Changing Money in Mexico: A Comprehensive Guide

Changing money in Mexico can be a daunting task, but with the right information, you'll be all set.

You can exchange currency at airports, banks, and currency exchange offices, known as casas de cambio.

Many banks in Mexico have ATMs that accept international cards, but be aware that they may charge a fee for withdrawals.

It's a good idea to have some local currency, Mexican pesos, with you when you arrive in Mexico.

Exchanging money in Mexico can be a bit tricky, but don't worry, I've got you covered. Most people exchange their home currency for Mexican pesos in one of three ways: using a local ATM, exchanging foreign currency cash, or transferring money from a foreign bank account.

You can exchange foreign currency cash for Mexican pesos at many retail banks, but the better places to sell your foreign currency for pesos are the exchange houses, known as Casas de Cambio. They tend to offer the best rates and their procedures for exchanging money are straightforward.

If you carry US$10,000 (or foreign currency equivalent) or more in cash, you need to declare this when you cross the border into Mexico. There is no legal limit on how much cash you can bring or take from Mexico, but failure to declare amounts in excess of US$10,000 (or pesos equivalent) may result in confiscation of the entire amount of cash you are carrying.

Some local banks in Mexico might cash a paper check drawn on a bank in the United States of America, but you usually need to hold an account at the bank where the check is cashed. Compare the fees and exchange rates with using an ATM or transferring money from your foreign bank account to a Mexican bank account.

You can use USD in Mexico, especially in major tourist spots, but be aware that the price of goods can be inflated by as much as 30% if you pay with US dollars. Use Mexican pesos to make your money go further.

Here are some of the best places to exchange your money in Mexico:

In major cities like Mexico City, Guadalajara, or Monterrey, or beach towns like Puerto Vallarta or Cancun, most restaurants, hotels, and shops accept credit and debit cards. You really only need cash in smaller towns and villages, at markets, and for street stalls.

You can use a combination of travel credit cards, debit cards, and prepaid travel cards to spend money in Mexico, and it's a good idea to have some cash on hand for street markets or businesses that don't accept credit cards.

ATMs are widely available in Mexico and are compatible with debit cards, credit cards, and prepaid travel cards. Withdrawing a substantial amount of cash for when you arrive can be an ideal option to ensure a smooth transition into your destination country.

Paying with cash in Mexico can be a bit tricky, but don't worry, I've got the lowdown.

Some stores might accept cash in foreign currency in payment of goods, but be aware that exchange rates might not be favorable.

You can use USD in Mexico, especially in the major tourist spots, and some merchants give you the option of paying in pesos or dollars.

The price of the goods can be inflated by as much as 30% if you pay with US dollars in Mexico, as vendors generally use an exchange rate of 10 pesos to $1.

Hotels and resorts in Mexico are no longer allowed to accept cash payment in US dollars to settle stays, due to money laundering rules.

The best place to exchange your foreign currency cash for Mexican pesos is at one of the local exchange houses, known as Casas de Cambio.

Using a debit card is a convenient way to access money while traveling in Mexico. You can withdraw Mexican pesos directly from your debit card at an ATM, and the exchange rate offered is usually very competitive.

Many debit cards, like the one offered by Betterment Checking, have no foreign transaction fees, making them a great option for managing your travel budget. Some debit cards also come with a chip, which may be required for certain ATMs in Mexico.

To use your debit card, you'll need to have a PIN and a chip-enabled card. This is ideal for managing your travel budget and making everyday purchases. However, be aware that you may need to withdraw a substantial amount of cash when you arrive in Mexico to ensure a smooth transition.

If you're planning to use your debit card to withdraw cash, be sure to check with your bank about any daily limits it may impose on cash withdrawals. Typically, an ATM will allow foreign card holders to withdraw between 5,000 and 10,000 pesos per transaction.

Here are some debit card benefits to consider:

However, be aware that using a debit card for cash withdrawals may come with some drawbacks, such as no emergency cash and no backup cards.

Additional reading: What Has Two Banks but No Money?

The Mexican peso is the official currency in Mexico, and you'll see the "dollar sign" $ used to designate it, which can be confusing for tourists. This symbol was used in Mexico to designate pesos before it was used in the United States.

The code for the Mexican peso is MXN, and you can find out the present exchange rate by visiting a specific website.

The exchange rate of the Mexican peso to the US dollar has varied from 10 to around 20 pesos within the last decade and can be expected to continue to fluctuate over time.

If you carry US$10,000 (or foreign currency equivalent) or more in cash, you need to declare this when you cross the border into Mexico. Failure to do so may result in confiscation of the entire amount of cash you are carrying.

You can exchange your foreign currency cash for Mexican pesos at many retail banks, but the better places to sell your foreign currency for pesos are the exchange houses, Casas de Cambio.

Here are the three main ways to exchange your home currency into Mexican pesos:

The best place to exchange your foreign currency cash for Mexican pesos is at one of the local exchange houses, known as Casas de Cambio.

Managing your money in Mexico can be straightforward, especially with the right information. You don't really need to carry around much cash, especially in major cities like Mexico City, Guadalajara, or Monterrey.

Most restaurants, hotels, and shops accept credit and debit cards, so you can use your card to make a cash withdrawal from an ATM in Mexico. You'll get the best exchange rate at a bank rather than exchanging cash at a less favorable rate.

Here are some trusted banks to consider: BBVA Bancomer, Santander, HSBC, and CitiBanamex (if you have a Citibank account, you can take cash out of these for free).

In smaller towns and villages, at markets, and for street stalls, cash is the preferred method of payment. To avoid any confusion, simply ask, "¿Acepta tarjeta?" (Do you accept card?) before ordering.

You don't need to carry much cash in major cities like Mexico City, Guadalajara, or Monterrey, or beach towns like Puerto Vallarta or Cancun, as most restaurants, hotels, and shops accept credit and debit cards.

Cash is usually only needed in smaller towns and villages, at markets, and for street stalls.

It's a good idea to ask "acepta tarjeta?" ("do you accept card?") before ordering to avoid any issues.

ATMs in Mexico are widely available, but some banks offer better exchange rates than others.

BBVA Bancomer, Santander, HSBC, and CitiBanamex are reliable options, especially if you have a Citibank account.

Exchanging cash at a bank can get you a better rate than exchanging US dollars at a tourist hotspot.

The best place to exchange your foreign currency cash for Mexican pesos is at a local exchange house, known as a Casa de Cambio.

These exchange houses tend to offer the best rates and have straightforward procedures.

The ones at the Mexico City airport often offer the most competitive exchange rates.

Related reading: Do Heloc Rates Change

Cashing a US dollar paper check in Mexico can be a bit tricky, but it's doable with the right information.

Some Mexican banks will cash a paper check drawn on a US bank and convert the sum into Mexican pesos.

You usually need to hold an account at the bank where the check is cashed.

If your bank offers this service, be sure to ask about the fees it charges and what exchange rate it applies to the transaction.

Compare this against using an ATM to access your money or making a transfer from your foreign bank account to a Mexican bank account.

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You don't need to carry much cash in Mexico, especially in major cities like Mexico City or beach towns like Puerto Vallarta. Most restaurants, hotels, and shops accept credit and debit cards.

If you're unsure if a restaurant takes cards, simply ask "acepta tarjeta?" (Do you accept card?). This way, you'll know before ordering if you can pay with a credit card or need to get cash from an ATM.

ATMs are widely available in Mexico, and some banks, like BBVA Bancomer, Santander, HSBC, and CitiBanamex, are trustworthy options. You'll get a better exchange rate at a bank rather than exchanging US dollars for pesos.

Consider using a debit card with no foreign transaction and ATM fees when traveling abroad. Some cards, like the one offered by Betterment Checking, are designed for overseas use and don't charge foreign transaction fees on purchases abroad.

Here are some key things to keep in mind when using your card to get cash from an ATM in Mexico:

Remember to always check with your bank to see if they have any specific requirements or restrictions for using your card abroad.

Before you travel to Mexico, it's essential to take care of some practicalities. Call your bank to let them know you'll be traveling to Mexico to avoid any issues with your bank card. This will ensure you can use your card without any problems.

For more insights, see: Bank 2022

Notify your bank about your travel plans, and ask about partner banks in Mexico. This will help you avoid any fees when using ATMs.

Having a Charles Schwab checking account can be a lifesaver for travelers. They don't charge any international fees for using the card in an ATM or at stores or restaurants in different currencies.

If you're planning to use ATMs, it's a good idea to have a backup plan. Consider having a prepaid currency card or a credit card with no foreign transaction fees.

You should also inform your bank about your travel plans to avoid any issues with your card. This will ensure you can use your card without any problems.

Getting a Charles Schwab checking account can be a great option for travelers. They don't charge any international fees for using the card in an ATM or at stores or restaurants in different currencies.

Here are some tips to keep in mind when using ATMs in Mexico:

You don't need to carry much cash in Mexico, especially in major cities like Mexico City or beach towns like Puerto Vallarta.

Most restaurants, hotels, and shops accept credit and debit cards, so you can use them to pay for things.

In smaller towns and villages, you'll need cash for markets and street stalls.

If you're unsure if a restaurant takes cards, just ask "acepta tarjeta?" - Do you accept card?

You can find ATMs all over the place in Mexico, but some banks are more reliable than others.

BBVA Bancomer, Santander, HSBC, and CitiBanamex (if you have a Citibank account) are good options.

You'll get the best exchange rate at a bank, rather than trying to exchange US dollars elsewhere.