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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with money transfer and travel tips.   [USD/MXN=20.2831]

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

2018 has been something of a yo-yo year for the Mexican peso, but by October-10 (the day of this report) it was one of the best performing currencies of the year.

Against the US dollar, the peso’s 10 percent gain between January and mid-April was entirely offset by a 14 percent decline to mid-June, which preceded a recovery of 9 percent to October, hence the yo-yo.

As of writing, the peso held year-to-date gains over the US dollar (M$19.17), euro (M$22.10) and Australian dollar (M$13.54) of 2.7 percent, 7 percent and 13.5 percent respectively.

Recent peso strength led up to and then followed a September agreement by Mexico, Canada and the US to form a new trade deal, the USMCA, which replaces 1994’s NAFTA.

In October, TradingEconomics.com offered respective twelve-month USD/MXN and EUR/MXN forecasts of 19.57 and 22.11, indicating little change from current levels.

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.

 

Compare USD to MXN Travel Money Exchange Rates vs the Banks

ProvidersAmount MXNExchange RateFee USDTotal CostReviewsDeal Links
Wells Fargo Bank logoWells Fargo Bank
$18,953 MXN
Top Provider
19.34$206.4%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
$18,951.5 MXN
$MXN1.5 less
19.15$106.41%
U.S. Bank logoU.S. Bank
$18,950 MXN
$MXN3 less
18.9506.42%
Travelex Online US logoTravelex Online US
$18,069 MXN
$MXN884 less
18.06850^10.77%
 
Wells Fargo Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:19.34 (4.49% from mid-rate)
MXN amount:$18,953 MXN
Total Cost:6.4%
Time:6:07 Local
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:17.72 (12.49% from mid-rate)
MXN amount:$18,951.5 MXN
Total Cost:6.41%
U.S. Bank: Travel Money USD→MXN
USD amount:$1,000 USD
Fee:0
Exchange Rate:18.95 (6.42% from mid-rate)
MXN amount:$18,950 MXN
Total Cost:6.42%
Time:6:07 Local
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:18.0685 (10.77% from mid-rate)
MXN amount:$18,069 MXN
Total Cost:10.77%
Time:
Rate Fetched: Mon Dec 10 2018 04:00:05 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/MXN mid-rate: 20.2491
Rates @ 12/10/2018
 

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!

 

Compare USD to MXN Foreign Transfers vs the Banks

ProvidersAmount MXNExchange RateFee USDTotal CostTransfer SpeedTransfer ServicesReviewsDeal Links
WorldFirst logoWorldFirst
$201,700 MXN
Top Provider
20.1700.39%1-2 daysOnline, Bank Account to Bank Account
 
OFX logoOFX
$200,300 MXN
$MXN1,400 less
20.030^1.08%1-2 daysOnline, Bank Account to Bank Account
 
Wells Fargo Bank logoWells Fargo Bank
$196,146 MXN
$MXN5,554 less
19.65183.13%2-3 daysOnline, Branch, Bank Account to Bank Account
HSBC logoHSBC
$196,006 MXN
$MXN5,694 less
19.63$153.2%2-3 daysOnline, Branch, Bank Account to Bank Account
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$194,810.5 MXN
$MXN6,889 less
19.6153.79%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of America logoBank of America
$193,545 MXN
$MXN8,155 less
19.55$1004.42%2-3 daysOnline, Branch, Bank Account to Bank Account
U.S. Bank logoU.S. Bank
$193,545 MXN
$MXN8,155 less
19.55$1004.42%2-3 daysOnline, Branch, Bank Account to Bank Account
WorldFirst: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:
Exchange Rate:20.17 (0.39% from mid-rate)
MXN amount:$201,700 MXN
Total Cost:0.39%
Time:6:07 Local
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:20.03 (1.08% from mid-rate)
MXN amount:$200,300 MXN
Total Cost:1.08%
Difference:
$MXN1,400 MXN less than using WorldFirst
Time:
Rate Fetched: Mon Dec 10 2018 04:01:38 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:18
Exchange Rate:19.65 (2.96% from mid-rate)
MXN amount:$196,146 MXN
Total Cost:3.13%
Difference:
$MXN5,554 MXN less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:19.63 (3.06% from mid-rate)
MXN amount:$196,006 MXN
Total Cost:3.2%
Difference:
$MXN5,694 MXN less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
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:19.51 (3.65% from mid-rate)
MXN amount:$194,810.5 MXN
Total Cost:3.79%
Difference:
$MXN6,889 MXN less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Bank of America: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:19.55 (3.45% from mid-rate)
MXN amount:$193,545 MXN
Total Cost:4.42%
Difference:
$MXN8,155 MXN less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→MXN
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:19.55 (3.45% from mid-rate)
MXN amount:$193,545 MXN
Total Cost:4.42%
Difference:
$MXN8,155 MXN less than using WorldFirst
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/MXN mid-rate: 20.2491
Rates @ 12/10/2018
 

Popular MXN cross rates


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

DateExchange RatePeriod
02 Dec 20180.04961 Week
09 Nov 20180.04971 Month
12 Jun 20180.04836 Months
09 Dec 20170.05281 Year
09 Dec 20160.04912 Years
10 Dec 20130.07775 Years
11 Dec 20080.075710 Years

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

DateExchange RatePeriod
02 Dec 20180.04371 Week
09 Nov 20180.04381 Month
12 Jun 20180.04116 Months
09 Dec 20170.04491 Year
09 Dec 20160.04652 Years
10 Dec 20130.05655 Years
11 Dec 20080.057010 Years

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

DateExchange RatePeriod
02 Dec 20180.03891 Week
09 Nov 20180.03831 Month
12 Jun 20180.03616 Months
09 Dec 20170.03941 Year
09 Dec 20160.03902 Years
10 Dec 20130.04725 Years
11 Dec 20080.050710 Years

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

DateExchange RatePeriod
02 Dec 20185.64101 Week
09 Nov 20185.65211 Month
12 Jun 20185.33436 Months
09 Dec 20175.99341 Year
09 Dec 20165.64272 Years
10 Dec 20137.99345 Years
11 Dec 20086.938010 Years

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

DateExchange RatePeriod
02 Dec 20180.06721 Week
09 Nov 20180.06871 Month
12 Jun 20180.06386 Months
09 Dec 20170.07031 Year
09 Dec 20160.06582 Years
10 Dec 20130.08505 Years
11 Dec 20080.112910 Years

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

DateExchange RatePeriod
02 Dec 20180.06571 Week
09 Nov 20180.06561 Month
12 Jun 20180.06296 Months
09 Dec 20170.06791 Year
09 Dec 20160.06472 Years
10 Dec 20130.08255 Years
11 Dec 20080.093310 Years

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