Plan on using a variety of sources for your money while you are in Mexico. You should have some money converted into traveler's checks. These are easy to replace if you lose them or if they are stolen. Most traveler's checks offer customer service 24 hours a day and seven days a week. Because some small town businesses in Mexico may not take traveler's checks, you should also bring some money in pesos. Plan on using your credit card for major purchases while in Mexico. Call any banks where you hold a debit card or credit card. Inform them of your upcoming travel plans. Often banks will shut off a card if they see unusual activity from a foreign country. Ask your bank if they have any agreements with foreign banks for discounted foreign withdrawal or activity fees.
Most major tourist locations in Mexico are relatively safe during the day. However, it is always a good idea to exercise caution. Don't draw attention to yourself with flashy clothing or expensive jewelry. If you have to leave cash in your hotel room, do not leave it in plain sight, but put it in a drawer. Do not carry all of your available financial resources in one place. Carry some cash in a money clip. Use a wallet for your credit cards. Ask your traveling companion to carry the traveler's checks. Money belts are also a safe way to carry cash. ATM withdrawals offer the best exchange rates. However, there is often a transaction fee, so withdrawing small amounts of cash multiple times can leave you wasting money on fees. Withdraw money from an ATM machine during the day and preferably at a bank or hotel lobby. Don't use an ATM machine if you witness the bank refilling the machine with cash. This is the most common time for robberies to occur. When you use cash, use small bills and avoid showing how much you are carrying.
Before you leave Mexico, try to spend all of your cash. You might have to pay high exchange fees for changing pesos to dollars. If you return with any pesos, your local bank might exchange the money at a high cost. You might also find a local money exchange center, but this too will be at a cost. Once you are home from Mexico, check your bank statements and credit card transactions. Dispute any unusual charges immediately.
There are a number of options for exchanging money when traveling to Mexico. Some large banks in the United States will carry pesos, but smaller banks may not. You can use exchange centers in the United States and in Mexico, but the exchange rates are generally not favorable. Many large hotel chains will offer reasonable exchange rates. Airport exchange centers offer the least favorable exchange options because you are paying for the convenience. Generally, the best choice is to use an ATM in Mexico.
