Where the rates are honest
The single most important rule:
When any card reader or ATM asks "Charge in USD or MXN?" — always pick MXN. The 'helpful' USD option is a scam called Dynamic Currency Conversion that costs you 5–10% every time.
ATM at BBVA or Santander branch
Withdraw pesos directly from your debit card. Always choose 'Without Conversion.'
Your home bank's debit card (Schwab, Fidelity, Charles Schwab)
Refunds all foreign ATM fees. The single best way to get pesos.
Visa/Mastercard credit card (no FX fee)
Capital One, Chase Sapphire, Cap One Venture — pay in pesos, not dollars. ALWAYS choose MXN at checkout.
Cancun airport currency exchange (CIBanco, Global Exchange)
Rates are 10–15% worse than the bank rate. Just get pesos at the airport ATM if needed.
Euronet ATMs (blue, on 5th Ave)
Charges huge fees + manipulates the rate via DCC. Avoid even if it's the only one nearby.
Hotel front desk exchange
Convenience tax of 8–12%.
Casas de cambio on 5th Avenue
Posted rates look ok, then they apply commissions and fees. If you must, count the pesos before handing over USD.
Paying USD at restaurants/shops
They convert at a punishing rate (often 17–18 MXN per dollar when the bank rate is ~20). Always pay in MXN.
Dynamic Currency Conversion ('Charge in USD?')
Card readers and ATMs ask if you want to be charged in dollars. ALWAYS say no — let your bank do the conversion.
Bring an ATM card with no foreign fees. Withdraw pesos at a BBVA or Santander INSIDE a bank branch. Pay everything possible on a no-FX-fee credit card in MXN. Skip the airport, skip the hotel desk, skip Euronet.