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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with money transfer and travel tips.   [USD/MXN=19.2359]

 
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

12-February-2019: The December-January period was an excellent one for the Mexican peso as it strengthened by nearly 7 percent into the low 19s per USD. Traders began piling into pesos after USD/MXN failed multiple times in the fourth quarter ’18 to break meaningfully through important resistance at 20.5-20.6.

From here on in, the peso stands to appreciate, or will at least be among the best performing emerging market currencies of 2019, says an analyst at ING. The analyst said in February that the peso had most to gain because of its sensitivity to the oil price, which ING says has significant upside this year.

Also supporting the peso in 2019 will be a slower pace of Federal Reserve interest rate hikes. Under such conditions the dollar will weaken, and emerging market currencies should gain value as a result because their respective governments usually hold high levels of dollar-denominated debt, which becomes easier to repay when dollars are cheaper.

The interactive chart below shows the USD to MXN exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-MXN 3 Month chart
USD-MXN 3 Month chart
USDMXN currency converter

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 Providers
Ratings & Reviews
Amount MXN($)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank logo
18,042 MXN
Compare
18.41$206.35%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
18,036 MXN
$6 less
18.22$106.38%Branch-
U.S. Bank Foreign Currency
U.S. Bank logo
18,030 MXN
$12 less
18.0306.41%Branch-
 
Travelex Online US logo
17,462 MXN
$580 less
17.46220^9.36%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:18.41 (4.44% from mid-rate)
MXN amount:18,042 MXN
Total Cost:6.35%
Time:0:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:16.86 (12.48% from mid-rate)
MXN amount:18,036 MXN
Total Cost:6.38%
Currency Services:Branch
Delivery/Collect:-
U.S. Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:0
Exchange Rate:18.03 (6.41% from mid-rate)
MXN amount:18,030 MXN
Total Cost:6.41%
Time:0:07 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:17.4622 (9.36% from mid-rate)
MXN amount:17,462 MXN
Total Cost:9.36%
Time:
Rate Fetched: Sun Feb 17 2019 22:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/18/2019
 

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!

 
Foreign Transfer Providers
Ratings & Reviews
Receive MXN($)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
190,300 MXN
Best Overall
19.030^1.22%Bank Transfers - Online & Phone1-2 days
 
TransferWise logo
190,722 MXN
$422 more
19.17$511%Bank Transfers - Online1-2 days
Wells Fargo Bank logo
186,364 MXN
$3,936 less
18.67183.26%Online, Branch, Bank Transfers2-3 days
HSBC logo
186,220 MXN
$4,080 less
18.65$153.34%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
185,068 MXN
$5,232 less
18.62153.94%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
183,843 MXN
$6,457 less
18.57$1004.57%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
183,843 MXN
$6,457 less
18.57$1004.57%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:19.03 (1.22% from mid-rate)
MXN amount:190,300 MXN
Total Cost:1.22%
Time:
Rate Fetched: Sun Feb 17 2019 22:02:43 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TransferWise: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:19.17 (0.49% from mid-rate)
MXN amount:190,722 MXN
Total Cost:1%
Difference:
$422 more than using OFX
Time:0:07 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:18
Exchange Rate:18.67 (3.09% from mid-rate)
MXN amount:186,364 MXN
Total Cost:3.26%
Difference:
$3,936 less than using OFX
Time:0:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:18.65 (3.19% from mid-rate)
MXN amount:186,220 MXN
Total Cost:3.34%
Difference:
$4,080 less than using OFX
Time:0:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:15
Exchange Rate:18.54 (3.76% from mid-rate)
MXN amount:185,068 MXN
Total Cost:3.94%
Difference:
$5,232 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:18.57 (3.61% from mid-rate)
MXN amount:183,843 MXN
Total Cost:4.57%
Difference:
$6,457 less than using OFX
Time:0:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:18.57 (3.61% from mid-rate)
MXN amount:183,843 MXN
Total Cost:4.57%
Difference:
$6,457 less than using OFX
Time:0:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/18/2019
 

Popular MXN cross rates


MXN/USD - Mexican Peso to United States Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.05241 Week
18 Jan 20190.05241 Month
21 Aug 20180.05286 Months
17 Feb 20180.05401 Year
17 Feb 20170.04892 Years
18 Feb 20140.07555 Years
19 Feb 20090.068610 Years

MXN/EUR - Mexican Peso to Euro - 10 Year History

DateExchange RatePeriod
10 Feb 20190.04631 Week
18 Jan 20190.04611 Month
21 Aug 20180.04566 Months
17 Feb 20180.04351 Year
17 Feb 20170.04612 Years
18 Feb 20140.05495 Years
19 Feb 20090.054110 Years

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

DateExchange RatePeriod
10 Feb 20190.04051 Week
18 Jan 20190.04071 Month
21 Aug 20180.04096 Months
17 Feb 20180.03851 Year
17 Feb 20170.03942 Years
18 Feb 20140.04535 Years
19 Feb 20090.047810 Years

MXN/JPY - Mexican Peso to Japanese Yen - 10 Year History

DateExchange RatePeriod
10 Feb 20195.75641 Week
18 Jan 20195.75221 Month
21 Aug 20185.81216 Months
17 Feb 20185.74051 Year
17 Feb 20175.52192 Years
18 Feb 20147.72525 Years
19 Feb 20096.451510 Years

MXN/AUD - Mexican Peso to Australian Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.07381 Week
18 Jan 20190.07311 Month
21 Aug 20180.07176 Months
17 Feb 20180.06831 Year
17 Feb 20170.06382 Years
18 Feb 20140.08375 Years
19 Feb 20090.106110 Years

MXN/CAD - Mexican Peso to Canadian Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.06961 Week
18 Jan 20190.06951 Month
21 Aug 20180.06886 Months
17 Feb 20180.06781 Year
17 Feb 20170.06412 Years
18 Feb 20140.08275 Years
19 Feb 20090.086010 Years

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