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Mexico - Mexican Peso - Currency Guide

 

Foreign exchange guide to Mexico and the Mexican Peso (MXN)

   

General Currency Info - Mexican Peso

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.

   

MXN News, Forecasts and Trends

The peso fortunes are connected to the oil market with oil high on the list of Mexico’s top exports.

US interest also affect the peso because Mexico holds high levels of dollar-denominated debt, which becomes easier to repay when dollars are cheap and US rates are low.

The below interactive chart shows the USD to MXN exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to MXN 90-day trend
 
ALERTS:7-DAY3% | 60-DAY LOWS |
USD/MXN at 21.64 was trading 5.3% below AVG:22.85 with LO:18.82 and HI:25.39 (90 days). ALERTS: USD/MXN was DOWN 3% this 7-DAY period and also dropped to 60-DAY LOWS.

US Dollar to Mexican Peso - Historical Rates

USD/MXNPeriod to 04-JunDateRate
1.3% ▼1 Week28 May 202022.2104
8.6% ▼30 Days05 May 202023.9799
9% ▲90 Days06 Mar 202020.1119
11% ▲1 Year05 Jun 201919.7516
39.7% ▲5 Years06 Jun 201515.6901
69.7% ▲10 Years07 Jun 201012.9165
USD/MXN 10 year rates & changes to 04-Jun-2020 (21.9194)

US Dollar to Mexican Peso - Quick Conversions

USD MXN
U$ 1 Mex$ 21.62
U$ 5 Mex$ 108.10
U$ 10 Mex$ 216.20
U$ 20 Mex$ 432.40
U$ 50 Mex$ 1,081
U$ 100 Mex$ 2,162
U$ 250 Mex$ 5,405
U$ 500 Mex$ 10,810
U$ 1,000 Mex$ 21,620
U$ 2,000 Mex$ 43,240
U$ 5,000 Mex$ 108,100
U$ 10,000 Mex$ 216,200
U$ 50,000 Mex$ 1,081,000
U$ 100,000 Mex$ 2,162,000
More amounts
USD MXN
U$ 0.0463 Mex$ 1
U$ 0.2313 Mex$ 5
U$ 0.4626 Mex$ 10
U$ 0.9252 Mex$ 20
U$ 2.3131 Mex$ 50
U$ 4.6261 Mex$ 100
U$ 11.57 Mex$ 250
U$ 23.13 Mex$ 500
U$ 46.26 Mex$ 1,000
U$ 92.52 Mex$ 2,000
U$ 231.31 Mex$ 5,000
U$ 462.61 Mex$ 10,000
U$ 2,313 Mex$ 50,000
U$ 4,626 Mex$ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Mexico?

The domestic currency in Mexico is the Mexican Peso.

What is the Mexican Peso currency code and symbol?

The three letter currency code for the Mexican Peso is MXN — symbol is Mex$.

Which countries use the Mexican Peso?

It is the domestic currency in    Mexico.

Is the Mexican Peso a closed currency?

No, the Mexican Peso is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for 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.

 

Travel money for Mexico

Save money and time by Ordering your Mexican Peso online from Travelex, you get better rates and can pick up the MXN cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Mexican Peso otherwise you may get much worst exchange rates.

 
 

USD to MXN - Travel Money & Cards

Provider Amount MXN(Mex$) Exchange RateFee USDDeal Links
Mex$21,412
1%
Best Overall
21.52U$5.00
U.S. Bank Foreign Cash
U.S. Bank logo
Mex$20,240
6.42%
Mex$1,172 less
20.240
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
Mex$20,038
7.35%
Mex$1,374 less
20.2415
Wells Fargo Bank logo
Mex$19,835
8.29%
Mex$1,577 less
20.24U$20
Travelex Online logo
Mex$19,315
10.69%
Mex$2,097 less
19.31540^
 
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TransferWise: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:U$5.00 USD (0.5% + U$1)
Exchange Rate:21.52 (-0.5% from mid-rate)
To Amount (MXN) Mex$21,412
Total Cost:1%
Time:18:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:0
Exchange Rate:20.24 (-6.42% from mid-rate)
To Amount (MXN) Mex$20,240
Total Cost:6.42%
Time:18:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:15
Exchange Rate:18.92 (-12.52% from mid-rate)
To Amount (MXN) Mex$20,038
Total Cost:7.35%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
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Wells Fargo Bank: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:20.24 (-6.42% from mid-rate)
To Amount (MXN) Mex$19,835
Total Cost:8.29%
Time:18:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
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Travelex Online: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:19.3154 (-10.69% from mid-rate)
To Amount (MXN) Mex$19,315
Total Cost:10.69%
Time:
Rate Fetched: Fri Jun 05 2020 18:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
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Snapshot 06/05/2020 - View live rates

Sending money to Mexico

When searching around for information on how to get a good exchange rate when sending money to Mexico you need to start with finding out the latest Mexican Peso foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


Get a better deal for foreign transfers to Mexico

When sending money to Mexico it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Mexican Peso amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted MXN amount will be transfered to the recipient account you specify in Mexico.

Use our Send to Mexican Peso calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Mexican Peso deposited into the recipient bank account and less margins and fees kept by the banks!

 

USD to MXN International Money Transfers

Foreign Transfer Provider Receive MXN(Mex$) Exchange RateFee USDDeal Links
OFX logo
Mex$21,160
2.16%
Best Overall
21.160^
XE logo
Mex$21,300
1.52%
Mex$140 more
21.30
HSBC logo
Mex$20,749
4.06%
Mex$411 less
20.78U$1.50
U.S. Bank International Money Transfers
U.S. Bank logo
Mex$20,700
4.29%
Mex$460 less
20.70
Bank of America International Money Transfers
Bank of America logo
Mex$20,390
5.72%
Mex$770 less
20.7U$15
Wells Fargo Bank logo
Mex$20,384
5.75%
Mex$776 less
20.8U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
Mex$20,556
4.96%
Mex$604 less
20.7515
 
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OFX: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:21.16 (2.16% from mid-rate)
To Amount (MXN) Mex$21,160
Total Cost:2.16%
Time:
Rate Fetched: Fri Jun 05 2020 18:02:45 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
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XE: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:
Exchange Rate:21.30 (1.51% from mid-rate)
To Amount (MXN) Mex$21,300
Total Cost:1.52%
Difference:
Mex$140 MXN more than using OFX
Time:18:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
HSBC logo
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HSBC: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:20.78 (3.92% from mid-rate)
To Amount (MXN) Mex$20,749
Total Cost:4.06%
Difference:
Mex$411 MXN less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:0
Exchange Rate:20.70 (4.29% from mid-rate)
To Amount (MXN) Mex$20,700
Total Cost:4.29%
Difference:
Mex$460 MXN less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of America logo
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Bank of America: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:20.70 (4.29% from mid-rate)
To Amount (MXN) Mex$20,390
Total Cost:5.72%
Difference:
Mex$770 MXN less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Wells Fargo Bank logo
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Wells Fargo Bank: Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:20.80 (3.83% from mid-rate)
To Amount (MXN) Mex$20,384
Total Cost:5.75%
Difference:
Mex$776 MXN less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Foreign Transfer USD→MXN
From Amount (USD)U$1,000
Fee:15
Exchange Rate:20.65 (4.52% from mid-rate)
To Amount (MXN) Mex$20,556
Total Cost:4.96%
Difference:
Mex$604 MXN less than using OFX
Transfer Speed:
Services:
 
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Snapshot 06/05/2020 - View live rates

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