Do You Need Dollars or Pesos in Cozumel Mexico in 2024?

Do You Need Dollars or Pesos in Cozumel?

Does Cozumel Accept US Dollars?

Yes, US dollars are accepted in Cozumel in most places including restaurants, beach clubs, hotels, and grocery stores. You can even pay for taxis with USD.

Cozumel tourism thrives on cruise ship visitors, so they’ve become used to dealing with American tourists and thus the US dollar is accepted pretty much everywhere.

A lot of the major beach clubs and water parks in Cozumel will even list the prices on their menu in both pesos and USD.

This makes paying in U.S. dollars very easy but keep in mind that each establishment will have their own set exchange rate, which may be worse than the official exchange rate.

So if you really want to save money on your purchases, it’s best to pay in pesos.

Additionally, when paying in United States dollars, you’ll typically receive your change in pesos, which can get confusing if you’re not familiar with the currency.

Can You Use Credit Cards in Cozumel?

Yes, credit cards are widely accepted in Cozumel and you can use them in most restaurants, large stores, hotels, the ferry, and beach clubs.

You’ll just want to make sure to use a credit card with no foreign transaction fees. I personally use the Chase Sapphire Preferred card which has tons of great travel perks.

It’s also important to know that the wifi and cellular service in Cozumel can be a little spotty, especially if you’re going to more remote destinations further away from downtown San Miguel de Cozumel.

So, it’s a good idea to have some cash on hand to cover your expenses just in case the credit card terminal is not working.

This has happened to me before when visiting Playa Palancar, as the service there is not the best and I ended up having to pay in cash.

Additionally, taxis in Cozumel do not accept credit cards so you’ll need to carry cash if you’re planning on taking one.

Should You Get Pesos Before Going to Cozumel?

I would recommend getting some pesos before going to Cozumel if you’re planning to spend an extended amount of time on the island.

If you’re only visiting Cozumel on a cruise, then it’s typically more convenient just to stick with US dollars.

If you want to get pesos for Cozumel before you arrive, you can order them from your bank ahead of time.

Or you can always withdraw pesos from an ATM once you arrive in Mexico or change dollars to pesos at Cozumel currency exchange offices.

Just be sure to check with your bank ahead of time to see if they have any fees for international ATM withdrawals or currency exchanges.

What Will You Need Cash for in Cozumel?

How Many Pesos Should You Bring to Cozumel?

Note these guidelines are based on how much cash to bring to Mexico for the tips and extras outlined above, assuming you’re using your credit cards for most of your purchases.

Additionally, these amounts are based on a single traveler or a single party that’s traveling together.

If you plan to pay with cash in Mexico exclusively, then you’ll want to bring more money in pesos than the amounts above.

Another important thing to note is that taxis in Cozumel are a little more expensive than other places in Mexico.

So depending on where you’re planning to go on the island, you might want to budget a little more for transportation.

For example, it might cost around $500 pesos (~$25 USD) each way to get to Playa Palancar on the southwestern part of the island.

📱 You can also play around with my Mexico cash calculator. This is a handy tool to give you an estimate of how much cash you’ll need to bring to Mexico depending on the length of your stay and spending habits.

How to Get Pesos for Cozumel

Here are a few options for getting pesos for your trip to Cozumel Mexico:

Order pesos from your bank ahead of time

If you’re someone that likes to plan ahead and have everything ready to go before your trip, then I would recommend ordering pesos from your bank before you leave for Mexico.

While this option takes a bit more time and advance planning, it’s cheaper than exchanging currency at a counter in Mexico once you arrive.

Plus, you won’t have to deal with finding an ATM or currency counter once you get there, which can add stress to your trip.

Withdraw pesos from an ATM in Mexico

If you don’t want to order pesos ahead of time, the quickest and easiest way to get pesos in Mexico is to simply withdraw cash from an ATM once you arrive.

You can find ATM machines in most major tourist spots, hotels, and grocery stores, or even at the airport in Cancun or Cozumel once you land.

While your bank might charge a fee for withdrawing money from foreign ATMs, it will typically be cheaper compared to using currency exchange services or a commission-based money exchange counter.

Exchange dollars for pesos at a currency exchange counter

The final option for getting pesos is to exchange US dollars for pesos at the airport or a foreign currency exchange counter.

While this is a bit more convenient, I wouldn’t recommend it because it’s typically the most expensive option.

You’ll have access to cash right away but currency exchange counters in Mexico typically have some of the highest conversion rates.

If you really do need to use a currency exchange counter, be sure to check the current exchange rate before deciding whether or not this is the best option for you.

Using ATMs in Cozumel

Here are some tips for withdrawing money from ATMs in Cozumel:

Best ATMs in Cozumel

When using ATMs in Cozumel, it is important to only use an official bank ATM and avoid using any random or unidentified ATM found on the street.

You might find nameless ATMs in the main tourist areas but these are more likely to have card skimmers and hackers that could potentially drain your bank account.

For optimal security, it is best to use official bank ATMs located directly at a local bank or at places such as grocery stores or shopping centers.

In Cozumel, there are many banks and ATMs in the city center, including a Scotiabank and an HSBC about a block away from the ferry terminal.

You can also go to Mega or Chedraui grocery stores, and some of the bigger Cozumel resorts may have bank ATMs in their lobby.

Bank Partnerships

Before your trip to Mexico, it’s a good idea to check with your bank to see if they have any partnerships with Mexican banks.

Several large banks, including Bank of America, have established partnerships with foreign banks around the world.

If your bank does have a partnership with a Mexican bank, you will likely be able to withdraw money without a usage fee.

However, there is typically still an international withdrawal fee that is a small percentage of the total withdrawal amount.

For example, Bank of America has a partnership with Scotiabank in Mexico. This means you can withdraw money from a Scotiabank ATM in Mexico and avoid a $5 USD international ATM usage fee.

However, you will still be charged 3% of the converted US dollar amount that you are withdrawing.

Cozumel ATM Fees

When withdrawing money from ATMs in Cozumel, you will likely be charged a usage fee and/or an international transaction fee that will be a small percentage of the total amount you take out.

Let’s say you are a Bank of America customer and you were to withdraw $2,000 pesos in local currency from a Scotiabank ATM in Mexico.

If you weren’t to use a Scotiabank ATM, then you would be charged the $5 usage fee in addition. This can add up depending on how many times you visit the ATM!

Cozumel ATM Conversion Rates

If there’s one thing to remember about using ATMs in Cozumel (and anywhere in Mexico), it’s to always decline the conversion rate offered by the ATM.

When withdrawing money from an ATM, you’ll be prompted to accept or decline the conversion rate offered by that particular ATM–always hit DECLINE!

ATMs always offer terrible exchange rates, which are much higher than what you would get from your bank.

By hitting decline, your financial institution will automatically charge you with the standard conversion rate, which is typically a much better deal.

Using Mexican Currency

Here are some helpful things to know about using the official currency in Mexico:

Mexican Peso Bills

Easy Pesos to USD Currency Conversion Trick

If you’re not familiar with paying in Mexican pesos, it can be confusing to figure out exactly how much you’re spending.

However, there is a simple trick to convert pesos to American dollars easily in your head – just take off a zero and divide the price of the item by 2!

For example, if something is $500 pesos, you would take off a zero ($50) and divide the amount by 2 to get to a value of around $25 USD.

Of course, this is not an exact value (especially recently with the peso gaining value) but will give you a rough estimate of how much an item costs.

Alternatively, you can pull out the calculator on your phone or use a currency converter app to get the exact value.

💵 Easy MXN-USD Currency Conversion Trick: Take off a zero and divide by 2!

Cozumel Money Tips

• Decline the currency conversion rate at the ATM: When withdrawing cash from an ATM, you’ll be asked if you want to accept the ATM’s currency conversion rate. Always decline this option and instead you’ll be charged at the best exchange rate from your bank.

• Use a credit card instead of a debit card: If you’re going to be paying with a card, it’s best to use a credit card instead of your debit card. Many travel cards like the Chase Sapphire Preferred card have no foreign transaction fees so you’ll save money on costly currency exchange fees on your debit card. Plus, credit cards typically have better protections in case of fraud or theft.

• Check with your bank to see if they have any partnerships with banks in Mexico: If your bank has a partnership with a Mexican bank, you can likely avoid added ATM fees when using your debit card to withdraw money in Mexico.

• Only use official bank ATMs: Avoid using random or nameless ATMs, as these are often less secure and can be setup with card skimmers. Withdrawing money from official bank ATMs at banks, grocery stores, or shopping centers is a safer option. Some of the most popular local banks in Cozumel are Scotiabank, Santander, and BBVA.

• Don’t carry large amounts of cash: It’s best to only carry the amount of cash that you need for your daily expenses in case of theft. Flaunting large amounts of cash is a safety risk in Cozumel and can make you a target for theft or getting ripped off. It’s also a good idea to keep a backup credit or debit card (and some cash) in the hotel safe in case anything happens to your primary card.

• Don’t forget to bring cash for tips: If you’re planning to do any of the fun activities in Cozumel like Cozumel jeep tours, snorkeling tours, or ATV adventures, be sure to bring cash to tip the tour guides. It’s customary to tip around 10-15% of the total tour price.

Cozumel Currency: FAQs

Conclusion: Should I Use Pesos or Dollars in Cozumel?