Currency in Mexico – Mexican peso MXN
A practical foreign exchange and currency guide on sending money and travel to Mexico
What's in this Mexico currency guide?
Travelling to Mexico
Mexico is a fascinating and vibrant country to travel in, though like many other great spots there are also areas where there is crime, and tourists can be targeted for theft and pickpocketing. So some convenient tips are to photocopy your passport, and the front and back of your credit cards, so you have copies of their details. It may be a good idea to travel with a Prepaid Travel Card to avoid having to carry your credit card on you at all times. You can then leave your credit cards and passport in the hotel safe.
At the airport and bus stations in Mexico City and other major cities there are official taxis (Taxis Autorizados) that you should take. Avoid hailing taxis on the street, hotels will always be willing to organise this for you. For a long time flights within Mexico have been expensive and most travelers went by the good bus system or by train. Now however, depending on your preference, flights are very affordable and convenient, and can save a lot of time seeing more of the country. Doing a bit of looking around online can save you a lot of money on flights.
Sending Money to Mexico
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Mexican peso.
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You can read about the best providers and compare the latest deals for international money transfers to Mexico in our Send Money to Mexico guide.
Mexican peso – Markets & Rates
Contributing to a little more than 2% of the foreign exchange market daily turnover, the Mexican peso is the world’s second most traded emerging market currency, behind only the Chinese yuan. The peso is subdivided into 100 centavos.
The peso’s value is heavily influenced by commodities prices, particularly oil.
As an emerging market currency, the peso is considered riskier than currencies from major developed nations, which means that its value will fall against those currencies (especially JPY, CHF, USD, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.
Mexicans are mostly concerned with the value of their currency against the US dollar, since more than 80% of Mexican exports go to the US, with whom Mexico shares a free trade agreement.
The peso has consistently depreciated against the dollar since it’s all-time high in 1972, when USD/MXN traded at just 0.01. By 1990, USD/MXN was at 2.7; at the end of 1994, after the currency was devalued by Mexico’s government, USD/MXN stood at 5.7; by the year 2000, the USD/MXN was meandering around 9.5; in 2009, the rate reached 15.6; and in January 2017, the peso reached an all-time low when USD/MXN traded as high as 22.03.
Mexican peso Forecast and Trend
The US dollar surged to 6-Month Highs against the Mexican peso in October as as bond yields have risen sharply on predictions the US Fed will start tapering (cutting back on Bond purchases).
But the peso was not alone as most other Latin American currencies dropped as the dollar strengthened.
USD-MXN OutlookHistoric USD-MXN Rates
| USD/MXN was | Change | Period |
|---|---|---|
20.85 19 Nov 2021 | 2% ▲ | 2 Weeks |
19.92 04 Sep 2021 | 6.8% ▲ | 90 Days |
19.91 03 Dec 2020 | 6.8% ▲ | 1 Year |
20.67 04 Dec 2016 | 2.9% ▲ | 5 Years |
13.50 06 Dec 2011 | 57.6% ▲ | 10 Years |
9.2076 08 Dec 2001 | 131% ▲ | 20 Years |
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