What denominations of pesos should I bring to Mexico?
Try to make sure you always have plenty of coins and notes with a value of 100 pesos and below.
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Follow the 25% rule regardless of how many days you will be in Mexico. For example, if your total budget for a seven-day vacation is 1500 USD, you should bring a total of 375 USD or 7,000 MXN. This totals about 50 USD in cash per day.
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).
100 Pesos is equivalent to about $5 to $6. This sum may not seem like a big amount, but it can buy tourists one or two meals in Mexico. In the Mayan country, the cheapest cuisine is street food. Tacos can cost as much as 20 Pesos for a basket of four or five tacos.
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.
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.
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.
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.
The short answer is use pesos! Most businesses will take U.S. dollars, but it's better to convert your currency to pesos. You'll get better deals and it is the currency of Mexico. Many people get pesos from their bank at home before travel.
While some merchants in Mexico may accept US Dollars, it is not widely accepted and you may receive a poor exchange rate. It's recommended to use Mexican Pesos when in Mexico.
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.
In Mexico, a good rule of thumb for tips is to leave 10-15% of the bill. 50 pesos would be a standard tip for a bill that was around 500 pesos. For example, if you go out for dinner and get drinks, you should expect to spend around 400 MXN. That would mean your tip would be between 40-60 MXN.