Before setting off for Mexico, it’s essential to learn about Mexican currency to ensure a stress-free trip. Whether it’s about the form that money in Mexico takes (coins and banknotes), exchanging or withdrawing it there, or learning about payment methods, there are a lot of things to read up on before catching your flight.
In this guide, you’ll learn everything you need to know about currency in Mexico so that you can travel with complete confidence.
What Is the Official Currency in Mexico?
The official currency of Mexico is the Mexican peso:
- Its symbol is $ or $Me,
- Its abbreviation is MXN,
- 1 euro is worth around 18.16 pesos,
- Each peso can be divided into 100 centavos (cents).
The symbol of Mexican currency is identical to the US dollar symbol ($), which can cause confusion when you’re shopping. As such, prices are very often displayed as $ or $Me for the peso and as US$ for the US dollar.
What Are the Coins and Banknotes in Mexican Currency?
Mexican currency consists of various coins and banknotes, ranging from 10 centavos to 1000 pesos:
- Coins in Mexican Currency: 10, 20 and 50 centavos and 1, 2, 5, 10 and 20 pesos,
- Mexican Banknotes: 20, 50, 100, 200, 500 and 1000 pesos.
Send Money to Mexico with Western Union
With Western Union, you can send money to Mexico in just a few clicks at a great rate.
How Can You Pay in Mexico?
In Mexico, cash payment is by far the most common and convenient way to pay for your purchases. However, payment by bank card (debit or credit) is widespread in tourist areas and “high-end” establishments, and is becoming a little more common in the country every year.
Let’s go over the details of these different payment methods in Mexico:
- Cash: The vast majority of purchases in Mexico are made in cash, both for small everyday expenses (bus tickets, markets, local restaurants, gas stations) and larger ones. As such, it’s always advisable to have Mexican currency on you, especially when traveling domestically. Try to have small denominations of Mexican currency, though, as 500- and 1000-peso notes can be difficult to use.
- Bank Card (credit or debit): Bank card payments (Visa, Mastercard and Amex) are accepted in major cities, tourist areas and a large number of high-end stores and establishments. Except for these places, bank cards will rarely be accepted. When you’re shopping, pay attention to the exchange rate applied and the various fees and commissions charged — these are estimated to be between 3% and 7% per transaction.
- Traveler’s Checks: Although sometimes accepted, they’re increasingly rare and are very difficult to exchange once you’re there.
Can You Pay in Euro in Mexico?
Yes, sometimes you can pay in euro in Mexico at certain international establishments (hotels, car rental companies, airlines), but this is quite rare. The US dollar is much more popular and more widely accepted in the country, especially in coastal resorts like Cancún and Playa del Carmen.
You’ll be able to pay for some of your purchases in dollars if you don’t have Mexican currency. Remember, though, that you’ll aways get your change in Mexican pesos. When paying in euro or dollars, bear in mind the exchange rate charged by merchants, which can be very unfavorable.
Before you head off, it could be useful to change some of your euro into dollars so that you always have some on you if needed. If you do, try to get small denominations, as they’re easier to use. If you need Mexican money, you can use the Western Union Money Transfer system to get cash really quickly.
Where Can You Change Money in Mexico?
You can change your money in Mexico:
- At foreign exchange offices, which are very common in cities (especially for changing currency in Mexico City),
- At Western Union agent locations,
- At foreign exchange counters at ports or airports (often unfavorable),
- At banks.
Foreign exchange offices, or casas de cambio, like Western Union are the most common place to exchange money in Mexico. They don’t charge fees and often have extended opening hours during the week.
Many traditional casas de cambio offer highly variable rates, which can be less favorable. So, remember to check and compare the exchange rates of the offices so you can get as much Mexican currency as possible.
You can also change your euro or dollars into Mexican currency at most of the country’s major banks. While banks like Banco Azteca and CIBanco allow you to freely change your money, a lot of banks (Banamex, Santander, HSBC) tend to only offer this service to their customers.
As with Colombian or Chilean currency, never change your money on the street — always change it in a safe official location instead.
Western Union guarantees the safest, most reliable and fastest way to exchange your money in Mexico at a market-leading rate. Our agent locations are open every day of the week, providing a convenient, easy and secure service to meet all your needs, whether you’re exchanging euro, exchanging dollars, or sending or receiving money.
Where Can You Withdraw Money in Mexico?
You can withdraw money in Mexico at any ATM in the country. This is the quickest way to get Mexican currency. ATMs are particularly common in major cities and tourist areas. Withdrawal limits often vary between $Me5000 and $Me12,000 (between roughly €240 and €570).
So, while it’s really easy to withdraw money in Mexico in large and medium-sized cities, it’s more difficult in remote locations. As such, remember to have cash on you before you travel. Similarly, whenever you need currency in Mexico, use an ATM provided by a reputable bank, as they are often safer.
Pay attention, as all bank withdrawals will incur fees — not only from your French bank, but from the Mexican bank too. The amount of this Mexican fee is generally shown, and can vary between $Me30 and $Me80 (between €1.60 and €4.30). So, make large withdrawals if you can to avoid constantly paying fees.
Finally, before you head off to Mexico, let your bank know that you’ll be using your card there to avoid the risk of them blocking it as a security measure.
FAQs
What Is the Mexican Peso Exchange Rate?
The Mexican peso exchange rate is approximately:
- 1 euro = 18.16 pesos
- 1 peso = 0.06 euro
How Can I Send Money to Mexico?
With Western Union, easily send money to Mexico from France:
- Online in a few clicks via our website,
- With our mobile app,
- In person, by going to an agent location.
Your receiver can get the money in cash, in their account (via their Mexican IBAN) or in their mobile wallet.
