Mexico, located in North America, is a tourism hotspot. Apart from its natural beauty, the country is globally known as the centre of the historic Aztec empire. It is thus one of the world's most prominent tourist destinations.
If you plan to visit the country but are worried about what currency is used in Mexico, you are at the right place!
Read on to know everything you need to know about Mexican Peso ($), Mexico's legal tender.
Mexican currency is derived from the money used by its colonial masters, the Spanish Reales. Silver coins of eight Real value were called Pesos. The Second Mexican Empire started minting Pesos subdivided into 100 units called centavos.
Post-independence, Mexico had silver and gold Peso in circulation. However, in the 1870s, most of Europe had shifted to the gold standard in their currency. This caused a substantial increase in the gold Peso's value. Consequently, silver Peso coins gradually decreased in fineness till it was last minted in 1977.
After a series of financial crises, The Bank of Mexico introduced a new currency of a higher value called the Nuevo Peso in 1993 to stabilize the Mexican economy. The circulation of new banknotes of this currency started alongside the old Peso. This gradually phased out the older currency. In 1996, 'nuevo' was dropped from the name, and it has been used as Peso since.
Since then, despite financial difficulties faced by the economy, the Mexican Peso has grown in importance to become the 15th most traded currency in the world. It is also the third most important currency in the Americas.
The Bank of Mexico is the sole issuing authority for the Mexican Peso. The currently ongoing series of banknotes (Series G) comes in denominations of $20, $50, $100,$200,$500,$1,000. It has also promised to introduce a $2,000 note if necessary. In addition to these, coins of lower denominations such as $1, $2, $5, $10, $20, and 5, 10, 20, and 50 centavos are also issued.
Although the name 'peso' is common for the currencies of Latin American countries, each of them has its own Pesos. Therefore, only Mexico uses the Mexican Peso for regular transactions within its borders. Only certain establishments on the USA-Mexico border may accept MXN, even if not legal tender.
You can usually buy Mexican Pesos either from a bank or a bureau de change. However, when buying travel money from these establishments, you are likely to face certain issues. These may include:
A fixed exchange rate means you might end up shelling out more money per exchange in case the current rates drop below the fixed ones.
Multiple hidden charges can inflate the amount of GBP you have to pay against CNY.
Lengthy procedure for exchanging currency.
A physical visit to the exchange location is often compulsory, and online support is usually unavailable.
Using the services of an online foreign exchange service provider will help you avoid these problems. In addition, these online currency providers usually give you faster currency exchange services at far lower rates.
However, it is essential to ensure that the currency exchange provider is entirely transparent with you when buying Mexican pesos.
Mexico is one of the world's largest tourist destinations. Statistics indicate that over 35 million international tourists visited the country in 2021. Therefore, there are several facilities in the country to accommodate them. Typical expenses for tourists during their stay can be as follows:
Taxi: Taxi fares start from as low as 20 MXN and can go up to 50 MXN, especially in remote locations and popular tourist destinations.
Meal for two: There are multiple eateries in Mexico. A full meal for two at a typical restaurant should cost between 150 MXN and 600 MXN.
Hotel room: Mexico has several hotels offering various levels of amenities. Charges can range from 1,000MXN to over 5,000 MXN.
Mexico is primarily a cash-based economy. While there are several ATMs, most of them do not accept foreign-issued debit or credit cards. Moreover, currency exchange within Mexico can be more expensive. Therefore, you should purchase Mexican Pesos before you visit the country.
Summary
You must know what currency is used in Mexico and how you can buy some before you travel there to ensure a problem-free trip. You can get the best exchange rates for Mexican Pesos against British Pounds with The Currency Club. We offer a quick, secure, and hassle-free currency delivery service via post with us.
Moreover, we provide you with live interbank rates and no hidden charges on your transactions, ensuring complete transparency. So buy your travel money from The Currency Club before you visit Mexico.
We have made every effort to ensure that the information published here is correct and accurate, however you should check and confirm the latest exchange rates with The Currency Club directly prior to making a decision. The information published is general and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available
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