Mexico Travel: Peso Exchange & Budget Guide
A practical guide to Mexican Peso exchange for travelers, with ATM tips, tipping customs, safety advice, and detailed cost breakdowns across Mexico's diverse regions.
Mexico: Incredible Value Meets Rich Culture
Mexico offers one of the best travel values in the Americas, combining ancient ruins, stunning beaches, world-class cuisine, and vibrant culture at prices that are remarkably affordable for international visitors. From the colonial charm of San Miguel de Allende to the beaches of Tulum, the food markets of Oaxaca to the nightlife of Mexico City, smart money management helps you experience more for less.
The Mexican Peso (MXN) has seen significant fluctuation in recent years, trading in a range of roughly 16-20 MXN per 1 USD. Understanding exchange rates, ATM strategies, and the nuances of paying in Mexico ensures you get the most from every peso.
Understanding the Mexican Peso (MXN)
Exchange Rate
The Mexican Peso typically trades around 17-18 MXN per 1 USD, though this fluctuates. For US travelers, this means Mexico offers excellent value — a $100 USD daily budget goes very far outside of luxury resort areas.
Denominations
Banknotes:
| Denomination | Color | Approximate USD |
|---|---|---|
| $20 MXN | Blue | ~$1.15 |
| $50 MXN | Pink/Magenta | ~$2.85 |
| $100 MXN | Red | ~$5.70 |
| $200 MXN | Green | ~$11.40 |
| $500 MXN | Brown/Orange | ~$28.50 |
| $1,000 MXN | Purple | ~$57.00 |
Based on approximate rate of 17.5 MXN = 1 USD
Coins: 10¢, 20¢, 50¢, $1, $2, $5, $10, $20
Warning: The $20 MXN coin and $20 MXN banknote both exist. The $10 and $20 peso coins can look similar to each other. Always check your coins carefully.
Mental Math
At approximately 17.5 MXN per 1 USD, you can divide peso prices by roughly 18 for a quick USD estimate. A 500-peso dinner is approximately $28 USD. A 200-peso taxi ride is about $11 USD.
Where to Exchange Mexican Pesos
ATMs (Recommended for Most Travelers)
ATMs offer the most convenient way to get pesos in Mexico, and they are widely available in cities, towns, and tourist areas.
Best ATM practices:
- Use ATMs inside banks or in well-lit, secure locations (mall ATMs are also good)
- Withdraw during business hours when the bank is open
- Major banks: BBVA, Banorte, Santander, Citibanamex, HSBC
- Most ATMs dispense 200 and 500 peso notes
- Per-transaction limits vary: typically 6,000-9,000 MXN ($340-515 USD)
Fee structure:
- Mexican bank ATM fee: typically 30-60 MXN ($1.70-3.40) per transaction
- Your home bank fee: varies ($2-5 plus 1-3% foreign transaction fee)
- Always decline the ATM's DCC offer — withdraw in pesos
Casas de Cambio (Exchange Houses)
Licensed exchange houses are found throughout Mexican cities and tourist areas. Their rates vary significantly, so compare a few before committing.
Tips for casas de cambio:
- Check the mid-market rate on your phone first
- Look for the "tipo de cambio" (exchange rate) posted outside
- "Compra" means they buy (what you get when selling them USD), "Venta" means they sell
- Rates in tourist areas are typically worse than in commercial districts
- Avoid exchange bureaus right at the border crossing
Bank Exchange
Mexican banks exchange foreign currency, but the process can be slow and bureaucratic. You will need your passport and may face limitations on the amount. Rates are generally fair (1-2% spread) but not as good as the best casas de cambio.
Airport Exchange
Mexican airports (Mexico City, Cancun, Guadalajara, etc.) have exchange counters with rates 3-6% worse than mid-market. Exchange only what you need for immediate transport.
US Dollars in Mexico
US dollars are widely accepted in tourist areas (Cancun, Playa del Carmen, Cabo San Lucas, Puerto Vallarta), but the exchange rate applied by merchants is almost always unfavorable — typically 10-20% worse than the actual rate. Always pay in pesos for better value.
Card Payments in Mexico
Growing Acceptance
Card acceptance in Mexico has expanded dramatically in recent years, especially in cities and tourist areas. However, Mexico remains more cash-dependent than the US, Canada, or Europe.
Where cards typically work:
- Hotels and resorts
- Restaurants in tourist areas and upscale establishments
- Chain stores and supermarkets (Walmart, Soriana, Oxxo — some locations)
- Gas stations (most now accept cards)
- Uber and ride-hailing apps
Where you need cash:
- Street food and market vendors
- Local restaurants and fondas (small eateries)
- Colectivos (shared vans) and local buses
- Taxis (most are cash-only)
- Many small shops
- Beach vendors and tour operators
- Tips
Recommended: Carry Both
A good strategy in Mexico is to use cards for larger purchases (hotels, restaurants, shopping) and carry cash for daily expenses, food, transport, and tips. Budget 60-70% of your spending in cash in non-resort areas.
Tipping in Mexico
Expected and Important
Tipping is an important part of Mexican culture, and many service workers rely on tips as a significant portion of their income.
| Situation | Suggested Tip |
|---|---|
| Restaurant | 15-20% (check if "propina" is included) |
| Bar | 10-15% or $20 MXN per drink |
| Taxi | Not expected (round up for good service) |
| Uber | Optional, 10-15% through app |
| Hotel porter | $25-50 MXN per bag |
| Hotel housekeeping | $25-50 MXN per day |
| Tour guide (full day) | $100-300 MXN per person |
| Grocery bagger | $10-20 MXN |
| Gas station attendant | $10-20 MXN |
| Valet parking | $20-50 MXN |
| Spa/massage | 10-15% |
Important: In some restaurants, a "propina" (tip) is automatically added to the bill, especially for groups. Check before adding a double tip. Also, some tourist-area restaurants add a service charge for foreign-looking guests — check the bill carefully.
What Things Cost in Mexico (2025)
Food and Drinks
| Item | Price (MXN) | Approximate USD |
|---|---|---|
| Street taco (each) | $15-30 | $0.85-1.70 |
| Taco plate (3-4 tacos) | $60-120 | $3.40-6.85 |
| Fonda lunch (comida corrida) | $70-120 | $4.00-6.85 |
| Mid-range restaurant | $200-400 | $11.40-22.85 |
| Fine dining | $500-1,500+ | $28.55-85.70+ |
| Beer (convenience store) | $20-35 | $1.15-2.00 |
| Beer (bar/restaurant) | $50-100 | $2.85-5.70 |
| Craft beer (bar) | $80-150 | $4.55-8.55 |
| Mezcal shot (bar) | $60-150 | $3.40-8.55 |
| Coffee (local cafe) | $30-60 | $1.70-3.40 |
| Fresh juice (street) | $25-50 | $1.40-2.85 |
| Water (1.5L) | $15-25 | $0.85-1.40 |
Transportation
| Mode | Price (MXN) | Notes |
|---|---|---|
| Mexico City Metro | $5 | Per ride (incredibly cheap) |
| Uber (Mexico City, 10km) | $80-180 | Varies with traffic |
| ADO bus (CDMX-Oaxaca) | $600-900 | ~6 hours, first class |
| ADO bus (Cancun-Playa del Carmen) | $100-200 | ~1 hour |
| Colectivo (shared van) | $20-50 | Short routes |
| Domestic flight | $800-3,000 | Book ahead |
| Taxi (airport, Cancun) | $400-800 | To hotel zone |
| Car rental (per day) | $500-1,500 | Plus insurance (mandatory) |
| Gas/petrol | $22-25/L | Self-serve or attendant |
Accommodation
| Type | Mexico City | Beach Resorts | Colonial Towns |
|---|---|---|---|
| Hostel dorm | $200-400 | $250-500 | $150-300 |
| Budget hotel | $500-1,000 | $800-1,500 | $400-800 |
| Mid-range hotel | $1,000-2,500 | $1,500-4,000 | $800-2,000 |
| Luxury hotel | $3,000-10,000+ | $4,000-15,000+ | $2,000-6,000+ |
Per night in MXN
Activities
| Activity | Price (MXN) | Notes |
|---|---|---|
| Chichen Itza entry | $614 | Includes federal and state fee |
| Teotihuacan entry | $90 | Plus parking |
| Museum entry (CDMX) | $0-90 | Many free on Sundays |
| Cenote entry | $100-500 | Varies by cenote |
| Snorkeling tour (Cancun) | $800-1,500 | Half day |
| Cooking class (Oaxaca) | $1,000-2,500 | Includes market visit |
| Scuba diving (Cozumel) | $1,500-3,000 | 2-tank dive |
Daily Budget Estimates
| Travel Style | Daily (MXN) | Daily (USD) |
|---|---|---|
| Backpacker | $600-1,200 | $34-69 |
| Budget | $1,200-2,500 | $69-143 |
| Mid-range | $2,500-5,000 | $143-286 |
| Luxury | $5,000-15,000+ | $286-857+ |
Safety and Money
ATM Safety
- Use ATMs inside banks, shopping malls, or well-trafficked areas
- Avoid standalone ATMs on the street, especially at night
- Be aware of your surroundings when withdrawing cash
- Do not count your money at the ATM — walk away and count later in a safe location
- Consider withdrawing during business hours when bank security is present
Carrying Cash
- Do not carry large amounts of cash
- Use a money belt or hidden pouch for larger bills
- Keep daily spending money in a separate, easily accessible pocket
- Leave emergency cash and backup cards in your hotel safe
Card Security
- Notify your bank of travel to Mexico to prevent fraud blocks
- Monitor your card statements for unauthorized charges
- Use tap-to-pay where possible (rather than handing your card to someone)
- Have at least two different cards from different banks as backup
Fake Bills
Counterfeit pesos do circulate, particularly the $500 note. Hold notes up to light to check for the watermark and metallic security thread. Get change from reputable businesses.
Practical Tips
Free Museum Sundays
Most Mexican museums, including world-class ones like the National Museum of Anthropology in Mexico City, offer free entry on Sundays. Plan your museum visits accordingly.
Comida Corrida (Set Lunch)
Many small restaurants and fondas offer a "comida corrida" — a multi-course set lunch (typically soup, main course, drink, and sometimes dessert) for 70-120 MXN ($4-7 USD). This is the best food value in Mexico and what locals eat daily.
OXXO Convenience Stores
OXXO is Mexico's ubiquitous convenience store chain (over 20,000 locations). They accept cash and cards, sell affordable snacks and drinks, and have ATMs. Some also offer bill payment services.
Water Safety
Do not drink tap water in Mexico. Bottled or purified water (agua purificada) is inexpensive and widely available. Most restaurants use purified water for ice and cooking, especially in tourist areas, but ask if you are unsure.
Key Takeaways
Mexico offers extraordinary travel value, especially for food and accommodation. Use ATMs inside banks for the safest and most convenient way to get pesos, always pay in pesos rather than USD, and keep plenty of cash for Mexico's still-predominantly-cash economy. Tip generously (15-20% at restaurants), and take advantage of incredible street food and comida corrida set lunches for budget-friendly eating.
For real-time MXN exchange rates and budget planning, visit the currency converter at hwanyul.com.
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