If you’ve ever landed in Mexico with a wallet full of US dollars and wondered, “Should I just change some at the hotel front desk?” — this article will walk you through what really happens, including the rates, the alternatives, and some surprising stories from travelers (including myself). I’ll also break down what industry experts and official sources say, compare international standards for “verified trade,” and wrap up with practical recommendations. You’ll find it less about stuffy financial theory, more about what you’ll face at the front desk, on the street, or at the bank — and yes, I’ll add a table comparing how different countries regulate currency exchange for travelers.
Let’s cut straight to the chase: hotels in Mexico almost never offer you the best exchange rate for your dollars. I learned this the hard way during my first trip to Cancún. After a long flight, I was too tired to hunt for a bank, so I handed $100 to the front desk, thinking, “Well, maybe it won’t be so bad.” Spoiler: it was. The rate was about 10% worse than the one at the airport kiosk (which itself isn’t exactly famous for generosity).
Industry data backs this up. According to a Banxico (Bank of Mexico) report, hotel exchange rates are generally set with a wide margin — sometimes up to 15% worse than the interbank rate. This is because hotels treat currency exchange as a service, not a profit center, and they’re covering their own risks (fluctuating rates, cash handling, etc.).
Here’s how the rates tend to stack up, based on real-world checks and expert analysis:
Let’s walk through the actual steps — and where you might trip up.
Once, I tried to haggle at a hotel in Mérida. The manager just laughed and said, “Señor, we are not a casa de cambio.” Fair enough.
Let me give you a quick calculation. The official interbank rate (as per Banxico) is 17.00 pesos per dollar. The hotel offers 15.20. If you exchange $200, you’re getting 3,040 pesos instead of 3,400 — you’ve lost 360 pesos (about $21, enough for a nice lunch).
Expert insight from Forbes travel columnist Laura Begley Bloom: “Hotels are almost never the best place to exchange currency, but they can be a lifesaver if you arrive after hours or in a pinch.”
Here’s where things get interesting. In some countries, hotels are tightly regulated on currency exchange (think Switzerland or Japan), while in Mexico, the rules are a bit more relaxed. This means hotels can set their own rates, within reason.
| Country | Exchange Law | Regulator | Hotel Practices |
|---|---|---|---|
| Mexico | General Law of Credit Institutions | Banxico (Central Bank) | Hotels set rates freely, must post them publicly |
| USA | Bank Secrecy Act | FinCEN | Hotels rarely exchange currency, due to strict AML rules |
| Switzerland | FINMA Regulations | FINMA | Hotels can exchange, but must file reports for large amounts |
| Japan | Currency Exchange Act | FSA | Hotels exchange currency only for guests, strict limits |
There’s no single global standard for how hotels should handle foreign exchange. The WTO and OECD emphasize transparency, but the details vary widely.
I once interviewed a compliance manager at a large Mexico City hotel (let’s call him Jorge), who put it this way: “We’re not in the currency business, so our rates protect us and cover handling costs. We post them clearly, and if guests don’t like them, we point them to the nearest bank.”
Here’s a messy real-life case. Sarah, a friend and fellow travel blogger, landed in Mexico City late at night. She had only $50 cash and no pesos. The hotel offered a rate of 15.10 pesos per dollar (interbank was 17.00). She needed a taxi to her Airbnb the next day, so she changed $30 at the hotel to get by. The next morning, she found a Santander ATM, withdrew pesos using her debit card, and got a much better rate, even after the $3 ATM fee.
Her verdict? “Hotels are only for emergencies. If you’re stuck, it’s better than nothing, but you’ll pay for the convenience.”
So, should you exchange dollars at a Mexican hotel? In a pinch, yes — if it’s late, the banks are closed, or you need just enough for a taxi or breakfast. But if you care about getting the most for your money, it’s almost always better to use a local bank, an official exchange house, or even an ATM (just check your bank’s international fees first).
My personal rule: I keep $20-40 for emergencies, but do my real exchanges at banks or use ATMs. And I always check the posted rate before handing over cash. Sometimes, just asking the concierge for the nearest bank gets you a smile and a map — and a much better deal.
In summary: hotels are convenient but expensive for currency exchange in Mexico. Use them if you must, but always look for better alternatives when possible. And hey, if you find a hotel that actually beats the bank rate — let me know. I’m still looking!