You’re headed to Mexico and are worried about carrying too much cash. You’ll need to grab reasonable amounts as you travel and are worried about finding ways to get cash from your bank or through an exchange. We get the question all the time and the answers are easy!
You won’t need to travel with a big wad of cash on hand. Finding places to withdraw money is very easy and they are abundant throughout the country. I’ve driven across Mexico many times and have never had an issue tracking down a place to grab cash.
Getting Cash at ATM’s in Mexico
ATM machines are called Cajero Automatico in Mexico and they offer the easiest method of restocking your cash supply. The ATM fees are an issue for travelers however. For this reason, you should consider finding a checking account that offers no fees for withdrawals. I have Charles Schwab Investor Checking and they reimburse all international ATM withdrawals which is very nice.
Another note about ATM machines in Mexico: It will ask if you want to accept the exchange rate before completing the transaction. It’s referring to the bank’s exchange rate which is always higher. Reject the exchange and you will still receive your cash with a better rate.
Credit for Cash at Stores
A few very remote places will not have ATM machines available. They are too far out of the way to keep cash stocked and they tend to operate on a cash or credit system. Bahia de Los Angeles is a good example of this situation in Baja.
In this instance and in many local stores, you can overpay with a credit card in exchange for cash. For example, you might buy a bag of groceries for 1000 pesos and you pay 5000 on the credit card. They will return 4000 to you minus a small fee for the credit charge. This is a great system that works at many small stores in areas with limited cash options. They rarely advertise it so you’ll have to ask.
Exchanging Cash – Casa de Cambio
If you brought US Dollars or another foreign currency, you can simply exchange for Mexican Pesos at any Casa de Cambio. The borders and airports all have plenty of these available and they all show the exchange rate on their signs.
You will also find them around cities with a heavy presence in tourist zones. It’s a good idea to check the current rates online before making your exchange. That said, most locations will have the same or very close rates in Mexico.
How Much Cash Should You Carry in Mexico
This is a tricky question to answer. When I’m driving in Mexico, I carry enough cash for a few days of food, tolls on the road, emergency fuel for when the credit machines aren’t working and for a few days of groceries. I keep the cash in several places with minimal money in my actual wallet. Driving means the occasional corrupt traffic stop and I don’t want to show a large or even modest amount of money.
For travelers staying on resort properties, it’s easier to carry large sums of cash. I still recommend only keeping enough for a few days at a time. While it’s not excessively common, cash is occasionally swiped at hotels and it’s best to minimize risk while recharging as you go.
