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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with MXN money transfer and travel tips.

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 guide we review :

  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

The peso struggled in the first half of the year; it fell by June 15th to an 18-month low of 21.0 per USD. Things were back on track by mid-August, so much so that the peso was in fact 2018's best performing currency at the time of this report, being one of only two currencies to hold a year-to-date gain over the dollar. Rates in the high 18s per USD marked a double-digit rally since mid-June.

NAFTA continues to be the centerpiece of peso news flow. Recent strength followed rumours that Washington would strike a compromise over Mexican farm exports and, by doing so, would bring closer a trade deal.

Political uncertainty in Mexico eased after the election of Andrés Manuel López Obrador as Mexican president, supporting the peso.

A Standard Chartered analyst with a history of successful peso predictions said in July that the peso would strengthen to 18 per dollar by year-end. Among emerging markets, “Mexico looks like one of the better stories,” the analyst said.

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 Exchange Rates Compared

Buying MXN Cash with USD 1,000

ProviderRatingFeesExchange RateMargin
Travelex US logo Travelex US
 
$016.7608$16,761 MXN11.57%
HSBC logo HSBC
$016.59$16,590 MXN12.47%
Average Bank Rate
U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
$1016.4800$16,369.33 MXN13.64%
U.S. Bank logo U.S. Bank
$016.26$16,260 MXN14.22%
Wells Fargo Bank logo Wells Fargo Bank
Minimum 20 USD16.59$16,258 MXN14.23%
 
Travelex US logo Travelex US
Free Home Delivery when you Buy Online Travel Money & Cards with $0 commission and great exchange rates only available from Travelex Online. Zero cost for Home Delivery or pickup your foreign cash at your local Travelex store or at the airport on departure day. * Home deliveries can only be made to the registered billing address of your chosen payment method.
Price Details
Receive: $16,761 MXN
Exchange Rate: 16.7608
Fees: $0
Total Cost : 11.57% (from mid-rate: 18.9545)
Amount of cash that could be received at rate USD/MXN=16.7608 and inclusive of the fee of $0.
Rate timestamp : Tue Aug 21 2018 04:00:04 GMT+0000 (UTC)
 
HSBC logo HSBC

Price Details
Receive: $16,590 MXN
Exchange Rate: 16.59
Fees: $0
Total Cost : 12.47% (from mid-rate: 18.9545)
Receive MXN $171 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/MXN=16.59 and inclusive of the fee of $0.
 
Average Bank Rate
U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
This is the average USD to MXN Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.


Price Details
Receive: $16,369.33 MXN
Exchange Rate: 16.59
Fees: $10
Total Cost : 13.64% (from mid-rate: 18.9545)
Receive MXN $391.67 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/MXN=16.4800 and inclusive of the fee of $10.
 
U.S. Bank logo U.S. Bank

Price Details
Receive: $16,260 MXN
Exchange Rate: 16.26
Fees: $0
Total Cost : 14.22% (from mid-rate: 18.9545)
Receive MXN $501 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/MXN=16.26 and inclusive of the fee of $0.
 
Wells Fargo Bank logo Wells Fargo Bank

Price Details
Receive: $16,258 MXN
Exchange Rate: 16.59
Fees: Minimum 20 USD
Total Cost : 14.23% (from mid-rate: 18.9545)
Receive MXN $503 less than with  Travelex US logo Travelex US
Amount of cash that could be received at rate USD/MXN=16.59 and inclusive of the fee of Minimum 20 USD.
 

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!

 
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Compare Foreign Transfers

Sending USD 10,000 to MXN

ProviderRatingFeesExchange RateMargin
OFX logo OFX
 
$018.81$188,100 MXN0.76%
Wells Fargo Bank logo Wells Fargo Bank
$1818.38$183,469 MXN3.21%
HSBC logo HSBC
$1518.36$183,325 MXN3.28%
Average Bank Rate
Bank of America logo  U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
$1518.3300$182,234 MXN3.86%
Bank of America logo Bank of America
$10018.29$181,071 MXN4.47%
U.S. Bank logo U.S. Bank
$10018.29$181,071 MXN4.47%
 
OFX logo OFX
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: $188,100 MXN
Exchange Rate: 18.81
Fees: $0
Total Cost : 0.76% (from mid-rate: 18.9545)
This is the amount of money that could be received by your transfer at rate USD/MXN=18.81 and inclusive of the fee of $0.
Rate timestamp : Tue Aug 21 2018 04:03:41 GMT+0000 (UTC)
 
Wells Fargo Bank logo Wells Fargo Bank

Price Details
Receive: $183,469 MXN
Exchange Rate: 18.38
Fees: $18
Total Cost : 3.21% (from mid-rate: 18.9545)
Receive MXN $4,631 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MXN=18.38 and inclusive of the fee of $18.
 
HSBC logo HSBC
Rate available to HSBC Online Banking customers only.

Price Details
Receive: $183,325 MXN
Exchange Rate: 18.36
Fees: $15
Total Cost : 3.28% (from mid-rate: 18.9545)
Receive MXN $4,775 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MXN=18.36 and inclusive of the fee of $15.
 
Average Bank Rate
Bank of America logo  U.S. Bank logo  Wells Fargo Bank logo  HSBC logo 
This is the average USD to MXN International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.


Price Details
Receive: $182,234 MXN
Exchange Rate: 18.25
Fees: $15
Total Cost : 3.86% (from mid-rate: 18.9545)
Receive MXN $5,866 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MXN=18.3300 and inclusive of the fee of $15.
 
Bank of America logo Bank of America

Price Details
Receive: $181,071 MXN
Exchange Rate: 18.29
Fees: $100
Total Cost : 4.47% (from mid-rate: 18.9545)
Receive MXN $7,029 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MXN=18.29 and inclusive of the fee of $100.
 
U.S. Bank logo U.S. Bank

Price Details
Receive: $181,071 MXN
Exchange Rate: 18.29
Fees: $100
Total Cost : 4.47% (from mid-rate: 18.9545)
Receive MXN $7,029 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MXN=18.29 and inclusive of the fee of $100.
% Margins to latest USD/MXN mid-rate: 18.9545
Rates @ 08/21/2018
 

Major MXN cross rates


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

DateExchange RatePeriod
12 Aug 20180.05241 Week
20 Jul 20180.05261 Month
20 Feb 20180.05346 Months
19 Aug 20170.05651 Year
19 Aug 20160.05502 Years
20 Aug 20130.07705 Years
21 Aug 20080.098910 Years

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

DateExchange RatePeriod
12 Aug 20180.04601 Week
20 Jul 20180.04481 Month
20 Feb 20180.04336 Months
19 Aug 20170.04801 Year
19 Aug 20160.04852 Years
20 Aug 20130.05745 Years
21 Aug 20080.066510 Years

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

DateExchange RatePeriod
12 Aug 20180.04111 Week
20 Jul 20180.04001 Month
20 Feb 20180.03826 Months
19 Aug 20170.04391 Year
19 Aug 20160.04202 Years
20 Aug 20130.04915 Years
21 Aug 20080.052810 Years

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

DateExchange RatePeriod
12 Aug 20185.79731 Week
20 Jul 20185.85671 Month
20 Feb 20185.73676 Months
19 Aug 20176.16761 Year
19 Aug 20165.50612 Years
20 Aug 20137.49595 Years
21 Aug 200810.720410 Years

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

DateExchange RatePeriod
12 Aug 20180.07191 Week
20 Jul 20180.07091 Month
20 Feb 20180.06786 Months
19 Aug 20170.07121 Year
19 Aug 20160.07212 Years
20 Aug 20130.08495 Years
21 Aug 20080.112910 Years

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

DateExchange RatePeriod
12 Aug 20180.06891 Week
20 Jul 20180.06911 Month
20 Feb 20180.06766 Months
19 Aug 20170.07111 Year
19 Aug 20160.07062 Years
20 Aug 20130.07995 Years
21 Aug 20080.103610 Years