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 is recommended that all travelers bring Mexican pesos as well as their credit and/or debit cards to minimize any inconvenience the exchange cap at banks may cause.
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.
Before your trip, exchange money at your bank or credit union, which likely offers better rates and fewer and/or lower fees. See if your bank or credit union will buy back any leftover foreign currency for when you return.
Whether in the U.S. or at your destination, avoid airport kiosks or other exchange houses if you can. Those should only be used as a last resort, because they typically offer poor exchange rates and high fees, so you'll get less currency for your money.
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.
So don't be stingy. Budget for gratuities and have cash on hand to reward waiters, bellhops, bartenders, and tour guides. Tipping in the local currency, pesos, is of course the most convenient option for the recipient, but you can also dole out U.S. dollars.
The bottom line for how to pay in MexicoMany Mexicans make it easy to use Dollars and this certainly makes it easier for many tourist that come to Mexico. You will however make the best use of your money if you exchange it and use Pesos.
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.
Yes, US dollars are accepted pretty much everywhere in Cancun, from restaurants and bars to stores and hotels. While dollars are accepted in Cancun, you'll get the best exchange rate by using pesos instead.
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.
TOUR AND ACTIVITY GUIDESIf you're on a tour with a lot of people (20-100 people), each person should leave a tip of at least $5 U.S. (90 pesos). If you're on a tour with very few people (e.g., four people in your family), the group should leave a tip that is equivalent to 15-20% of the cost of the tour.
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.