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Money
All of our Featured Locations have banking facilities where visitors are able to withdraw money 24 hours a day. Many retirees in Mexico prefer using a direct deposit system to avoid having to wait for a check to arrive in the mail.
Ask your bank teller for the necessary paperwork to arrange to have your check deposited directly into your bank account each month. Bilingual ATMs are available at almost any Mexican bank and withdrawals are easy and safe. All of the major ATM networks are available and Visa and MasterCard credit cards can be used for cash advances (with a valid PIN number) or at a bank counter (with ID in absence of a PIN number).
The basic unit of Mexican currency is the Peso, each of which is worth 100 centavos. The exchange rate for American dollars has for the last several years hovered a bit over 10 pesos to the American dollar, and for Canadians, it has hovered at just below 10 pesos to the Canadian dollar. So people from both Canada and the US generally have an easy time of it, merely moving the decimal point in a Mexican price one space to the left to get a basic idea of equivalent values. Hence an item that costs 189.50 pesos, converts very roughly to $18.95 in dollars.
Another frequent early confusion for travelers stems from the Mexican use of the dollar sign ($) to denote prices in pesos. In fact, Mexicans call it the “Signo de Pesos.” Prices indicated in dollars will either use the dollar sign with double vertical lines, “Signo de Dólares” or more likely will be written “US$###” or “USD$###.”