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The Mexican peso is the standard currency used in Mexico but
almost everyone in Cancun and Isla Mujeres will accept US dollars or Mexico
pesos.
The HSBC branch here on Isla Mujeres is no longer exchanging
foreign currency, but there are several money exchange houses
downtown that are more than happy to exchange Dollars or other
foreign currency. There are also plenty of cash machines (ATMs)
in the downtown area where you may withdraw money directly in
Pesos. This way generally gives you the best exchange rate, but
you should consult your bank before leaving to find out what
foreign withdrawal fees apply.
The popular ways are ATMs, Travelers Checks, Exchanges, Credit
Cards and ATM’s on the Island
The main bank on the Island is HSBC – they are one of the
largest banks in the world. Their ATMs are located at the bank
across from the ferry, inside the 7-11 and the super market. Your bank will probably
charge you a fee to use the ATM as will HSBC. The ATM is in
English and Spanish – and remember to use common sense to hide the pin
number, etc when
using the ATM.
Travelers Checks
The bank, most exchanges and most hotels will accept travelers’
checks. You will need your passport to cash these checks. Bank
lines can be long at times so check around for the best time of
day to go to the bank. The bank is closed on Sunday but the
ATM’s are available 24 hours a day.
Exchanges (Cambios)
There are a few places that exchange US dollars or other forgein
currency for Mexican
pesos. If you do use these services make sure and get a receipt
that shows the conversion and count your money before you leave
to make sure you received the correct amount. Ninety-nine
percent of the time you get everything done perfectly – but
sometimes errors do occur – take your time and double check
everything!
Credit Cards
A lot of restaurants and hotels take Visa and MasterCard
(American express and others are less popular). There is a lot
of credit card fraud in the world so if you can get by without using
your credit card it is best. It is recommended that you call
your credit card company and your bank to alert them in advance
of foreign travel. Give them your departure and return dates.
Otherwise if you have a company with tight security, they may
freeze your accounts for expected fraud when you try to use them
in Mexico. If they are aware of your travel dates they are more
likely to catch any fraud that occurs after you return very
quickly.
Currency Exchange Rates
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