MONEY, CURRENCY AND EXCHANGE IN MIAMI

Currency:

  • Overview: The official currency in Miami, as in the rest of the United States, is the United States Dollar (USD). Coins are used for denominations below a dollar, and bills come in various denominations.

Banking and ATMs:

  • Overview: Miami has an extensive network of banks and ATMs, making it convenient to access cash and manage your finances.
  • Highlights: Major banks such as Bank of America, Wells Fargo, and Chase have a significant presence. ATMs are widely available in commercial areas and at the airport.

Credit Cards:

  • Overview: Credit cards are widely accepted in Miami, including at hotels, restaurants, shops, and attractions. Most establishments take major credit cards such as Visa, MasterCard, American Express, and Discover.
  • Highlights: Using credit cards can be a convenient and secure way to make transactions. Inform your bank of your travel plans to avoid potential issues with card usage.

Currency Exchange:

  • Overview: While USD is the primary currency, currency exchange services are available at Miami International Airport, banks, and currency exchange offices.
  • Highlights: Exchange rates may vary, so it’s advisable to compare rates before exchanging currency. Airport kiosks may have different rates than those in the city.

Traveler’s Checks:

  • Overview: Traveler’s checks are less commonly used today due to the widespread acceptance of credit cards and ATMs. However, some businesses may still accept them.
  • Highlights: If you choose to use traveler’s checks, ensure they are in USD and be aware that not all establishments may readily accept them.

Tipping Culture:

  • Overview: Tipping is customary in Miami. In restaurants, it’s common to tip between 15% and 20% of the total bill. Tipping is also expected for services such as taxis, hotel staff, and tour guides.
  • Highlights: Check your bill, as some restaurants automatically include a service charge. Tip in cash whenever possible, especially for small transactions.

Sales Tax:

  • Overview: Sales tax is applied to most goods and services in Miami. The combined state and local sales tax rate is typically around 7%.
  • Highlights: Be mindful that advertised prices do not include sales tax, and the total amount you pay at the register will be slightly higher.

Secret Tips:

  1. ATM Fees: Be aware of potential fees when using ATMs, especially those not affiliated with your bank. Check with your bank about partnerships with other banks to minimize fees.
  2. Currency Apps: Consider using currency conversion apps for real-time exchange rate information. These apps can help you make informed decisions when exchanging money.
  3. Small Bills and Coins: Carry small bills and coins for convenience, especially when using public transportation, tipping, or making small purchases.
  4. Safety Measures: Exercise caution when using ATMs, especially in unfamiliar or secluded areas. Choose well-lit and secure locations, and be discreet with your transactions.