Convenience, the hallmark of many major banks internationally, is not a priority in Mexico. However, some significant improvements have been made lately. Mexico's banking industry was nationalized in 1982. In 1991 the government began privatizing the industry. 14 of Mexico's 18 banks were auctioned off to the private sector by the end of 1992. The industry is rebounding and modernizing to accommodate increased international trade and the significant re-structuring of the Mexican domestic economy.

Its two largest banks are Banamex (673 branches and 39,940 employees) and Bancomer (754 branches and 37,940 employees). Many branches have spruced up their lobbies, and the number of teller machines in Mexico has quadrupled since 1991.

Mexican bank hours are normally from 9 AM to 2:30 PM, weekdays only. Some branches are open in the afternoon from 4 to 6 PM and on weekends; check at your hotel for the hours of the nearest branch office. In fact, it is now possible for visitors to access ATM's. Bancomer ATM's are now in the Cirrus and PLUS systems, and even offer Spanish/English menus. Some machines will dispense pesos or U.S. dollars.

Money is often exchanged at casas de cambio (exchange houses) that are open longer hours and offer quicker service. Although U.S. dollars are widely accepted in resort areas (and often preferred), we recommend using pesos during your stay. Note that the worst exchange rates are often at hotels, the best at exchange houses. Expect a slightly lower rate for travelers checks. Exchange fees are generally not charged.

Several years ago, as part of its economic reform program, the government dropped three zeros from the currency. New bills were printed at the time, however, you may still find some old bills in circulation and these are freely exchanged with the new currency.

Prices in pesos are often printed as follows: $25.00 M.N. The "M.N." means "moneda nacional", or national currency, i.e. pesos.

We recommend exchanging a small amount of your local currency into pesos before leaving home. This way you will arrive in Mexico with pesos for cab fare to your hotel. As U.S. dollars are readily accepted, it is wise to carry a small amount of $1 dollar bills - they are great for tipping.

Credit cards are widely accepted, with Visa and Mastercard being the cards of choice. American Express is also widely accepted. When checking into hotels, clients are often asked for a charge card for incidental charges, AND asked to sign a blank charge slip. This is a common practice and should not be viewed with suspicion.

It is common practice to wait for the serving staff to return the "customer copy" of the credit card sales slip.