GlobLeo Travels

Currency Guide – Mexico

,

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 currency 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.

Major Banks In Mexico

Here are the top 10 major banks in Mexico with brief descriptions of each:

  1. BBVA Bancomer:
    The largest bank in Mexico, offering a wide range of services including retail banking, corporate finance, and investment products. It has the largest network of branches and ATMs in the country.
  2. Banorte:
    The largest Mexican-owned bank, known for its extensive network and diverse financial services. It has been expanding through acquisitions and offers retail banking, investment services, and insurance products.
  3. Santander Mexico:
    A subsidiary of the Spanish Santander Group, providing a comprehensive range of consumer and business banking services, including mortgages, credit cards, and foreign trade services.
  4. CitiBanamex:
    One of Mexico’s oldest banks, now part of Citigroup. It offers a wide array of financial services to individuals, government agencies, and businesses.
  5. HSBC Mexico:
    A major player in the Mexican banking sector, offering personal and business banking services, including wealth management and commercial banking.
  6. Scotiabank Mexico:
    A subsidiary of Canada’s Scotiabank, providing various banking services to individuals and businesses in Mexico.
  7. Inbursa:
    A Mexican financial group offering banking, insurance, and investment services. Known for its conservative approach and strong financial position.
  8. Banco Azteca:
    A retail bank with a focus on serving lower-income segments of the population. It has a significant presence in retail stores and offers basic banking services.
  9. Banco del Bajio (BanBajio):
    One of the fastest-growing banks in Mexico, offering comprehensive financial products and services for individuals and businesses. Known for its diverse range of consumer loans and mortgages.
  10. Banco Azteca:
    A bank focused on providing financial services to the mass-market segment in Mexico. It has a strong presence in retail locations and offers basic banking products.

These banks dominate the Mexican banking sector, with the top seven controlling about 78-80% of the market share by total assets.

Explore Mexico Further

, , , ,

Cosmic Voyager

The Cosmic Voyager is a passionate traveler with an insatiable curiosity for the wonders of the universe, always seeking new horizons and experiences that expand the mind and soul.

Previous
Next

Related Posts