Mexico money - essentials for travellers
The official currency of Mexico is the Mexican peso (MXN), which is issued in coins and banknotes. The coins are available in denominations from 1 centavo to 100 pesos and thus cover various small to medium payment amounts.
The banknotes are available in denominations from 20 to 1,000 pesos and depict historical figures and symbols that reflect Mexico's cultural heritage. These depictions honour figures such as Benito Juárez and Miguel Hidalgo, who played a significant role in Mexico's history.
History of the Mexican peso
The Mexican peso has a long history dating back to the 16th century, when it was introduced as a silver coin. With the discovery of large silver deposits in Mexico, the peso became an important trading currency in the Spanish colonial empire.
After Mexico's independence in the 19th century, the Mexican peso became the official currency of Mexico. The coins depicted national symbols and important personalities, which increased their cultural significance.
In the 1980s, severe inflation led to the introduction of the nuevo peso. This replaced the old peso at a ratio of 1:1,000 in order to regain confidence in the Mexican currency. This currency reform was decisive in stabilising the Mexican economy and helped to restore the population's confidence in the national currency.
Today, the Mexican peso is one of the most widely traded currencies in Latin America and reflects both the economic and cultural aspects of the country.
Worth knowing
- Symbol: $ | Abbreviation: MXN
- Coins & banknotes: Colourful notes with historical figures and symbols.
- Inflation: Nuevo Peso 1980s, 1,000 old pesos = 1 Nuevo Peso.
- Exchange rate: Volatile, especially against the USD.
- International significance: Frequently traded in Latin America.
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Important personalities and symbols on the banknotes
20 pesos
Benito Juárez - former president and symbol of reform and sovereignty.
50 pesos
Josés María Morelos - revolutionary and leading figure in the Mexican War of Independence.
100 pesos
Sor Juana Inés de la Cruz - Poet and scholar, an important figure in Mexican literature.
200 pesos
Miguel Hidalgo - the father of Mexican independence.
500 pesos
Frida Kahlo or Diego Rivera - famous artists who epitomise Mexican culture and identity.
1000 pesos
Felipe Ángeles and the revolutionaries - a symbol of the Mexican revolution and independence movement.
Overview of means of payment in Mexico
In urban areas, restaurants, hotels and larger shops, credit and debit cards (especially Visa and Mastercard) are widely accepted. However, smaller shops and markets often only accept cash, which is why a mixture of both means of payment is ideal.
Cash is favoured in Mexico, especially in rural areas and smaller shops where card payments are less commonly accepted. It is therefore advisable to always carry some cash with you to be prepared for all situations.
Digital payment methods are becoming increasingly popular, especially via payment apps such as Mercado Pago, which many people in Mexico can use to pay conveniently. QR code payments are also occasionally supported, especially in modern urban shops.
Cryptocurrencies such as Bitcoin are gradually gaining interest in Mexico. However, their acceptance in retail is still limited and travellers cannot rely on them being accepted in most shops.
Bills of exchange and ATMs
In Mexico, the Mexican peso (MXN) is usually used for payment. Changing money in Mexico is easy - it is recommended to have some cash with you, especially for smaller shops and markets. Credit cards are often accepted in cities, but you should always have some cash with you.
ATMs are widely available in cities and allow withdrawals in pesos.
For fair exchange rates, we recommend changing money in banks or official exchange offices. The exchange rate in Mexico can vary, so it is advisable to exchange money at banks or official bureaux de change. Valuables should be kept safe and ATMs should be used in well-lit areas.
Amounts over USD 10,000 must be declared on entry.
Frequently asked questions - Currency Mexico
In Mexico, the Mexican peso is generally used and euros are not widely accepted. However, you can exchange euros in banks or exchange offices.
You can currently get around 22 Mexican pesos for 1 euro. The exchange rate can fluctuate, so it's worth checking it again before exchanging. Banks and exchange offices often have their own fees, so it's best to compare different providers to get the best rate.
The exchange rate fluctuates, but as a rough guide, 1 euro is often worth between 18 and 22 pesos. For example, at an exchange rate of 20 pesos per euro, 100 pesos would be worth around 5 euros. It is advisable to check the current exchange rates as these can change daily.
Yes, you can withdraw cash from ATMs in Mexico with your debit card (provided it supports an international network such as Maestro or Cirrus). Make sure you check your bank's charges for foreign withdrawals.
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