Travelling to Mexico: pesos or US dollars?

Canadians' top sun destination

Mexico is Canadians' top overseas destination: 673,000 visits in the fourth quarter of 2025 alone, according to Statistics Canada, 185,000 more than a year earlier.

Pesos or US dollars?

Mexico's currency is the Mexican peso (MXN). In very touristy areas (Cancún, Riviera Maya, Los Cabos), many businesses also post prices in US dollars. But when you pay in dollars, the merchant applies their own conversion rate, usually worse than an exchange office's.

All-inclusive: do you still need pesos?

Yes, some. Even on an all-inclusive package you'll have expenses: tips, excursions, taxis, shopping in town. Plan an amount in pesos in small bills (20, 50 and 100-peso notes).

Rules to know

According to the travel advice for Mexico:

• you must declare on arrival and departure any amount of more than US$10,000 or the equivalent (cash, cheques, money orders);

• Mexico limits how many US dollars can be exchanged there. The limit doesn't apply to Canadian dollars, but some institutions don't make the distinction.

All the more reason to arrive with pesos rather than count on exchanging there.

At ATMs and terminals

Use ATMs in public places or inside a bank, cover the keypad when entering your PIN and check your statements. If the ATM or terminal offers to convert to Canadian dollars, decline and choose pesos (why?).

Getting your pesos in Montréal, Laval or Brossard

We carry Mexican pesos at our branches. Check today's rates and reserve your pesos online: they'll be ready when you arrive, with nothing to pay upfront.

Deciding between southern destinations? See our Mexico, Dominican Republic, Cuba comparison.

Frequently asked questions

How many pesos for a week?

Enough for your arrival, tips and a few days of small expenses; your card covers the rest. Our method for working out your travel money helps you put a number on it.

Are Canadian dollars accepted in Mexico?

Rarely in shops. Arrive with pesos.