Mexico Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Introduction

  Currency and exchanging money

  The Mexican currency is the Mexican Peso which is divided into 100 Mexican cents (centavos). The Peso is abbreviated with a ‘$’ sign, so do not confuse these with US-Dollars. To avoid confusion, people sometimes abbreviate the Mexican Peso with ‘MX$’ or ‘MN’ (moneda nacional), while US-Dollar prices are normally quoted with ‘US$’.

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  Cards

  Cash withdrawals and credit cards in Mexico

  Debit and credit cards are widespread in Mexico and are accepted at most larger hotels, shops, restaurants and service providers.

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  Bank accounts

  How to open a bank account in Mexico

  Mexican banks offer accounts in Mexican Pesos or US-Dollars. There are significant differences between account services and fees, so shop around before making a decision.

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  Money transfers

  Transferring money to and from Mexico

  International money transfers through Mexican banks can be extremely expensive and slow, so it is worth checking alternatives.

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  Credit

  Credit ratings, loans and mortgages in Mexico

  Since the opening of Mexico’s banking sector in 1998, foreign investments and takeovers have led to a professionalization of the banking system and a larger availability of credit products.

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