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Money In Cancun

Indiana
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Money In Cancun

Hello, I am just curious about what you recomend to take as far as money goes. And by that question I am refering to cash, debit cards, travelers checks, etc. My fiance and I are headed to Sun Palace the day after our wedding for our honeymoon. I am just trying to figure out the best way to handle money while in Cancun. I am planning on taking some cash for tipping, but besides that, lets say for the shops and what not, what would you suggest???

Thanks for you help!

BSQ
Charlotte, North...
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5,581 posts
56 reviews
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1. Re: Money In Cancun

I'd recommend you take what ever you are most comfortable using.

Personally I take a mix of cash and travelers checks and a credit card. At home I use my AmEx for everything so it's second nature. Unfortunately (fortunately to BubbaQ) that one isn't as widely accepted. I exchange my checkes at my resort's front desk every few days before we go out for shopping or dining.

The one thing I don't use in Cancun is my ATM card. One because of my bank fees and two I'd rather not have those funds exposed to possible fraud situations.

I bring cash in small denominations (nothing over a $20), and my traveler's checks are in $50's. I always like to have small enough denominations so small stores won't have trouble making change.

Most shops in the malls will accept Visa/Mastercard & traveler's checks. I've been in very few places that only accept cash.

YMMV

Indiana
4 posts
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2. Re: Money In Cancun

Great, thanks for the info.

Anybody else's input would be greatly appreciated as well.

West Seneca, NY
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42 posts
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3. Re: Money In Cancun

bboth88...We are in Cancun right now at the RPLA. We always bring the bulk in travelers checks, about $100 in singles and another $100 in 5's for tipping. Of course, we always have more cash on us and the credit card, but the credit card is in case of emergency...you get hit with extra fees for using it in a foreign country. We use the travelers checks to pay at shops and restaurants sometimes, but if we exchange the checks for pesos, we always do it across the street at one of the banks. You get a better exchange rate than if you did it in your hotel.

Marsa Alam, Egypt
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1,115 posts
5 reviews
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4. Re: Money In Cancun

Maybe it's just me, but what century are we living in? Check with your bank about international ATM fees. They really are the easiest way to regulate your money, just as you would at home. Also, you get to interact in the **currency of the country you are visiting.**

edd
Danbury, Connecticut
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353 posts
5 reviews
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5. Re: Money In Cancun

Yeah, I always thought ATM was the smartest because (unless I'm wrong) there is no exchange charge, just the typical fees. On here, I've read a few accounts of people claiming that using their ATM card there lead to subsequent fraudulent activity. I'm thinking that's just because people are 1000 times more likely to report 'problems' than they are to report 'no problems'? I used my ATM last time and had no problem.

Here in U.S. I use my CC for everything, but those slym balls charge a 1-3% fee for using the card out of the country. There is absolutely no additional cost for the CC company, but they figure they can get more money by charging an extra fee, so they do.

My only advice for ATM is to make sure you put money in your "checking" account. For some reason, forign ATMs will ask if you want to withdrawl from "Savings" or "Checking", but regardless of what you answer, they will take it from your checking.

Lake Geneva...
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666 posts
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6. Re: Money In Cancun

I recieved some good advice before my last trip...which was to call my bank before travelling to another country. Because if you use your ATM/debit card while you are there, your bank could suspect it as stolen and freeze your account.

I did call my bank, and they confirmed that this often happens and put a note on there of my travel dates, and where I was travelling. I had absolutely no problems using my card (which is linked to my checking account) both at the ATM and as a credit card.

All of that being said...we still do travel with a some cash. Lots and lots of smaller bills for tipping and buying the less expensive souveniers, and have used the ATM/Debit card to book excursions and make bigger purchases with no trouble at all!

Indiana
4 posts
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7. Re: Money In Cancun

Again, thanks to you all for you input, I belive we are going to take cash, and cc/debit card for emergeency. You made a good point about the bank thinking it might be stolen and freezing your accounts, so I will be sure to call my bank and let them know about my travels.

San Antonio, Texas
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5,420 posts
8 reviews
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8. Re: Money In Cancun

ATM machines go down. Do you really want to rely on your source of cash knowing this? In the event of emergency, good luck standing at that ATM. Good old-fashioned travelers checks. They worked before, they work now. I do not advise using credit card outside of any well-established businesses. There have been cases of credit card fraud.

Marsa Alam, Egypt
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1,115 posts
5 reviews
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9. Re: Money In Cancun

LOL

Because bank machines never go down, and there is never any credit card fraud in America, right?

LOL

BSQ
Charlotte, North...
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5,581 posts
56 reviews
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10. Re: Money In Cancun

you'll want to let your CC company know you are traveling as well.