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Foreign Exchange Guide to Mexico

This currency guide to Mexico helps you choose the best way to save money on MXN transfers and travel money.    [USD/MXN=19.24]

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

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 :

  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 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:

ALERT: 60-DAY LOW |
USD/MXN is trading well below the 90 day average 19.51 with a range from LOW 18.94 to HIGH 20.15. ALERT: Today USD/MXN has dropped to a 60-DAY LOW.

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(Mex$)Exchange RateFee USDTotal CostDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
Mex$18,040
Compare
18.0406.38%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
Mex$17,860
Mex$180 less
18.04U$107.31%
Wells Fargo Bank logo
Mex$17,679
Mex$361 less
18.04U$208.25%
Travelex Online US logo
Mex$17,063
Mex$977 less
17.06330^11.45%
 

U.S. Bank logo

U.S. Bank: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:0
Exchange Rate:18.04 (6.38% from mid-rate)
To Amount (MXN) Mex$18,040
Total Cost:6.38%
Time:6:00 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:U$10 USD (1%)
Exchange Rate:16.86 (12.5% from mid-rate)
To Amount (MXN) Mex$17,860
Total Cost:7.31%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logo

Wells Fargo Bank: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:18.04 (6.38% from mid-rate)
To Amount (MXN) Mex$17,679
Total Cost:8.25%
Time:6:00 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Travelex Online US logo

Travelex Online US: Travel Money USD→MXN
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:17.0633 (11.45% from mid-rate)
To Amount (MXN) Mex$17,063
Total Cost:11.45%
Time:
Rate Fetched: Wed Oct 16 2019 06:00:04 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Snapshot 10/16/2019 - 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(Mex$)Exchange RateFee USDTotal CostDeal Links
OFX logo
Mex$189,200
Best Overall
18.920^1.81%
XE logo
Mex$190,300
Mex$1,100 more
19.0301.24%
Wells Fargo Bank logo
Mex$185,166
Mex$4,034 less
18.55183.91%
HSBC logo
Mex$185,022
Mex$4,178 less
18.53U$153.98%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
Mex$183,875
Mex$5,325 less
18.5154.58%
Bank of America International Money Transfers
Bank of America logo
Mex$182,655
Mex$6,545 less
18.45U$1005.21%
U.S. Bank International Money Transfers
U.S. Bank logo
Mex$182,655
Mex$6,545 less
18.45U$1005.21%
 

OFX logo

OFX: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:18.92 (1.81% from mid-rate)
To Amount (MXN) Mex$189,200
Total Cost:1.81%
Time:
Rate Fetched: Wed Oct 16 2019 05:02:46 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

XE logo

XE: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:
Exchange Rate:19.03 (1.24% from mid-rate)
To Amount (MXN) Mex$190,300
Total Cost:1.24%
Difference:
Mex$1,100 MXN more than using OFX
Time:6:00 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 

Wells Fargo Bank logo

Wells Fargo Bank: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:18
Exchange Rate:18.55 (3.73% from mid-rate)
To Amount (MXN) Mex$185,166
Total Cost:3.91%
Difference:
Mex$4,034 MXN less than using OFX
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logo

HSBC: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:U$15 USD (.15%)
Exchange Rate:18.53 (3.84% from mid-rate)
To Amount (MXN) Mex$185,022
Total Cost:3.98%
Difference:
Mex$4,178 MXN less than using OFX
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:15
Exchange Rate:18.41 (4.46% from mid-rate)
To Amount (MXN) Mex$183,875
Total Cost:4.58%
Difference:
Mex$5,325 MXN less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logo

Bank of America: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:18.45 (4.25% from mid-rate)
To Amount (MXN) Mex$182,655
Total Cost:5.21%
Difference:
Mex$6,545 MXN less than using OFX
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logo

U.S. Bank: Foreign Transfer USD→MXN
From Amount (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:18.45 (4.25% from mid-rate)
To Amount (MXN) Mex$182,655
Total Cost:5.21%
Difference:
Mex$6,545 MXN less than using OFX
Time:6:00 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 10/16/2019 - See full table
 

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

PeriodMXN/USDDate
1 Day0.051914 Oct 2019
7 Day0.050908 Oct 2019
30 Day0.051515 Sep 2019
3 Month0.052417 Jul 2019
1 Year0.053115 Oct 2018
5 Year0.073916 Oct 2014
10 Year0.076317 Oct 2009

MXN/EUR - Mexican Peso to Euro - Historical Rates

PeriodMXN/EURDate
1 Day0.047114 Oct 2019
7 Day0.046508 Oct 2019
30 Day0.046515 Sep 2019
3 Month0.046717 Jul 2019
1 Year0.045815 Oct 2018
5 Year0.057716 Oct 2014
10 Year0.051217 Oct 2009

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

PeriodMXN/GBPDate
1 Day0.041214 Oct 2019
7 Day0.041708 Oct 2019
30 Day0.041215 Sep 2019
3 Month0.042217 Jul 2019
1 Year0.040415 Oct 2018
5 Year0.045916 Oct 2014
10 Year0.046717 Oct 2009

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

PeriodMXN/AUDDate
1 Day0.076614 Oct 2019
7 Day0.075708 Oct 2019
30 Day0.074915 Sep 2019
3 Month0.074817 Jul 2019
1 Year0.074415 Oct 2018
5 Year0.084416 Oct 2014
10 Year0.083217 Oct 2009

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