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Money Facts & Mexico: Bits & Pieces:

Getting change always seems to be an ongoing problem in Mexico: Spend your larger denomination notes in big stores, and make as much change as possible to use at the tianguis or with smaller vendors, taxis, local buses and other small purchases where the traders often don't have the available change to hand.

Traveler's Checks in Mexico: Most exchange houses and banks do not charge additional fees to cash your traveler's checks in Mexico; you will get the face value of the check multiplied by the day's rate of exchange. As an FYI…When we pick up our participants at the airport, we usually take you by the local supermarket, SuperLake, where you can exchange Canadian or U.S. dollars or traveler’s checks for pesos at a good rate. If at all possible, DO NOT change your dollars into pesos at the airport…it’s much too expensive.

Using Credit and Debit Bank Cards in Mexico: Major credit and debit cards are accepted at hundreds of thousands of hotels, shops, restaurants and travel service providers in Mexico…especially in the resort areas. Your purchases will charged in pesos, and your bank will convert those pesos to U.S. or Canadian dollars and charge it to your account. They will also charge a "foreign exchange charge." You may want to check with your bank to find out how much that will be prior to your travel dates.

ATMs are now common in Mexico. They are the quickest (and best) way to get local currency…no matter where you are. They are almost always open and very reliable. You can get Mexican pesos with a card affiliated with one of the major networks like VISA, MasterCard, American Express, etc. Exchange rates are generally favorable, as you usually get the "wholesale bank rate" (or very close to it) instead of the tourist rate, which can be quite different (and not in your favor).
 
 
The Main Banks in Mexico with ATMs and branches nationally are:
Bancomer (owned by BBVA of Spain) 
Banamex (owned by Citigroup of USA) 
Banco Santander (part-owned by Bank of America) 
HSBC (Formerly Bital) 
Banorte (Mexican-owned bank) 
 
 
Exchanging Money and Currency in Mexico:
Banks: Most banks are not foreign currency friendly. That’s because the procedures and time it takes to exchange foreign cash and traveler's checks at a bank are considerably more troublesome than using an exchange house (casa de cambio). A lot of banks will only exchange foreign currency if you have a local bank account. Believe me, we know this because when we first came here, we spent about an hour in line at Banamex only to be turned down! Frustrating! 
 
Casa de Cambio (you may see the word "dolares” also): Rates are often favorable, sometimes better than those offered at banks–if you have time, check the competition locally, as “different exchange houses and banks' rates will differ depending on the institutions' need for different foreign currencies.” Also, most exchange houses and banks do not charge commissions to exchange currency. They make their money through the difference between the rate at which they sell pesos and the rate at which they buy them.
 
By the way, you may see armed police standing outside banks and cash machines. Don't be alarmed, this is quite a normal practice throughout Mexico.
 
 
Money Exchange at Hotels: One word, don’t…not unless you have to, that is, and only exchange as little as you think you will need until you get to a bank or an exchange house. Their rates tend to be terrible in comparison with exchange houses and banks. Use hotels as a last resort for money exchange.
 
Tipping: Waiters in small, inexpensive cafes don't expect much in the way of tips, but those in expensive resorts certainly do. Workers in the tourism and hospitality industries often depend on tips to supplement meager wages. In Mexico, as of 2007, the minimum daily wage is $50.57 pesos (roughly less than $6.00 per day!) In tourist hotspots, tipping is up to U.S. levels of 15%; elsewhere 10% is standard. If you stay a few days in one place, you should tip your housekeeping staff. Normally, $1 USD ($10 pesos) a day is sufficient. A porter in a mid-range hotel will be happy with US$1.00 a bag. Taxi drivers don't generally expect tips unless they go out of their way for you. Gas station attendants and car park attendants usually get US$0.25-US$0.50).

BILLS USED IN MEXICO
	20 PESOS (approximately $2.00 USD)
	50 PESOS (approximately $5.00 USD)
	100 PESOS (approximately $10.00 USD)
	200 PESOS (approximately $20.00 USD)
	500 PESOS (approximately $50.00 USD)
	1000 PESOS (approximately $100.00 USD)
COINS USED IN MEXICO
	10 CENTAVOS
	20 CENTAVOS
	1 PESO
	2 PESOS
	5 PESOS (approximately 50 cents USD)
	10 PESOS (approximately $1.00 USD)
	20 PESOS (approximately $2.00 USD)
	50 PESOS (approximatley $5.00 USD)
	On the back of all Mexican coins is the National shield.