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.
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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.
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.
If 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.
Firstly, if a bellhop assists you to or from your room with luggage you should tip them 2 or 3 dollars (around 40 to 60 pesos) for their help or more. Likewise the housekeeping staff should be tipped 2 to 3 dollars (40 to 60 pesos) daily.
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.
International Cell Phone PlansMany carriers in the United States, like Verizon, AT&T, T-Mobile, Sprint, and others include international travel to Mexico and Canada in their plans. In that case, you're good to go. Enjoy using your phone in Mexico.
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).
While it is possible to use US dollars to pay for tours, tips, and even accommodation, you will need Mexican currency for cash transactions in Mexico. In places that do accept physical U.S. dollars, such as hotels, using them may result in very unfavorable exchange rates or additional fees.