Where to Get Mexican Pesos and Avoid High Fees

If you're planning a trip to Mexico, you'll want to have some Mexican pesos on hand to avoid high fees when exchanging currency. You can buy Mexican pesos at a bank, but be aware that some banks may charge a fee of up to 5% for the transaction.

Many banks offer a more favorable exchange rate than currency exchange offices, but this can vary depending on the bank and the location. For example, Bank of America offers an exchange rate that's 2% better than the currency exchange office rate.

Some currency exchange offices, like Travelex, may charge a higher fee than banks, with fees ranging from 10% to 15% above the wholesale exchange rate.

You can get Mexican pesos from a variety of places, but some options are better than others. Travel money cards, like the Mexican Peso Travel Money Card, are a great way to hold local currency, and user-friendly fintech apps like Revolut offer superior rates compared to banks and bureau de change kiosks.

If you prefer to buy Mexican pesos in person, you can try using a currency exchange at the airport or downtown, but be aware that they often offer worse exchange rates than your bank. Alternatively, you can look for a "Casa de Cambio" or search for a nearby "Currency Exchange Service" on Google Maps.

To get Mexican pesos in the USA, you have several options, including online foreign currency exchange services, traditional banks, money changer kiosks, airport kiosks, and even ATMs. Here are some of your options:

You can buy Mexican pesos in the USA through various methods. Here are some of the most common options:

You can use a travel money card, which allows you to hold Mexican pesos via a multi-currency account and spend them with a card.

Travel money cards are prepaid debit cards that let you hold the local currency of your destination, so ATMs and point-of-sale devices treat you like a local card holder.

You can also use ATMs abroad via travel debit cards, but be aware that you'll likely face high fees and poor exchange rates.

Online foreign currency exchanges are another option, but be cautious of high fees and poor exchange rates.

Traditional banks in the USA also offer foreign currency exchange services, but they often charge commission fees and have high exchange rate margins.

Money changer kiosks and airport kiosks are also available, but they may have limited hours and poor exchange rates.

To give you a better idea, here are the 6 methods to buy Mexican pesos in the USA:

Mexico City Airport is a great place to exchange dollars for Mexican pesos, offering an unbeatable exchange rate that's a highly attractive option for travelers.

You can find bank branches, cash machines, and exchange offices in the airport's two terminals, making it easy to make a transaction.

Mexico City International Airport is one of the best places to exchange dollars for Mexican pesos, giving you a great return on your money.

This is because of the large number of establishments where you can do this type of transaction within Mexican territory.

The Mexican Peso is the national currency, with a symbol that can be represented as $, MXN, or MN.

Mexican bills come in denominations of 20, 50, 100, 200, 500, and 1000 pesos.

The value of the Mexican Peso fluctuates daily and has varied over the years. In 2000, the exchange rate for $1 USD was around $10 MXN, while in 2010 it was approximately $13 MXN, and in 2020 hovered around $20 MXN.

To get the best exchange rates, consider using user-friendly fintech apps like Revolut, which offer superior rates compared to banks and bureau de change kiosks.

You can get Mexican pesos in various ways, including using your debit card at an ATM, which is often the easiest and cheapest way to get cash. The best way to get pesos in Mexico is to use your debit card at an ATM, as the exchange rates offered are very competitive.

To avoid high service fees, use well-known national banks such as BBVA Bancomer, Santander, Scotiabank, and Banorte. These banks have the lowest ATM fees in Mexico, ranging from $25-30 pesos.

Before traveling, alert your bank that you'll be using your debit card abroad to avoid a "security hold" on your account. This will also help you avoid getting charged a Foreign Transaction Fee by your bank.

If you're withdrawing cash from an ATM that's not owned by your bank, be aware that you'll be charged a fee by both your bank and the ATM owner. However, some banks like Charles Schwab, USAA, and Capitol One 360 offer ATM fee refunds with their debit cards.

When using an ATM, decline the suggested conversion rate to get a better exchange rate. Your bank will set the exchange rate, which will be closer to the rate they pay.

To get the best exchange rate, withdraw larger amounts of cash from the ATM, rather than taking out smaller amounts multiple times. This will also help you save money on commissions, which can range from 1% to 3%.

In Mexico, ATMs are called "cajero automático" or just "cajero." Most ATMs have directions in both Spanish and English, and work similarly to ATMs back home.

The safest ATMs to use are in bank lobbies, followed by those in grocery or big box stores. Stand-alone ATMs are the least safe.

To ensure trouble-free ATM access, always know your bank fees and the fees charged by the ATM owner. This will help you avoid unexpected charges and save money on your trip.

Here's a list of some of the safest and most convenient ways to get Mexican pesos:

By following these tips, you can get the best exchange rate and save money on your trip to Mexico.

Credit cards are a popular choice for payment in Mexico, offering the best exchange rate and earning credit card points, but be aware that not all businesses accept them. Make sure to ask first.

Using a credit card machine in Mexico will likely print out a receipt, which the cardholder must sign to complete the transaction. The chip & PIN payment method is also gaining traction.

Many businesses, especially restaurants, hotels, and stores, accept credit cards, but it's always a good idea to carry some cash. Using an ATM is a better option than currency exchanges, just be sure to read the pro tip.

Travel money cards, like Mexican Peso Travel Money Cards, are prepaid debit cards that allow you to hold local currency, treating you like a local cardholder. They can be topped up with your home currency and converted to Mexican pesos.

User-friendly fintech apps like Revolut offer superior rates compared to banks and bureau de change kiosks, and are also more convenient since you can download them and use their virtual cards directly on your smartphone.

If you're looking for ways to get Mexican pesos, you have several options to consider. You can visit currency exchanges at the airport or downtown, but be aware that they often offer worse exchange rates than your bank, making them a last resort.

For a better exchange rate, look for a Casa de Cambio or search online for a Currency Exchange Service. You can also check the exchange rate on the Bank of Mexico's website, as well as on the websites of banks and exchange offices.

To get the best exchange rate, it's best to use a combination of your bank and ATMs. You can also consider online foreign currency exchange services, but be aware that they often charge exchange rate margins and commission fees.

You can exchange up to 300 dollars per day, according to the regulations established within the Official Gazette of the Federation (DOF).

If you're planning to exchange a larger amount, you can exchange up to 1,500 dollars per month.

Exchange rates can change throughout the day, so it's a good idea to check the current rate before making a purchase.

You can pick up your currency at a convenient time with Click & Collect, or have it delivered to your home for free on orders over £500.

Currency exchanges can be a minefield, but don't worry, I've got the scoop.

Using currency exchanges at the airport or downtown will always give you a worse exchange rate than your bank, which is how they make their money. They'll try to sell you a subpar exchange rate, so it's best to avoid them unless you have some leftover pesos to exchange back into your home currency.

If you do need to exchange money in Mexico, look for "Casa de Cambio" or search for a nearby "Currency Exchange Service" on Google Maps. It's a good idea to call ahead to ask about the current exchange rate.

Online foreign currency exchange services can be convenient, but be aware that they'll charge you two kinds of fees: an exchange rate margin and a commission fee. To avoid extra costs, order Mexican pesos in cash online a few weeks in advance and pay with a debit card instead of a credit card.

You can check the exchange rate between dollars and Mexican pesos on the website of the Bank of Mexico (Banxico), the Federal Official Gazette, or on the websites of banks and exchange offices.

Here are some options to consider when buying Mexican pesos:

Keep in mind that casas de cambio (exchange houses) usually don't offer the best exchange rates, and many charge a commission on the amount exchanged. They're best used for exchanging a small amount of leftover cash back into your home currency as you leave Mexico.

Banks that operate across the country will allow you to exchange dollars for Mexican pesos.

You can exchange dollars for Mexican pesos at the bank's branches located throughout Mexico, or through their websites and apps for electronic banking.

Each bank has a fixed exchange rate, which depends on the characteristics of the service they provide.

Keep in mind that exchange rates may vary between banks.