Currency in Mexico MXN - Things to know
Foreign exchange guide to Mexico and the Mexican peso
What's in this Mexico currency guide?
What currency is used in Mexico?
The official currency of Mexico (country code: MX) is the Mexican peso, with symbol Mex$ and currency code MXN.
Things to know about the 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.
Here is what the Mexican peso looks like:
Coins: The Mexican peso is available in coins ranging in value from 1 centavo (1/100 of a peso) to 20 pesos. The coins feature a variety of designs, including the Mexican coat of arms and images of historical figures and cultural symbols.
Banknotes: The Mexican peso is available in banknotes ranging in value from 20 pesos to 1,000 pesos. The banknotes feature a variety of designs, including images of historical figures and cultural symbols.
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.
Travel Ideas and Money Tips for Mexico
Most people who visit Mexico are enchanted by its stunning beaches, endless sunny weather, and rich cultural heritage. Mexico is a vast and varied country, offering something for everyone. Whether you’re looking for a relaxing beach vacation, an adventure-filled trip, or a glimpse into centuries of history, you’ll find it all in Mexico.
Travelers should be aware that Mexico is a developing country, and should take precautions against crime and violence. Nevertheless, Mexico is a popular destination for travelers and expats alike, and its friendly people and beautiful scenery make it well worth a visit.
Best things to do and see in Mexico
Some of the best things to do and see in Mexico include visiting ancient ruins such as the Mayan site of Chichen Itza, exploring the colonial city of Mexico City, visiting the beaches of the Riviera Maya, and going scuba diving or snorkelling in the country's many stunning underwater cenotes. Mexico is also home to a number of beautiful national parks such as the Monarch Butterfly Biosphere Reserve and the Sierra de San Pedro Martir National Park.
Top Travel tips for Mexico
1. Safety is always the number one priority when traveling, so research your destination thoroughly and be aware of your surroundings at all times.
2. Be sure to pack appropriate clothing and sunscreen as the sun can be very strong in Mexico.
3. Mexicans are renowned for their hospitality, so be friendly and respectful to everyone you meet.
4. When it comes to food, be adventurous and try as many different dishes as you can.
5. Finally, have fun and enjoy your time in this beautiful and culturally rich country.
Is it safe in Mexico?
You should always consult the U.S. State Department's travel advisory for Mexico before traveling. Although most areas of Mexico are safe, there are some areas that are dangerous.
USD/MXN Market Data
The below interactive chart displays the USD/MXN trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
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?
What are equivalent amounts of USD and MXN?
| USD | MXN |
|---|---|
| $ 57.08 | Mex$ 1,000 |
| $ 285.41 | Mex$ 5,000 |
| $ 1,142 | Mex$ 20,000 |
| $ 5,708 | Mex$ 100,000 |
More amounts
Converted at USD/MXN interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Mexico - Best Rates
To get a good (and fair) exchange rate when sending money to Mexico you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Mexican peso amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MXN amount will be transfered to the recipient account you specify in Mexico.
Use the above 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!
Expat Money & Business Guide to Mexico
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Mexico.
Is Mexico a good place for Americans to retire to?
Mexico can be a good place for Americans to retire to, as it offers a lower cost of living and a warm climate in many areas. However, it is important to keep in mind that Mexico has its own unique culture and way of life, which may take some getting used to.
Additionally, it is important to be aware of the potential risks and hazards that can come with living in a foreign country, such as crime and political instability. It is also important to research the area you plan to retire to and understand the local laws and customs. Consulting with a financial advisor and attorney before making any decisions is also advisable.
What is the cost of living in Mexico?
There is no definitive answer to this question as the cost of living in Mexico can vary greatly depending on the specific location and lifestyle of the individual. However, according to Numbeo.com, the average cost of living in Mexico City is approximately $1,200 per month, which is significantly lower than many other major cities around the world.
How is the expat life in Mexico?
The expat life in Mexico can be both enjoyable and challenging. Many expats find the relaxed lifestyle and friendly locals to be a refreshing change from their home countries. At the same time, living in a foreign country can be difficult, and there are a few things expats should be aware of before making the move.
Any laws in Mexico that foreigners should be aware of?
There are a few laws in Mexico that foreigners should be aware of. First, it is illegal to drink alcohol in public places. Secondly, it is also illegal to drive under the influence of alcohol. Lastly, it is important to note that there is a nationwide smoking ban in place, which prohibits smoking in all public places, including bars and restaurants.
What is doing business like in Mexico?
The business environment in Mexico is generally favorable for foreign investors. The country has a large pool of skilled labor, and production costs are relatively low. Additionally, the Mexican government offers a number of incentives to encourage investment in certain sectors. However, crime and corruption are significant problems in Mexico, and the business environment can be challenging for companies operating in the country.
How is the economy in Mexico?
The economy of Mexico is a developing market economy. It is the 15th largest economy in the world in nominal terms and the 11th largest by purchasing power parity, according to the International Monetary Fund. Mexico is a member of the Organization for Economic Co-operation and Development and the G20.
Managing your finances in Mexico
Here we list some key points for expats and businesses to consider when managing financial dealings in Mexico:
Understand Mexican peso currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MXN exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Mexican peso bank account: A local MXN bank account can make it easier for you to manage your finances and pay bills while you are in Mexico. It may also be more convenient to use a local MXN bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Mexico. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Mexico. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Mexico, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
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.
