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.
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$’.
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.
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.
Transferring money to and from Mexico
International money transfers through Mexican banks can be extremely expensive and slow, so it is worth checking alternatives.
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.