There are two accepted currencies in Cancun, US Dollars and Mexican Pesos. If you have to choose one my advice is to choose Pesos.
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When given the option, pay in pesos: When paying at restaurants or stores in Cancun, you'll likely be given the option to pay in pesos or USD (even when paying with a credit card). Always choose pesos, as you'll get a better exchange rate.
Cash is a necessity in Cancun, given that many restaurants and gift shops don't accept credit cards. Like many other airports around the world, the Cancun airport is jam-packed with money exchange kiosks looking to convert your money into Mexican pesos.
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.
On average Waiters in Cancun earn around $2.17 an hour + Tips. It's customary to tip from 10-20% depending on the size of the Bill and the quality of service. Always check your Bill before tipping as some restaurants will automatically add a service charge to your Bill.
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.
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.
A common mistake many people make while traveling is drinking unfiltered water and ending up with an upset stomach. Though the tap water in Cancun does in fact meet the standards of safety, it is always a good idea to stick with bottled water.
Budget for tips and cash to reward waiters, hoteliers, bartenders and tour guides. *Our tip: Tipping in the local currency, pesos, is obviously the most convenient option for the recipient, but US dollars can also be withdrawn. If you do, be sure to use bills rather than coins as the latter are difficult to change.
If you pay in U.S. dollars rather than Pesos, expect the rate to be inflated, he added. If anything, Lanno said you can ask to see a rate card, which all taxis should have, but it's rumored that some of them have different cards with higher rates on them.
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.
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 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.