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.    [HKD/MXN=2.4021]

 
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 HKD to MXN exchange rate and trend for the previous 3 months:

ALERT: 90-DAY LOWS 🔔 |
HKD/MXN at 2.4037 is trading 1.8% below the 90-day average 2.4481 with a range 2.4036 to 2.5018. ALERT: HKD/MXN has dropped to 90-DAY LOWS.
17-Jan-2020 16:NY 21:LON 08:SYD+1d

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.

   

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!

 
  

HKD to MXN International Money Transfers

  

Foreign Transfer ProvidersReceive MXN(Mex$)Exchange RateFee HKDTotal CostDeal Links
WorldFirst logo
Mex$120,1852.403700.5%
OFX logo
Mex$118,1602.36320 for BER users (normally $15)2.18%
DBS Bank logo
Mex$116,9232.3408503.2%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
Mex$115,6672.3155554.24%
HSBC logo
Mex$115,3152.31HK$804.53%
Citibank International Money Transfers
Citibank logo
Mex$114,7622.2958124.99%
WorldRemit logo
Your amount above the WorldRemit HKD2000 maximum
 
WorldFirst logo
WorldFirst: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:
Exchange Rate:2.4037 (0.5% from mid-rate)
To Amount (MXN) Mex$120,185
Total Cost:0.5%
Time:1:07 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 
OFX logo
OFX: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:0 for BER users (normally $15)
Exchange Rate:2.3632 (2.18% from mid-rate)
To Amount (MXN) Mex$118,160
Total Cost:2.18%
Difference:
Mex$2,025 MXN less than using WorldFirst
Time:
Rate Fetched: Fri Jan 17 2020 00:16:34 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
DBS Bank logo
DBS Bank: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:50
Exchange Rate:2.3408 (3.1% from mid-rate)
To Amount (MXN) Mex$116,923
Total Cost:3.2%
Difference:
Mex$3,262 MXN less than using WorldFirst
Time:1:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:55
Exchange Rate:2.3218 (3.89% from mid-rate)
To Amount (MXN) Mex$115,667
Total Cost:4.24%
Difference:
Mex$4,518 MXN less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 
HSBC logo
HSBC: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:HK$80 HKD (Minimum fee)
Exchange Rate:2.3100 (4.38% from mid-rate)
To Amount (MXN) Mex$115,315
Total Cost:4.53%
Difference:
Mex$4,870 MXN less than using WorldFirst
Time:1:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Citibank logo
Citibank: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:12
Exchange Rate:2.2958 (4.97% from mid-rate)
To Amount (MXN) Mex$114,762
Total Cost:4.99%
Difference:
Mex$5,423 MXN less than using WorldFirst
Time:1:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
WorldRemit logo
WorldRemit: Foreign Transfer HKD→MXN
From Amount (HKD)HK$50,000
Fee:
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Snapshot 01/17/2020 - See full table
 

Mexican Peso to United States Dollar - Historical Rates

PeriodMXN/USDDate
1 Day0.053213 Jan 2020
7 Day0.052707 Jan 2020
30 Day0.052515 Dec 2019
3 Month0.052116 Oct 2019
1 Year0.052714 Jan 2019
5 Year0.068215 Jan 2015
10 Year0.078716 Jan 2010

Mexican Peso to Euro - Historical Rates

PeriodMXN/EURDate
1 Day0.047813 Jan 2020
7 Day0.047207 Jan 2020
30 Day0.047215 Dec 2019
3 Month0.047016 Oct 2019
1 Year0.045914 Jan 2019
5 Year0.058715 Jan 2015
10 Year0.054816 Jan 2010

Mexican Peso to British Pound Sterling - 10 Year History

PeriodMXN/GBPDate
1 Day0.040913 Jan 2020
7 Day0.040207 Jan 2020
30 Day0.039315 Dec 2019
3 Month0.040616 Oct 2019
1 Year0.040914 Jan 2019
5 Year0.045015 Jan 2015
10 Year0.048316 Jan 2010

Mexican Peso to Australian Dollar - Historical Rates

PeriodMXN/AUDDate
1 Day0.077113 Jan 2020
7 Day0.076807 Jan 2020
30 Day0.076415 Dec 2019
3 Month0.077116 Oct 2019
1 Year0.073214 Jan 2019
5 Year0.083315 Jan 2015
10 Year0.085216 Jan 2010

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