The short answer is ABSOLUTELY YES, you need Mexican Pesos. You will need pesos for tips, souvenirs shopping, transportation like taxi/buses, tours, bar/restaurants, etc.
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It's best to use pesos. I've found it's better to use an ATM card to get pesos rather than exchanging at a bank or wherever...you get the best exchange rate that way. I've never been charged any fees for using an ATM in Cancun, but you might want to check with your financial with regards to that.
The best currency to take to Mexico is the local currency, the Mexican peso. US dollars are also highly exchangeable at local banks and currency exchange offices. However, instead of converting physical banknotes, the cheapest way to pay in Mexico is to use a multi-currency travel debit card like Revolut or Wise.
In Cancun - Mexico Tipping is Customary and expected in many situations. Most of the workers in Mexico live off modest wages so rely on tips to earn a living wage. You can Tip in most major currencies such as US Dollars, Euros and Canadian Dollars however best practice is to tip in Mexican Pesos or US Dollars.
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.
It's best to order pesos via your local U.S. bank before arriving in Mexico to avoid inflated fees. If this isn't an option, you can go into a reputable bank or credit union nearby. If you must use an ATM for cash, this is typically safe too, but remember to convert your currency to pesos for the best deal.
Preparing your travel money options beforehand is the key to a stress-free vacation. Credit cards, debit cards, prepaid travel cards and cash are all accepted in Mexico. Outside of a few purchases like transportation fare or local shops, a credit card will be your best bet for everyday purchases.
First, it's worth noting that at current exchange rates, your $100 will equal upwards of 2,395 pesos in Mexico. That could amount to about a week's worth of wages for a Mexican national, depending on their industry and skill level.
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. That is about 50 USD. I can fill up the tank of my F-150 or big van.
While tipping may not be required at some all-inclusive resorts, many guests prefer to do so. In the event that you would like to tip staff during your all-inclusive vacation, it is important to find out in advance whether staff would even be allowed to accept those tips.
Actually, they do not. When you purchase an All Inclusive vacation package, gratuities are included so you are under no obligation or expectation to pay additional amounts to the staff throughout your stay.
Do I Need to Tip at an All-Inclusive Resort? While tipping is a discretionary and optional gesture, at all-inclusive resorts in Mexico, Cuba, Dominican Republic, Jamaica, and others, it is certainly encouraged.
Tips for Cancun shuttle bus drivers and taxi driversWhile shuttle bus drivers and taxi drivers do not always expect tips, it is advisable to tip them. If you plan to take a taxi, set a price first so that there will be no confusion when you get to your location. At this point, you can tip up to the agreed amount.
The standard tip for hotel housekeeping in the U.S. is $2 to $5 per day, says Cohorst. Now, with all the additional work housekeeping must accomplish, it's only fair to tip a consistent $5 per day—even more, if you're feeling exceptionally benevolent.