This is a foreign exchange guide to Mexico, the Mexican Peso currency plus sending MXN transfers and travel tips.
In this Mexico currency guide we take a look at :
- Mexican Peso info - general info about the Mexican Peso
- Mexican Peso in the markets - recent MXN moves and predictions from the FX markets
- Travelling in Mexico - currency & money saving tips
- Buying Mexican Peso cash online - travel money for Mexico
- Sending money to Mexico - save on Mexican Peso bank transfers to Mexico
- 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 Mex$.
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 Providers | Amount MXN(Mex$) | Exchange Rate | Fee USD | Total Cost | Deal Links |
|---|---|---|---|---|---|
Banks - Average Rate   Average Bank Rate | Mex$17,860 Mex$180 less | 18.04 | U$10 | 7.31% | |
 | Mex$17,063 Mex$977 less | 17.0633 | 0^ | 11.45% |
Mexico Trip Checklist
- Compare MXN travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Mexico
- Lonely Planet - world's best travel guide (coupon and deals)
Sending money to Mexico
When searching around for information on how to get a good exchange rate when sending money to Mexico you need to start with finding out the latest Mexican Peso foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Get a better deal for foreign transfers to Mexico
When sending money to Mexico it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Mexican Peso amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MXN amount will be transfered to the recipient account you specify in Mexico.
Use our Send to MXN calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Mexican Peso deposited into the recipient bank account and less margins and fees kept by the banks!
| Foreign Transfer Providers | Receive MXN(Mex$) | Exchange Rate | Fee USD | Total Cost | Deal Links |
|---|---|---|---|---|---|
 | Mex$189,200 Best Overall | 18.92 | 0^ | 1.81% | |
 | Mex$190,300 Mex$1,100 more | 19.03 | 0 | 1.24% | |
Banks - Average Rate   Average Bank Rate | Mex$183,875 Mex$5,325 less | 18.5 | 15 | 4.58% |
