Where to Exchange Money in Cozumel Mexico
People coming on vacation to Cozumel ask what type of currency is best to have for spending. Can you use US Dollars in Cozumel? Do I need to exchange money? Is it better to use pesos or dollars in Cozumel? We will break it down for you here so you can travel like a pro and get the most for your money.
Are US Dollars accepted in Cozumel?
The answer is yes, but not everywhere. For most tourists that are in Mexico for a week and will be in tourist areas, you will find most places to accept US Dollars. But there is the rate at which they will accept them.
We take US Dollars but at a cost
One very important thing you need to be alert to the rate at what people accept dollars. You might think, “Great, they take dollars!” but only to figure out it is at a lower rate than what the exchange is. Any business can decide to accept a non-official currency and they can set the rate at which they will exchange it. Most of the time their rate will be a couple of pesos less than the official rate, and you will pay 15-20% more for things. If you are going to be shopping around, it can add up. This is a “convenience fee” for not exchanging your money yourself. For this reason, we recommend people exchange money and use pesos. You will get the best prices. It might be a little confusing handling a new currency, but just take your time and figure it out when making a purchase.
The bottom line for how to pay in Cozumel
The bottom line is, they accept pesos everywhere in Cozumel! We know it can be a hassle to figure out additional money and do the calculations in your head. This is just part of traveling, and it is also more respectful to countries to use the national currency. Many Mexicans make it easy-to-use dollars and this makes it easier for many tourists that come to Mexico. You will, however, make the best use of your money if you exchange it and use pesos.
Where can I exchange currency in Cozumel?
If you find yourself in need of exchanging currency, then there are plenty of places in Cozumel where you can do this. You can exchange money at a money exchange shop. The rates will vary, as will the commission, so take your time to shop around a little for this.
If you want to use an ATM, then stick to using an ATM attached to a bank. They will also tell you the exchange rate so you know what you are getting. Often, this exchange rate is better than what you would get exchanging cash.
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