The currency of Mexico is the peso (MXN) and coins are centavos. Paper currency denominations are: $20, $50, $100, $200, $500 and $1,000. Coin units are: $.05, $.010, $.20, $.50, $1.00, $2.00, $5.00, $10.00 and $20.00. If you would like more information on Mexico’s monetary system and the most current exchange rate, visit the country’s central bank, Banco de México.
Major credit cards are accepted almost everywhere and in some cases, U.S. dollars.
Mexican banks are similar to most banks in other countries in services offered, such as checking and savings accounts, certificates of deposit, joint accounts, ATMs, mortgages and insurance.
To open a bank account in the Los Cabos area, you will need to present your temporary or permanent visa and two references to vouch for your financial stability. But be sure to check each bank individually for requirements to establish an account.
Here are a few major banks that provide services for consumers: