LivingTravelExchanging money in Mexico

Exchanging money in Mexico

If you are planning to travel to Mexico, you may be concerned about how you will access your funds to pay for expenses during your trip. You should be aware that credit and debit cards are not accepted in all establishments in Mexico, and when paying small expenses along the way, such as taxis, bottled water, admission fees to museums and archaeological sites, as well as when eating at local restaurants. or food stalls, you will have to pay in cash, and that means pesos, not dollars. So before your trip, you need to consider how you will get those weights.

An easy way to access money while traveling is to use your debit or credit card at an ATM or ATM in Mexico – you will receive Mexican currency and your bank will withdraw the matching funds from your account plus a transaction fee. However, you may also want to carry a certain amount of cash to exchange during your trip, and the following is an introduction to what you need to know about exchanging money in Mexico.

The currency in Mexico

The currency in Mexico is the Mexican peso, sometimes referred to as “New Peso”, since its introduction on January 1, 1993, after the currency was devalued. The “dollar sign” $ is used to designate pesos, which can be confusing for tourists who may not be sure if prices are quoted in dollars or pesos (this symbol was actually used in Mexico to designate pesos before will be used in the United States). The code for the Mexican peso is MXN.

See photos of Mexican money: Mexican banknotes in circulation.

Exchange rate of the Mexican peso

The exchange rate of the Mexican peso to the US dollar has ranged from 10 to around 20 pesos in the last decade, and can be expected to continue to vary over time. To find out the current exchange rate, you can go to X-Rates.com to see the exchange rate of the Mexican peso to other currencies.

You can use the Yahoo Currency Converter, or you can use Google as a currency converter. To find out the amount in the currency of your choice, simply type in the Google search box:

(amount) MXN in USD (or EURO or other currency)

Limit on the exchange of US currency

When exchanging US dollars to pesos at banks and exchange houses in Mexico, you should be aware that there is a limit on the amount of dollars that can be exchanged per day and per month for each individual. This law went into effect in 2010 to help combat money laundering. You will need to bring your passport with you when you change money so the government can keep track of how much money you change so you don’t go over the limit. Read more about currency exchange regulations.

Change money before your trip

It’s a good idea to get some Mexican pesos before your arrival in Mexico, if possible (your bank, travel agency, or exchange office should be able to organize this for you). Although you will not receive the best exchange rate, it can save you worry upon arrival.

Where to change money in Mexico

You can exchange money at banks, but it is often more convenient to exchange money at a money exchange house . These companies are open longer than banks, usually don’t have long lines like banks usually do, and they offer comparable exchange rates (although banks may offer a slightly better rate). Check to see where you will receive the best exchange rate (the exchange rate is usually posted prominently outside the bank or exchange house .

ATMs in Mexico

Most cities and towns in Mexico have a large number of ATMs (ATMs), where you can withdraw Mexican pesos directly from your credit or debit card. This is often the most convenient way to access money on the go – it is safer than carrying cash, and the exchange rate offered is generally very competitive. If you are traveling in rural areas or staying in remote villages, be sure to carry enough cash, as ATMs can be in short supply.

Food will pressure core inflation until 2024

BBVA Mexico estimates that with underlying inflation "turbocharged" in food prices, Banxico will raise the reference rate to 10.75% in 2023.

Inflation hampers investment in technology, but does not stop it

In Mexico, six out of 10 companies accept that inflation is affecting their digitization processes, but, despite this, they do not abandon them.

Mexico needs to increase infrastructure for electric cars

The country is advancing faster than expected in the matter and the infrastructure is still pending in terms of electromobility.

Mexico loses millionaires between 2020 and 2021

The pandemic affected the measurement of the richest people globally and Mexico reduced the number of millionaires, according to Credit Suisse's Global Wealth Report.

"Luchadoras": Women defy danger in Mexico

In "Luchadoras" it quickly becomes clear how dangerous the Mexican city of Ciudad Juárez is, especially for women. All the more impressive are the fighters that the film is about.

More