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Foreign Exchange Guide to Mexico

Read this currency guide to Mexico with HKD money transfer and travel tips.   [HKD/MXN=2.5404]

 
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 HKD to 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

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:

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($)Exchange RateFee HKDTotal CostDeal Links
WorldFirst logo
126,385 MXN2.527700.5%
OFX logo
123,350 MXN2.4670 for BER users (normally $15)2.89%
DBS Bank logo
122,053 MXN2.4435503.91%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
120,744 MXN2.4172554.94%
HSBC logo
120,377 MXN2.4114$805.23%
Citibank International Money Transfers
Citibank logo
119,801 MXN2.3966125.68%
WorldRemit logo
Your amount above the WorldRemit HKD2000 maximum
WorldFirst: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:
Exchange Rate:2.5277 (0.5% from mid-rate)
MXN amount:126,385 MXN
Total Cost:0.5%
Time:1:06 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:0 for BER users (normally $15)
Exchange Rate:2.4670 (2.89% from mid-rate)
MXN amount:123,350 MXN
Total Cost:2.89%
Difference:
3,035 MXN less than using WorldFirst
Time:
Rate Fetched: Sat Aug 24 2019 00:16:27 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

DBS Bank logoDBS Bank

DBS Bank: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:50
Exchange Rate:2.4435 (3.81% from mid-rate)
MXN amount:122,053 MXN
Total Cost:3.91%
Difference:
4,332 MXN less than using WorldFirst
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:55
Exchange Rate:2.4238 (4.59% from mid-rate)
MXN amount:120,744 MXN
Total Cost:4.94%
Difference:
5,641 MXN less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logoHSBC

HSBC: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:$80 HKD (Minimum fee)
Exchange Rate:2.4114 (5.08% from mid-rate)
MXN amount:120,377 MXN
Total Cost:5.23%
Difference:
6,008 MXN less than using WorldFirst
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:12
Exchange Rate:2.3966 (5.66% from mid-rate)
MXN amount:119,801 MXN
Total Cost:5.68%
Difference:
6,584 MXN less than using WorldFirst
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
WorldRemit: Foreign Transfer HKD→MXN
HKD amount:$50,000 HKD
Fee:
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Snapshot 08/24/2019 - See full table
 

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

PeriodMXN/USDDate
1 Day0.050319 Aug 2019
1 Week0.051613 Aug 2019
1 Month0.052621 Jul 2019
6 Months0.051821 Feb 2019
1 Year0.052620 Aug 2018
5 Years0.076321 Aug 2014
10 Years0.077922 Aug 2009

MXN/EUR - Mexican Peso to Euro - Historical Rates

PeriodMXN/EURDate
1 Day0.045419 Aug 2019
1 Week0.046213 Aug 2019
1 Month0.046921 Jul 2019
6 Months0.045721 Feb 2019
1 Year0.045820 Aug 2018
5 Years0.057521 Aug 2014
10 Years0.054322 Aug 2009

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

PeriodMXN/GBPDate
1 Day0.041519 Aug 2019
1 Week0.042813 Aug 2019
1 Month0.042021 Jul 2019
6 Months0.039821 Feb 2019
1 Year0.041120 Aug 2018
5 Years0.046021 Aug 2014
10 Years0.047222 Aug 2009

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

PeriodMXN/AUDDate
1 Day0.074519 Aug 2019
1 Week0.075913 Aug 2019
1 Month0.074621 Jul 2019
6 Months0.072921 Feb 2019
1 Year0.071720 Aug 2018
5 Years0.082021 Aug 2014
10 Years0.093422 Aug 2009

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