A comfortable daily allowance in Mexico is 70-150 USD per person. This will allow you to do a few more luxurious tours, eat at nicer restaurants, or stay at a mid-range hotel. For cash, bring 25-35 USD for each day of your vacation.
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For non All-Inclusive vacations we budget about 1000-1200 pesos per day for the two of us- this amount is for drinks and food and cab fare and tips and other minor incidentals, not tours or fishing or diving. Maybe another 5000 pesos for that, or so, for a week trip, say.
Is $500 dollars enough for Mexico? The good news is, in certain parts of Mexico it's still possible to live and travel on just $500 a month! It's even possible to live in Mexico comfortably on $500 per month, as long as you plan your trip correctly.
They are fantastic for tacos and other fast food. With 100 Pesos, tourists can also buy ice cream, fruits, or juice from the local food markets. If they do not want to spend their money on food, they can purchase a ticket to enter Tulum ruins, Chapultepec Castle, Museo Nacional de Antropologia, etc.
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.
So, how much spending money should I bring to Mexico? On a mid-range budget, you should expect to spend $110 USD ($2200 MXN) per person daily. This accounts for 3 meals a day, transportation fare, and one activity per day(tours, attractions,etc.). Add $10 USD ($200 MXN) if planning to drink alcohol.
Bringing a small amount of cash in the local currency with you is always a good idea. This could help in any unforeseen emergencies where you may not be able to use your credit or debit card. Oppositely, carrying around too much cash can be inconvenient and dangerous.
Since most major tourist attractions accept both U.S. dollars and pesos, you should bring a little of both. However, don't bring too much. Even though Mexico is generally safe, carrying large wads of cash in your wallet or pockets is not a good idea.
As $2,000 USD would become $35,000 MXN, you could afford a $9,000 MXN rent (a regular 60 sq meters apartment in a middle range area), a $800MXN a month gym (mid-top range) purchasing a $5,000 MXN a month low range new car like a Nissan Tsuru or a Hyundai H10 (36 months), plus $2,000 MXN a month of gas, insurance fees, ...
It's recommended that you buy pesos before you land in Mexico, just in case you need the cash. According to this USA Today article, the most economical way to do this is to buy pesos from your bank in the U.S. Most banks will do this for free, especially if you're not withdrawing a significant amount of money.
Is It Safe to Carry Cash in Mexico? While it's generally safe, carrying only the amount you need and keeping it secure is advisable. Consider using credit/debit cards, traveler's checks, or secure banking services to minimize the risk of loss or theft.
I agree with $1,500-$2,000 with the activities you are planning. I usually bring the equivalent of $500 USD converted to pesos, along with another $1,000 in cash. If you estimate $100 per person per excursion (some will cost more, some will cost less), plus extra for tips and souvenirs, you should be good.
It is not necessary to tip an additional amount. A minimum of $1-$2 U.S. (20-40 pesos) per round of drinks is customary, or if you're running a tab, leave 15-20% of the total as a tip. Remember, if you are receiving Happy Hour half-price, tip on the regular pricing amount.
Restaurants: For good service, a 10% tip is standard. For really good service, anything between 15% and 20% is acceptable. Street food: Again, tipping is not required or expected, but it is appreciated (saying “keep the change” is sufficient). Taxis: If the driver helps with bags, 10–20 pesos is a good tip.
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).