Get Pesos Before You Visit Loreto, Mexico
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You WILL need pesos for many restaurants, taxis, and smaller shops. Grocery stores, markets, and many restaurants will accept cards, but some may add a small fee.
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Your bank can exchange dollars for pesos before your trip. It can be nice to have a some pesos when you first land, but ATMs are common and usually offer much better exchange rates than your bank. Avoid walk-up currency exchanges at all costs! It's a lot easier to pay for stuff in pesos rather than dollars, which are usually accepted at 10% below market rate.
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Wells Fargo will exchange pesos for you, taking about 5% compared to the current exchange rate. For example, if the exchange rate is 20 to 1 and you gave them $1000, you will get back about 19,000 Pesos or $950 worth of Pesos. Yes, 5% is a lot, but it's better than the exchange rate each individual store/person will give you (~10%). Also, it is a lot easier to count in reason about how much things cost if you use pesos.
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There is an ATM in the Airport, but like all ATMs, it might not work when you need it, so don't rely on it for your taxi ride!
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Click here for ATM details in Loreto and Loreto Bay
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From 2015 to 2021 the Peso has been between 15-20 to 1.
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