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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with money transfer and travel tips.   [USD/MXN=18.8181]

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 Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Mexican peso (MXN)

ProviderSpend Amount USDExchange RateCostReviewsLinks to Offers
Travelex Online US logoTravelex Online US
$16,724 MXN
Top Provider
16.724211.08%
 
HSBC logoHSBC
$16,560 MXN
$164 less
16.5611.96%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
$16,336.33 MXN
$388 less
16.446713.15%
Wells Fargo Bank logoWells Fargo Bank
$16,229 MXN
$495 less
16.5613.72%
U.S. Bank logoU.S. Bank
$16,220 MXN
$504 less
16.2213.76%
Travelex Online US: rate, rating & reviews
From amount:$1,000 USD
To amount:$16,724 MXN
Exchange Rate:16.7242
Total Cost:11.08% (against USD/MXN mid-rate: 18.8088)
Fees:$0
Timestamp:
Rate Fetched: Mon Oct 15 2018 08:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$1,000 USD
To amount:$16,560 MXN
Exchange Rate:16.56
Total Cost:11.96% (against USD/MXN mid-rate: 18.8088)
Fees:$0
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$1,000 USD
To amount:$16,336.33 MXN
Exchange Rate:16.46
Total Cost:13.15% (against USD/MXN mid-rate: 18.8088)
Fees:$10
Wells Fargo Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$16,229 MXN
Exchange Rate:16.56
Total Cost:13.72% (against USD/MXN mid-rate: 18.8088)
Fees: Minimum 20 USD
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:$16,220 MXN
Exchange Rate:16.22
Total Cost:13.76% (against USD/MXN mid-rate: 18.8088)
Fees:$0
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/MXN mid-rate: 18.8088
Rates @ 10/15/2018
 

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 Foreign Transfers vs the Banks

Send USD $10,000 → Receive MXN

ProviderReceive Amount MXNExchange RateCostReviewsLinks to Offers
OFX logoOFX
$186,100 MXN18.611.06%
 
Wells Fargo Bank logoWells Fargo Bank
$182,172 MXN18.253.15%
HSBC logoHSBC
$182,126 MXN18.243.17%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
$180,966.5 MXN18.20253.79%
Bank of America logoBank of America
$179,784 MXN18.164.41%
U.S. Bank logoU.S. Bank
$179,784 MXN18.164.41%
 
OFX: rate, rating & reviews
From amount:$10,000 USD
To amount:$186,100 MXN
Exchange Rate:18.61
Total Cost:1.06% (against USD/MXN mid-rate: 18.8088)
Timestamp:
Rate Fetched: Mon Oct 15 2018 08:03:41 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$182,172 MXN
Exchange Rate:18.25
Total Cost:3.15% (against USD/MXN mid-rate: 18.8088)
Difference:
$3,928 MXN less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$10,000 USD
To amount:$182,126 MXN
Exchange Rate:18.24
Total Cost:3.17% (against USD/MXN mid-rate: 18.8088)
Difference:
$3,974 MXN less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$10,000 USD
To amount:$180,966.5 MXN
Exchange Rate:18.12
Total Cost:3.79% (against USD/MXN mid-rate: 18.8088)
Difference:
$5,133 MXN less than using OFX
Bank of America: rate, rating & reviews
From amount:$10,000 USD
To amount:$179,784 MXN
Exchange Rate:18.16
Total Cost:4.41% (against USD/MXN mid-rate: 18.8088)
Difference:
$6,316 MXN less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:$179,784 MXN
Exchange Rate:18.16
Total Cost:4.41% (against USD/MXN mid-rate: 18.8088)
Difference:
$6,316 MXN less than using OFX
Timestamp:10:07 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/MXN mid-rate: 18.8088
Rates @ 10/15/2018
 

Major MXN cross rates


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

DateExchange RatePeriod
07 Oct 20180.05331 Week
14 Sep 20180.05291 Month
17 Apr 20180.05546 Months
14 Oct 20170.05291 Year
14 Oct 20160.05262 Years
15 Oct 20130.07705 Years
16 Oct 20080.075310 Years

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

DateExchange RatePeriod
07 Oct 20180.04621 Week
14 Sep 20180.04551 Month
17 Apr 20180.04486 Months
14 Oct 20170.04471 Year
14 Oct 20160.04802 Years
15 Oct 20130.05695 Years
16 Oct 20080.056010 Years

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

DateExchange RatePeriod
07 Oct 20180.04061 Week
14 Sep 20180.04051 Month
17 Apr 20180.03886 Months
14 Oct 20170.03981 Year
14 Oct 20160.04322 Years
15 Oct 20130.04815 Years
16 Oct 20080.043610 Years

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

DateExchange RatePeriod
07 Oct 20186.05821 Week
14 Sep 20185.93151 Month
17 Apr 20185.93276 Months
14 Oct 20175.91231 Year
14 Oct 20165.47952 Years
15 Oct 20137.56685 Years
16 Oct 20087.590410 Years

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

DateExchange RatePeriod
07 Oct 20180.07551 Week
14 Sep 20180.07401 Month
17 Apr 20180.07146 Months
14 Oct 20170.06701 Year
14 Oct 20160.06912 Years
15 Oct 20130.08085 Years
16 Oct 20080.111310 Years

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

DateExchange RatePeriod
07 Oct 20180.06901 Week
14 Sep 20180.06901 Month
17 Apr 20180.06966 Months
14 Oct 20170.06591 Year
14 Oct 20160.06932 Years
15 Oct 20130.07985 Years
16 Oct 20080.089610 Years