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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with money transfer and travel tips.   [USD/MXN=19.1423]

 
Mexico
Country Code:
MX
Domestic Currency:
Mexican Peso
Symbol - Code:
$ MXN
Telephone Prefix:
+52

This is a foreign exchange guide to Mexico, the Mexican Peso currency plus MXN transfers and travel tips.


In this Mexico currency guide we take a look at :

  1. Mexican Peso info - general info about the Mexican Peso
  2. Mexican Peso in the markets - recent MXN moves and predictions from the FX markets
  3. Travelling in Mexico - currency & money saving tips
  4. Buying Mexican Peso cash online - travel money for Mexico
  5. Sending money to Mexico - save on Mexican Peso bank transfers to Mexico
  6. Mexican Peso exchange rates - latest & historic exchange rates.

Mexican Peso (MXN) general currency information


What is the Mexican Peso currency code and symbol?

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


Which countries use the Mexican Peso?

It is the domestic currency in Mexico.

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 (MXN) in the markets

At 18.8 per US dollar, the Mexican peso was trading on April-20 close to its strongest level in 6 ½ months, though it was meeting significant resistance (USD/MXN support) at 18.75—a level from which the peso was repelled twice last October, in March, and once already in April.

Boosting the peso has been the thriving oil market. Oil is high on the list of Mexico’s top exports and by April-20 it was up 44 percent for the year to $65 per barrel.

Also supporting the peso has been the dovish turn by the Federal Reserve. With no increase in US interest rates projected this year, the dollar will weaken and the peso should gain value because Mexico holds high levels of dollar-denominated debt, which becomes easier to repay when dollars are cheap and US rates are low.

Earlier this year, ING said that the peso would be among 2019’s best performing emerging market currencies, though newly-formed BlueLine Asset Management said one if its first market bets would be on peso depreciation based on disappointing economic growth.

The interactive chart below shows the USD to MXN exchange rate and trend for the previous 3 months:

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.

 
Travel Money ProvidersAmount MXN($)Exchange RateFee USDTotal CostDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
17,940 MXN
Compare
17.9406.39%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
17,761 MXN
179 MXN
17.94$107.33%
Wells Fargo Bank logo
17,581 MXN
359 MXN
17.94$208.27%
Travelex Online US logo
16,979 MXN
961 MXN
16.97920^11.41%
 

U.S. Bank logoU.S. Bank

U.S. Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:0
Exchange Rate:17.94 (6.39% from mid-rate)
MXN amount:17,940 MXN
Total Cost:6.39%
Time:6:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:16.77 (12.49% from mid-rate)
MXN amount:17,761 MXN
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:17.94 (6.39% from mid-rate)
MXN amount:17,581 MXN
Total Cost:8.27%
Time:6:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:16.9792 (11.4% from mid-rate)
MXN amount:16,979 MXN
Total Cost:11.41%
Time:
Rate Fetched: Tue Jun 18 2019 04:00:05 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Snapshot 06/18/2019 - See full table
 

Mexico Trip Checklist    

 
  1. Compare MXN travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Mexico
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 MXN 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 ProvidersReceive MXN($)Exchange RateFee USDTotal CostDeal Links
OFX logo
189,500 MXN
Best Overall
18.950^1.11%
Wells Fargo Bank logo
185,466 MXN
4,034 MXN
18.58183.22%
HSBC logo
185,421 MXN
4,079 MXN
18.57$153.24%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
184,247 MXN
5,253 MXN
18.53153.85%
Bank of America International Money Transfers
Bank of America logo
183,051 MXN
6,449 MXN
18.49$1004.48%
U.S. Bank International Money Transfers
U.S. Bank logo
183,051 MXN
6,449 MXN
18.49$1004.48%
 
OFX: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:18.95 (1.11% from mid-rate)
MXN amount:189,500 MXN
Total Cost:1.11%
Time:
Rate Fetched: Tue Jun 18 2019 04:02:44 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:18
Exchange Rate:18.58 (3.04% from mid-rate)
MXN amount:185,466 MXN
Total Cost:3.22%
Difference:
4,034 MXN less than using OFX
Time:6:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:18.57 (3.1% from mid-rate)
MXN amount:185,421 MXN
Total Cost:3.24%
Difference:
4,079 MXN less than using OFX
Time:6:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:15
Exchange Rate:18.45 (3.72% from mid-rate)
MXN amount:184,247 MXN
Total Cost:3.85%
Difference:
5,253 MXN less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logoBank of America

Bank of America: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:18.49 (3.51% from mid-rate)
MXN amount:183,051 MXN
Total Cost:4.48%
Difference:
6,449 MXN less than using OFX
Time:6:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logoU.S. Bank

U.S. Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:18.49 (3.51% from mid-rate)
MXN amount:183,051 MXN
Total Cost:4.48%
Difference:
6,449 MXN less than using OFX
Time:6:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 06/18/2019 - See full table
 

MXN/USD - Mexican Peso to United States Dollar - Historical Rates

PeriodMXN/USDDate
1 Day0.052117 Jun 2019
1 Week0.052311 Jun 2019
1 Month0.052219 May 2019
6 Months0.050320 Dec 2018
1 Year0.048618 Jun 2018
5 Years0.076719 Jun 2014
10 Years0.075020 Jun 2009

MXN/EUR - Mexican Peso to Euro - Historical Rates

PeriodMXN/EURDate
1 Day0.046517 Jun 2019
1 Week0.046211 Jun 2019
1 Month0.046819 May 2019
6 Months0.043920 Dec 2018
1 Year0.041818 Jun 2018
5 Years0.056419 Jun 2014
10 Years0.053720 Jun 2009

MXN/GBP - Mexican Peso to British Pound Sterling - 10 Year History

PeriodMXN/GBPDate
1 Day0.041617 Jun 2019
1 Week0.041111 Jun 2019
1 Month0.041019 May 2019
6 Months0.039720 Dec 2018
1 Year0.036718 Jun 2018
5 Years0.045019 Jun 2014
10 Years0.045520 Jun 2009

MXN/AUD - Mexican Peso to Australian Dollar - Historical Rates

PeriodMXN/AUDDate
1 Day0.076117 Jun 2019
1 Week0.075111 Jun 2019
1 Month0.075719 May 2019
6 Months0.070720 Dec 2018
1 Year0.065718 Jun 2018
5 Years0.081619 Jun 2014
10 Years0.092820 Jun 2009

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