Despite the increasing prevalence of electronic payment options, cash is still king in Mexico, accounting for more than 90% of all transactions according to the Dallas Federal Reserve. Paying for everyday items like taxis, tacos from street vendors, and a bus ride requires efectivo, with small bills strongly preferred.
So you can find yourself in a pickle when the ATM only dispenses $500 notes and when you try to use them are repeatedly told… no hay cambio — there’s no change.
What’s the easiest way to get your hands on small bills in Mexico?
Below are some of the most reliable places to break a quinientos pesos note ($500 bill) based on my personal experience, plus input from other expats I surveyed.
The 10 best places to break a $500 Peso Note
Supermarket chains like Chedraui, City Market/La Comer, or Soriana.
The big chains do large transaction volume and have plenty of cash on hand so they’re a good option since you probably need milk anyway.
(Those who’ve been reading my blog for a while already know that I don’t recommend Soriana for any other reason, but fortunately, they will break a $500 note regardless of how little you buy.)
The bank where you used the ATM.
By law Mexican banks are required to provide cambio to those who request it, up to $3,000 pesos, even if the person does not maintain an account there. The hard part will be waiting in line to get it done, as it’s rare to walk into a Mexican bank and not find a massive line.
But if you want to convert a stack of $500s, a major bank is your best bet. Best of all, when you stroll out of the branch with a huge stack of small bills, you can laugh like a movie villain who’s just pulled off a heist.
Tianguis. (outdoor street markets)
Tianguis are a joy to shop because they offer affordable, great-tasting fresh food from local providers. Since tianguis only take cash, they’re also a good bet if you need to break a large bill.
If you use this tactic, focus on the more popular vendors — as they’re likely to have a bigger stash of small bills in their pockets, and be sure to buy something while you’re at it.
Liquor stores.
You can easily break large bills at big chains like La Europea (which gives customers discounts for paying in cash) or Vinos America.
Oxxo.
It feels like there’s an Oxxo on just about every corner in big Mexican cities and they do a huge volume of business from early morning until late night. But they’re not all created equal. Some cashiers are fabulous, while others will try to scam you.
If you lack better alternatives (e.g. the previous options) give one a try, though you’ve been warned… YMMV.
The front desk of an upscale hotel.
This option may work better for tourists than locals, but bigger chains can normally accommodate this request as they also convert foreign currencies (at horrible exchange rates by the way). If they initially resist, mention that you need smaller bills to make tips. That will likely change their perspective.
Starbucks.
While I’d never recommend visiting Starbucks in a country that’s home to so many fabulous independent coffee shops, it’s a global business that does good volume and will definitely make change for any size purchase. Maybe just buy a cookie?
Toll booths on Mexican autopistas (aka “cuota” highways).
This option would be inconvenient unless you’re already traveling someplace — but since toll booths in Mexico don’t accept credit cards they always have a ton of cash on hand, making them a good source of small bills.
Inter-city bus stations
Bus terminals do a lot of business with ordinary Mexicans (most of whom do not own credit cards or bank accounts), so they handle a lot of cash, especially on weekends.
As with toll booths, the big drawback to this option is the inconvenience, unless you’re actually heading somewhere by bus.
Gas stations (try a larger one like Pemex)
Like bus stations, busy gas stations cater to many drivers who do not own credit cards so they handle lots of cash. Most expats swear by this option, though I was given a hard “no hay cambio” from the attendant I asked in my neighborhood where I had stopped just to put air in my tires.
This option should be reliable if you are buying gas.
In addition to visiting the venues I’ve noted above, one hack I’ve discovered to get smaller notes is at the ATM itself. Unlike ATMs in the U.S. that allow customers to withdraw cash in a small range of denominations, Mexican ATMs tend to be very flexible.
Instead of taking out $3,000, request a withdrawal of $2,800 or $3,300 as it will ensure you receive at least a few $100 and $200 notes.
Avoid These Places When You Need to Break a Large Bill
The following are best avoided when attempting to break large bills. Most of these merchants don’t keep much cash on hand, and even if they do, won’t want to part with what little they have for fear that they will later be without change!
These include:
- Public bus drivers
- Taxi drivers
- Metro station agents
- Mom & pop groceries
- The guy who delivers garrafones (potable water)
- Sports clubs
- Street vendors selling fruit or drinks
- Independent coffee shops
- Small retail shops
- Nail and hair salons