There are two accepted currencies in Cancun, US Dollars and Mexican Pesos. If you have to choose one my advice is to choose Pesos. However, there are some situations where US Dollars work better for you.
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I agree with $1,500-$2,000 with the activities you are planning. I usually bring the equivalent of $500 USD converted to pesos, along with another $1,000 in cash. If you estimate $100 per person per excursion (some will cost more, some will cost less), plus extra for tips and souvenirs, you should be good.
Should I exchange money before I travel to Cancun? Speaking of cash, yes, you'll want to exchange your currency for Mexican pesos before traveling to Cancun. You'll get a better rate from your local bank or credit union than you'll find at the airport once you've arrived in Mexico.
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.
First, it's worth noting that at current exchange rates, your $100 will equal upwards of 2,395 pesos in Mexico. That could amount to about a week's worth of wages for a Mexican national, depending on their industry and skill level.
I agree with $1,500-$2,000 with the activities you are planning. I usually bring the equivalent of $500 USD converted to pesos, along with another $1,000 in cash. If you estimate $100 per person per excursion (some will cost more, some will cost less), plus extra for tips and souvenirs, you should be good.
Although there will be some bacteria in the water from the tap it is fine to brush your teeth with, even if you are at a place where you can't drink the tap water.
Pesos, being the national currency of Mexico, will be accepted absolutely anywhere. US dollars will be accepted throughout the Cancun Hotel Zone, but the further you venture into 'real Mexico' the more problems you may find in using USD for everyday purchases.
How Much Do You Tip at All-Inclusive Resorts? For a one-week stay at an all-inclusive resort, a couple should budget to spend about $150 US (or the local currency equivalent) total in tips. This means that you should bring about $20 in small bills with you to spend on tips throughout the day.
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.
Restaurants. In restaurants, 15% of a check is a good rule of thumb to follow; if you're in a big group you may find that a service fee is automatically added to the check (look out for that). If you feel you have been given particularly great service, 20% will be greatly appreciated.
Transportation: 1,000 pesos can cover your transportation costs for several days, including bus fares, subway tickets, or taxi rides, depending on your location and how frequently you travel. Accommodation: You can find budget accommodations in many parts of Mexico, especially in smaller towns or less touristy areas.
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.