Stuff To Know About Cancun, Mexico

Money

Currency
The currency in Mexico is called "Peso" and it refers to both coins and bills. US dollars are easily exchanged for pesos in banks, major hotels, airports and exchange houses.  Most Mexican banks are open on weekdays only from 9:00 a.m. to 5:00 p.m. but there are some open on Saturdays from 9:00 a.m. to 2 p.m.  Exchange houses are open longer and offer quicker service (and usually a better exchange rate) than banks.  If you do need to go to a bank, be sure to check beforehand as some banks and other businesses still close in the afternoon for Siesta.

For up-to-date exchange rates on all currencies, visit The Universal Currency Converter at Xe.com (Mexican Pesos are MXN).

Spending it
For the most part, almost all of the stores, restaurants, and street vendors are happy to accept US dollars, but few, if any, will make change in anything other than pesos - so be prepared to have small bills on hand, of either currency, otherwise any unspent pesos will need to be exchanged back to US dollars before you leave.

Most importantly, know your currency denominations and be certain to always count your change.  It's a rare occurance that anyone will knowingly give you back the wrong change, but it does happen so pay close attention.

Credit Cards
All major credit cards (except Discover) are widely accepted, however in restaurants, it is best to ask before ordering, as not every business accepts credit cards - just as back home - so be prepared to pay in cash.  All of the banks will give cash advances, most have ATM machines at their locations, for after hours cash.   Also, check with your credit card company to find out what their exchange rate is, because often it's better than the street rate (or even the rate at the mexican banks and Exchange houses), in which case you'd want to use your credit card whenever possible.

Tipping/Gratuities
In restaurants, tipping in Mexico is typical of many places outside the U.S. - as well as some places in the U.S. - in that often a tip or gratuity is added into the bill, so be sure to look at your check closely. You are free to modify the amount, or even remove it if you wish, but the appropriate amount to tip is similar to what you'd tip here in the U.S., which is 15% to 20% for good service.  The same goes for tipping on other services, such as porters, taxi-drivers, caddies, etc.

Sales tax
A 15 percent value tax (IVA) is added to all retail items except medicine. Some luxury goods have a higher tax. The IVA is usually already added into the sale price, meaning your bill will have the 15 percent tax already included.  If you're unsure, ask the merchant.