The Mexican Peso is the official currency in Los Cabos, however, U.S. Dollars are widely accepted in most locations. The dollar is closer to 21 pesos, depending on market fluctuations.
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Although Mexico's national currency is the Peso, Cabo San Lucas and other places in Los Cabos will accept U.S. dollars (USD) for convenience. Popular tourist areas, as well as shops, restaurants, and other establishments, accept U.S. dollars and major credit cards.
How much cash should I bring to Cabo for a week? I typically bring $1,000 to $2,000 in cash for a one-week trip. To the extent that I have leftover cash at the end of the trip (which I almost always do), I usually apply it to my outstanding bill at the resort I'm staying at.
Los Cabos is one of the most expensive destinations in all of Mexico for a couple of reasons. The main problem that Los Cabos has which drives up the prices for basically everything is the fact that it's isolated from the rest of the Mexican mainland.
In Mexico, a good rule of thumb for tips is to leave 10-15% of the bill. 50 pesos would be a standard tip for a bill that was around 500 pesos. For example, if you go out for dinner and get drinks, you should expect to spend around 400 MXN. That would mean your tip would be between 40-60 MXN.
One thousand good Mexican pesos have the purchasing power of about $50 U.S.A. dollars. You might get a nice dinner for three, or a tankful of gasoline (gasoline is expensive there), or a bus ticket to a major city, or a night in a cheap hotel.
For traveling (even on a backpacker budget) it is perhaps better to consider what 500 pesos (or $25 will buy). That is enough to rent a car for a way (minus non-specified expenses). It is also enough for dormitory accommodation in some of the cheapest hostels in Mexico City for two nights (around $8 per night).
In general, you'll want to plan on tipping restaurant staff, the concierge, bartenders, housekeepers, the bellman, pool staff, and shuttle drivers at all-inclusive resorts. Impeccable service can always be rewarded with higher tips, but there are some accepted standards for travelers to lean on.
It's up to you how much you tip, but the recommended amount in Mexico is between 10% – 20% (15% is a good standard in tourist areas) of the bill or ticket price.
The norm for waiters is 15% to 20% of the bill, depending on service (make sure a 15% service charge hasn't already been added to the bill, although this practice is more common in resorts).