A Traveler’s Guide to Mexico’s Currency: Peso

As you prepare to embark on your Mexican adventure, it’s essential to understand the local currency, peso. Here’s a comprehensive guide to help you navigate this important aspect of traveling in Mexico.

History of the Mexican Peso

The Mexican peso has been the official currency of Mexico since 1793. The word “peso” comes from the Spanish word for “weight,” which refers to the original unit of measurement used to standardize the currency. Over the years, the peso has undergone several changes in denominations, with some being phased out and replaced by new ones.

Current Denominations

As of 2022, the Mexican government issues banknotes in the following denominations:

• Bills:
  • 20 pesos (blue)
  • 50 pesos (green)
  • 100 pesos (red)
  • 200 pesos (orange)
  • 500 pesos (purple)
  • 1,000 pesos (pink)
• Coins: There are several denominations of coins available, including:
  • 5, 10, and 20 centavos
  • 50 and 100 centavos (rarely seen in circulation)
  • Pesos (no longer minted but still accepted by some businesses)

Currency Usage

1. Credit Cards: Most major credit cards, including Visa, Mastercard, and American Express, are widely accepted in tourist areas and larger cities. However, it’s always a good idea to have some local currency on hand for small purchases or when traveling outside of urban areas.
2. ATMs: ATMs (also known as cajeros automáticos) can be found throughout Mexico, but it’s essential to check with your bank before using them to ensure that your card won’t incur any foreign transaction fees.
3. Cash: You’ll need some local currency for small purchases, street vendors, and rural areas where credit cards might not be accepted.

Tips and Tricks

• Make sure to have some small denominations (20-50 pesos) on hand for tips or when using public transportation.
• Be cautious of counterfeit bills, especially with the new 500-peso note.
• Some businesses may not accept credit card payments in rural areas, so it’s a good idea to have some cash on hand.
• You can exchange your money at airports, banks, or currency exchange offices.

Additional Information

• Exchange Rates: The peso is divided into cents. For example, 1 USD is equivalent to approximately 20 pesos (subject to change).
• Tipping: Tipping is customary in Mexico, especially for good service.
• Currency Exchange Fees: Be aware of the fees associated with exchanging your money at airports or currency exchange offices.

By understanding the basics of Mexico’s currency and being prepared, you’ll be able to navigate this aspect of traveling in Mexico with confidence.