions. This is really quite steep. Its highway robber in fact, without the highway. Wherease ATM withdrawals used to be absolutely the best way to have cash exchange of foreign currency, it might not be. Check your bank thoroughly on this point. If your bank does not charge you 3% only the fees for using an ATM, then this should be the way you operate in Mexico (and any other foreign destination).

If you have a bank account and an ATM from CREDIT UNION then you are all the better off in terms of the international finance rates for ATMs and commercial purchases.