Best Currency to Take to Mexico (2024)

Are you travelling to Mexico and wondering which currency you should take there? Mexico uses the Mexican peso, meaning that, except in tourist establishments, airports, or hotels, you normally won't be able to use major currencies like the US dollar or British pound to pay your way.

To pay while you're in Mexico, you'll either need to buy Mexican peso banknotes before or during your trip, use your credit card, or use a low-cost multi-currency debit card like Revolut's or Wise's travel cards.

Key Facts About Currency in Mexico

Overview of Currency in Mexico

As we saw earlier, the currency in Mexico is the Mexican peso.

As the official legal tender in Mexico, it's the sole currency recognized by the Mexican government, and you can use it to settle all financial obligations in the country, from paying for your hotel stay, to the entrance fee at Chichén Itzá, to a bite to eat in Bahía Concepción.

Learn more about the Mexican peso

Best Currency to Take to Mexico

Because it's the local currency and because you won't have any trouble buying goods with it, the best country to have on hand and spend while visiting Mexico is, unsurprisingly, the Mexican peso.

However, if you're taking another currency along with you, the US dollar is a safe bet, as it's highly exchangeable at banks and currency exchange offices in Mexico, even if it's neither official nor used ubiquitously across the country.

You can check out the prevalence of a few of the most popular tourist currencies in Mexico below:

• US dollars in Mexico

  Although US dollars aren't offically accepted in Mexico, you can often use them anyway. Airport, hotels, or shops and restaurants in major tourist areas always let you pay in dollars, but even non-touristy establishments often quote prices in both pesos and dollars. If you're from the USA, we recommend using Chime's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in Mexico. However, out-of-network ATM withdrawal fees andover-the-counter advance fees may apply.

• British pounds in Mexico

  You cannot use British pounds to pay while visiting Mexico. However, you can withdraw pesos from Mexican ATMs or exchange your pounds for pesos at a local bank or currency exchange office. If you're from the UK, we recommend using Revolut's travel debit card, which has market-low currency exchange charges.

• Euros in Mexico

  You cannot use euros to pay while visiting Mexico. However, you can withdraw pesos from Mexican ATMs or exchange your euros for pesos at a local bank or currency exchange office. If you're from the European Union or EEA, we recommend using Revolut's debit card, which charges no foreign exchange fees, to make low-cost card payments while travelling in Mexico.

Although Mexican peso is the best currency to use and the US dollar can be helpful at times too, exchanging currencies in the form of cash almost invariably leads to poor exchange rates for tourists (we've seen as high as 20% commissions, although the average is between 5% and 15% of the amount exchanged).

For this reason, it's generally a better idea to use your credit or debit card to pay at local points of sale wherever possible or (if cash is urgently needed) to withdraw some money from a local ATM. This will let your card provider handle the conversion, which is usually, although not always, a better deal than bringing foreign currency into Mexico and exchanging it there. However, as we'll see below, a conversion-friendly debit card is the best choice of all!

ChangeGroup

ChangeGroupis a viable option If you need physical Mexican peso in cash in hand before your flight abroad to Mexico. When it comes to popular currency pairs likeGBP to EUR, ChangeGroup maintains a low FX markup of approximately 2.2%.

For less common currency pairs like GBP to Turkish lira, however, their rates may be comparable to those offered by traditional services, hovering around 15%. This is why we tend to recommend Revolut and Wise for less common currencies.

• FX Margin: 2.2% - 28.7%, varies by currency pair
• Home Delivery: For a fee
• Cash Pick Up: Free
• Guaranteed Buyback: For a fee
• Availability: UK, USA, Australia, Germany, France, Austria, Spain, Denmark, Sweden, Finland

Go to ChangeGroup

How to Pay in Mexico

When it comes to paying your way in Mexico, you'll have the following three options broadly speaking:

Method 1: Cash

As we mentioned earlier, cash is an important medium of exchange in Mexico. Pretty much all shops, restaurants, and commercial establishments around the country will accept Mexican peso banknotes, and we recommend having some on hand when you travel. Foreign cash can be purchased before your trip from your bank in your home country, or during your trip at a local Mexican bank or currency exchange office or (most affordably) from an ATM.

Note that in Mexico, currency exchange offices normally go by the name casas de cambio, so if you want to exchange your home currency for Mexican peso, be on the lookout for signage with this name.

• Cash prevalence in Mexico: Very prevalent
• Cost to exchange: 5% - 15% on average

Method 2: Credit Card

Although cash is king in Mexico, credit and debit cards issued by major global providers like VISA and Mastercard are commonly accepted too. If your card is issued by American Express, Diner's Club, or another card company, there's a good chance they'll also be accepted in Mexico, but we recommend checking with your bank or card provider directly to make sure that Mexican peso currency conversion is indeed supported, and that card machines and ATMs in Mexico commonly support cards of this type.

• Card prevalence in Mexico: Prevalent
• Cost to exchange: 2% - 5% on average

Method 3: Travel Debit Card

Just like credit cards, prepaid debit cards (which are also normally issued by VISA or Mastercard) provide an excellent way to pay while visiting Mexico, the main difference being that you normally pay lower fees and exchange rates. Depending on where you live, you'll probably have options from your bank or a third-party provider to use a commission-free debit card or a multi-currency card which can help you dodge high Mexican peso conversion costs, including DCCs.

According to our analysis of dozens of providers, the top two options for travelling to Mexico, in general, are the following:

Revolut

Revolut is an excellent option for paying in Mexico. Its all-in-one mobile finance app and debit card offer competitive exchange rates to the Mexican peso and low fees. What's more, you can easily manage everything through your money through Revolut's user-friendly app.

Monito Score

• Customer Satisfaction 9.4

Go to Revolut ❯

• Monthly fee: $0
• Card type: Mastercard debit
• Card payment cost in Mexican peso: 0.5% - 1.5%
• Cash withdrawal fee: 0% - 2%
• Mexican peso balance: Yes
• Mexican peso bank details: No

Wise Account

The Wise Account is another great option for paying in Mexican peso. It gives you the lowest possible currency exchange rates with complete transparency and no hidden fees. It also allows you to hold and manage over 50 currencies in one account and provides fast and secure cross-border money transfers at a fraction of the cost of traditional banks.

Monito Score

• Customer Satisfaction 9.6

Go to Wise ❯

• Monthly fee: $0
• Card type: VISA debit
• Card payment cost in Mexican peso: 0.5% - 1.5%
• Cash withdrawal fee: 0% - 2%
• Mexican peso balance: Yes
• Mexican peso bank details: No

Wise and Revolut are excellent options that are available in many countries around the world. However, depending on where you live, you might have access to better deals still. We go over a few of them below:

United Kingdom

1. Revolut:Best spending and budgeting app.
2. Wise:Best for multiple foreign currency balances.

United States

1. Chime®:Best all around; no fees for non-USD transactions.
2. Revolut:Best all-around spending app.
3. Wise:Best for foreign currency spending and holidays.

Canada

1. KOHO: No foreign transactions fees on Extra or Everything plan.
2. Wise: Best for foreign currency spending and holidays.

European Union

1. Revolut:Excellent for spending abroad.
2. N26:Best full bank account with low fees (even abroad)
3. bunq:Best credit card (also a fully-licensed bank).

FAQ About Currency in Mexico

• What's the best currency to take to Mexico?

  The best currency to take to Mexico is the local currency, the Mexican peso. US dollars are also highly exchangeable at local banks and currency exchange offices. However, instead of converting physical banknotes, the cheapest way to pay in Mexico is to use a multi-currency travel debit card like Revolut or Wise.

• Should I exchange my currency before traveling to Mexico?

  Generally, we don't recommend exchanging currency before travelling to Mexico. Although having some Mexican peso cash on hand can be helpful, we recommend drawing some from an ATM once you've arrived in Mexico using a prepaid multi-currency card like Revolut to avoid the hidden currency exchange fees.

• Is it better to use credit cards or cash when traveling abroad?

  It depends on the country you're visiting and the expenses you will have. Credit cards are widely accepted in many countries, including Mexico, and can offer benefits such as rewards points and fraud protection. However, some places may only accept cash, especially in more rural areas. It's a good idea to have both cash and credit cards on hand and to research the best way to access your money while travelling.

• How do I avoid exchange fees when traveling to Mexico?

  The best way to avoid currency exchange fees when travelling to Mexico is to pay using a multi-currency travel debit card like Revolut or Wise. This way, you can make low-cost conversions to the Mexican peso every time you tap your card or withdraw cash. Other excellent debit cards that don't charge conversion fees include Revolut in the UK and Chime in the US.

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