Heading south: pesos, US dollars or euros? Mexico, the Dominican Republic and Cuba

The south, Canadians' top destination

According to Statistics Canada, Mexico was Canadians' top overseas destination in the fourth quarter of 2025, with 673,000 visits. The Dominican Republic came third, with 231,000. Each destination has its own money rules.

At a glance

Mexico: pay in pesos

The official currency is the Mexican peso. In tourist areas, US dollars are sometimes accepted, but the merchant then applies their own rate, rarely in your favour. Paying in pesos is usually simpler and cheaper.

According to the Government of Canada's travel advice, you must declare any amount over US$10,000 or the equivalent on arrival and departure. Mexico also limits how many US dollars can be exchanged there. The rule doesn't apply to Canadian dollars, but some institutions don't make the distinction.

Dominican Republic: pesos and US dollars

The currency is the Dominican peso. The travel advice says Canadian dollars can be exchanged at certain airports and local exchange offices. In tourist areas, many prices are also shown in US dollars.

Our advice: bring pesos for small expenses and a few US dollars in small bills ($1, $5, $10, $20) for tips. If you arrive by air, the tourist card is already included in your ticket.

Cuba: bring all your money in cash

This is the destination where preparation matters most. According to the travel advice for Cuba:

• since June 6, 2026, Visa and Mastercard credit and debit cards are no longer accepted in Cuba;

• Canadian dollars are not widely accepted or easily exchanged;

• US dollars and euros are more widely accepted;

• bring enough cash for the whole trip, with small bills for everyday purchases;

• it is illegal to change money on the street or anywhere other than an authorized business.

Even in larger cities, ATMs and card terminals can stop working during power outages. Plan a margin.

Our detailed destination guides

• Mexico: pesos or US dollars?

• Dominican Republic (Punta Cana): pesos or US dollars?

• Cuba: why to bring all your money in cash

• Jamaica: Jamaican or US dollars?

• Costa Rica: colones or US dollars?

• Bahamas, Barbados, Aruba and other islands: Caribbean currencies

Getting your currency in Montréal, Laval or Brossard

We carry Mexican pesos, Dominican pesos, US dollars and euros. Reserve online and pick up your currency at the branch of your choice, with nothing to pay upfront. Check today's rates before you go.

Frequently asked questions

Are my Canadian dollars useful down south?

Not very. They can be exchanged at some airports and exchange offices, but rarely in shops. It's better to arrive with the local currency or US dollars.

Can the advice for Cuba change?

Yes, and quickly. Check travel.gc.ca just before you leave.