You'll get better rates at an exchange house, an ATM, or by using a credit card, but a bank provides the best rates. Although dollars are generally accepted in various resort areas, we recommend using pesos during your visit to Cabo San Lucas.
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While most places in Cabo will accept USD, it is almost always better to just pay with pesos. It's confusing for many first-time Mexico visitors, but every store, restaurant, or bar can set their own rate of exchange.
Before visiting Mexico it may be a good idea to exchange currency at your local bank as they may be able to provide you with the best Mexican Peso exchange rate. When you arrive at Cabo Airport you can also exchange money at each terminal Cash Exchange facility, Cambio.
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).
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.
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.
The best currency to bring to Mexico is a mix of pesos and US dollars. Use the dollars to pay for tours, entrance fees, accommodation, and travel. For everything else use pesos. It should be relatively simple to get pesos in your own country before you travel.
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.
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.
While tipping is a discretionary and optional gesture, at all-inclusive resorts in Mexico, Cuba, Dominican Republic, Jamaica, and others, it is certainly encouraged.
Cabo taxi drivers accept payments in both USD and Mexican Pesos. However, they often inflate the exchange rate, so paying in USD will be more expensive. If your driver gives excellent service, you can round up your fare to tip them, however, it's not obligatory.
Any tip is gratefully received, so what is the tipping etiquette for drivers in Cancun and the Riviera Maya? In general you should tip your Cancun shuttle driver 50 pesos per person on board. That's about $2.50 USD but please remember that it is best to use the local currency of pesos for tipping!
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.
If you are searching for how to get pesos in Mexico, currency exchanges at the airport or downtown will always offer you a worse exchange rate than your bank. That's how they make money! For this reason, I only suggest using this option when you have some leftover pesos before your return flight at the airport.