Travel money guide to Mexico - Compare ways to spend | finder.com

Travel money guide: Mexico

Hola, amigos! Learn which payment methods are safe and convenient in Mexico and compare travel money.

Planning a trip south of the border? Preparing your travel money options beforehand is the key to a stress-free holiday. Compare prepaid travel cards, debit cards and credit cards to securely and conveniently access your money overseas.

We cover what money you’ll need to use in Mexico, the types of cards to take to save on fees and insider tips on bringing and spending travel money in Mexico.

Which option is right for your next trip?

A combination of a travel credit card, travel debit card and a prepaid travel card that allows you to preload the Mexican peso may be your ideal option for your next trip to Mexico. Don’t forget about having cash either, as it can always come in handy if want to shop at a street market or if a business doesn’t accept credit cards.

Compare travel cards for Mexico

Rates last updated April 20th, 2018
Name Product Foreign Currency Conversion Fee Overseas ATM Withdrawal Fee Overseas Cash Advance Fee Annual fee Product Description
Barclaycard Arrival Plus® World Elite Mastercard®
0% of transaction value
$0
$10 or 5% of the transaction, whichever is greater
$0 annual fee for the first year ($89 thereafter)
Enjoy 40000
bonus miles after you spend on purchases in the first 90 days — that's enough to redeem for a $400 travel statement credit toward an eligible travel purchase.
Simmons Bank Visa® Platinum
2%
of transaction value
$0
The Simmons Bank Visa® Platinum Card offers multiple perks, including one of the lowest available APRs on the market.
Chase Sapphire Preferred® credit card
0% of transaction value
$0 annual fee for the first year ($95 thereafter)
Earn 2X points on travel and dining at restaurants.
BankAmericard Travel Rewards® Credit Card
0% of transaction value
$0
Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.

Compare up to 4 providers

Promoted
Travelex Money Card

Why we like: Travelex Money Card

Load GBP, EUR, CAD, AUD, JPY or MXN onto this prepaid travel money card and use it at millions of locations worldwide.

  • Not linked to your bank account for safety.
  • Convert currency with a 5.50% foreign exchange fee
  • Contactless payments
  • Reload, withdraw, or replace your card for free.

    How much should I budget for my trip to Mexico?

    Mexico is a huge country with a rich history and culture. Depending on how much you’ll be moving around the country will determine how much money you’ll need to bring. Budget travelers can plan on spending less than $20 a day! While midrange to luxury vacations can run from $50 to $150.

    Mexico CityBudgetMid-rangeLuxury
    to-sleepHostel dorm bed
    $10
    Double room
    $35–$70
    Luxurious hotel double room
    $70–$300
    to-eatLunch in economical restaurant
    $4–$5
    Dinner with drinks
    $12–$20
    Fine dinner
    $20–$40
    to-seeMuseum admission
    $1–$4
    Uxmal Entrance for two
    $64
    Personalized day tour
    $100–$150

    *Prices are approximate and are subject to change

    Exchange rate history (USD to MXN)

    USD to the MXN for the last 10 days

    Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19
    1 USD = 18.2545 Inverse: 0.0548 18.2082 Inverse: 0.0549 18.1853 Inverse: 0.0550 18.0454 Inverse: 0.0554 18.0454 Inverse: 0.0554 18.0550 Inverse: 0.0554 18.0051 Inverse: 0.0555 18.0397 Inverse: 0.0554 18.0792 Inverse: 0.0553 18.4491 Inverse: 0.0542

    USD to the MXN for the last 10 months

    Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018
    1 USD = 17.9289 Inverse: 0.0558 17.5740 Inverse: 0.0569 17.7070 Inverse: 0.0565 17.8202 Inverse: 0.0561 18.9934 Inverse: 0.0526 18.9951 Inverse: 0.0526 19.4710 Inverse: 0.0514 18.5877 Inverse: 0.0538 18.8387 Inverse: 0.0531 18.5252 Inverse: 0.0540

    How to send money to Mexico

    Back to top

    Travel card, credit card or debit card?

    The local currency in Mexico is the Mexican peso and there are a few ways you spend it. Here we compare prepaid travel cards, credit cards and debit cards to help you determine which option is best for your trip to Mexico.

    ATM’s are widely available in Mexico and are compatible with debit cards, credit cards and prepaid travel cards.
    How to use a credit card in Mexico

    Travel money options for Mexico at a glance

    Travel money optionProsCons
    Debit cards for travel
    • Protected by PIN & chip
    • Ideal for managing your travel budget
    • Currency conversion and international ATM fees
    • No emergency cash
    • No backup cards
    Prepaid travel money cards
    • Protected by PIN & chip
    • Preload and secure your exchange rate in multiple foreign currencies
    • Accepted worldwide
    • Emergency card replacement and backup cards
    • Ideal for managing your travel budget
    • Local ATM fee
    • Reloading time
    • No fee if you spend in currency loaded onto the card
    Credit cards for travel
    • Protected by PIN & chip
    • Accepted worldwide
    • No currency conversion or transaction fees
    • Perks including reward points, 0% purchases and frequent flyer program
    • Emergency card replacement
    • Can charge high withdrawal and cash advance fees
    • Higher spending limit (depends on your approved credit limit)
    Traveler’s checks
    • Secure and can be easily replaced if lost or stolen
    • Photo ID needed to cash checks
    • Costly with initial purchase charges
    • Not all merchants accept traveler’s checks
    Cash
    • Greater payment flexibility
    • Convenience
    • Difficult to manage expenses
    • Higher risk of theft

    This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.

    How different travel money products work in Mexico

    Using debit cards

    Like a credit card, using a debit card in Mexico has both benefits and drawbacks. Consider cards that have no foreign transaction and ATM fees when looking at cards. Some debit cards are designed to be used overseas, so they don’t charge foreign transaction fees on foreign transactions

    • Tip: You can use your card to make a cash withdrawal from an ATM in Mexico, but be aware that you may need a card with a chip.

    Using a prepaid travel card

    Travel cards are generally a good way to take your funds overseas and spend in multiple currencies. Merchants in major tourist destinations like Tijuana, Cancun and Acapulco will accept US dollar as well as pesos preload onto a card.

    • Tip:If you don’t have a card that can load pesos, you should know that travel card currency conversion fees are among the highest in the market.

    Using credit cards

    You can use your credit card almost everywhere, but they won’t be accepted accepted for buses, most taxis, tour guides, corner stores and taquerías.

    To beat foreign transaction fees, use a card like the Barclaycard Arrival Plus World Elite Mastercard or the Simmons Bank Visa Platinum Card. As for the ATM fee, that will be the least of your concerns when you calculate the interest you’ll be subject to for a cash advance transaction.

    • Tip: Most major lenders can arrange emergency cash or card replacement quickly if you lose your card.

    Using a traveler’s checks

    Unfortunately, as credit card and debit cards have become more secure and offer more protections, traveler’s checks have become a dated form of travel money.

    Paying with cash in Mexico

    You can use USD in Mexico, especially in the major tourist spots. Some merchants give you the option of paying in pesos or dollars and the vendor can give you an “over the counter exchange rate” between the two. The price of the goods can be inflated by as much as 30% if you pay with dollars in Mexico, as vendors generally use an exchange rate of 10 pesos to $1. Use Mexican pesos to make your money go further.

    Banknotes

    Dating back to Spanish colonisation, Mexican pesos come in denominations of 10c, 20c, 50c, $2, $5, $10, $20, $50, $100, $200, $500 and $1000. $20 is the lowest value banknote. MXN is the currency code for Mexican peso and Mexico uses the dollar sign ($) as the currency symbol.

    mexico-banknotes

    Back to top

    Buying Mexican pesos in the US

    Mexican Pesos are widely available at most currency exchange offices including Travelex and major banks. Exchanging at your bank can be a good idea to avoid extra fees and charges.

    Where can I get money exchanged in Mexico?

    There are a number of places you can get cash exchanged in Mexico, including Banco de Mexico (the national bank) and at casa de cambio’s (exchange bureaus). You can visit a bank during business hours between Monday and Friday.

    You can also get money changed at bureaux de change and casa de cambio outlets. These exchange offices are common and they can offer the same rate, if not better, than banks.

    Using a combination of travel money options

    There is no single best travel money strategy, as the right one will ultimately depend on how an where you’re traveling. If you’re going to be making a lot of cash withdrawals, consider a debit card with an ATM alliance or a prepaid card with low withdrawal fees over a credit card. A credit card will make the most sense for larger purchases and you’ll likely need one for hotels.

    You’ll always need cash to make everyday purchases. Withdrawing a substantial amount of cash for when you arrive can be an ideal option to ensure a smooth transition into your destination country. Consider your financial situation, your travel plans and how you’ll be spending your money to determine which combination of travel money options is the right one for you.

    Back to top

    Get travel insurance quotes for your vacation in Mexico

    Details Features
    Seven Corners Trip Protection Insurance
    Seven Corners Trip Protection Insurance
    Travel with a smile - protect your trip cost, your medical expenses, & your belongings.
    • Emergency Accident & Sickness Medical Expenses up to $250,000
    • Trip Cancellation – 100% of Trip Cost
    • Trip Interruption – up to 150% of Trip Cost
    • Political Evacuation - $20,000
    • Lost, Stolen or Damaged Baggage – up to $2,500
    • Emergency Medical Evacuation – up to $1 million
    Go to site More info
    Travelex Travel Max
    Travelex Travel Max
    TravelEx's most comprehensive protection plan for the comprehensive traveler. Offers optional Cancel For Any Reason upgrade.
    • Trip Cancellation - 100% of Insured Trip Cost
    • Trip Interruption - 150% of Insured Trip Cost
    • Trip Delay - $1000
    • Medical Expense Benefits - $100,000
    Go to site More info
    RoamRight Travel Insurance Essential
    RoamRight Travel Insurance Essential
    RoamRight’s Essential travel insurance package can be broken down into three critical parts: Trip Cancellation insurance, tourist health insurance, and baggage insurance.
    • Cancellation Cover - 100% Cost of Trip
    • Emergency Medical Expenses - $15,000
    • Emergency Evacuation and Repatriation - $150,000
    • Baggage and Personal Effects Cover - $750
    Go to site More info
    STA Travel Standard International
    STA Travel Standard International
    Get affordable cover for the essentials of options with STA's mid-level cover policy. This option will still provide up to $1500 in luggage cover and up to $100,000 in medical cover.
    • Trip Cancellation Cover - 100% of trip cost insured up to $10,000
    • Emergency Medical Expenses Cover - Up to $100,000
    • Baggage and Personal Effects - Up to $1,500
    • Trip Delay - Up to $500
    Go to site More info
    RoamRight Travel Insurance Preferred
    RoamRight Travel Insurance Preferred
    As the name implies, the Preferred package provides coverage for most trips and vacations.
    • Cancellation Cover - 100% Cost of Trip
    • Emergency Accident & Medical Expenses - $50,000
    • Emergency Evacuation and Repatriation - $500,000
    • Accidental Death and Dismemberment - $10,000
    Go to site More info
    Travelex Cancel for Any Reason
    Travelex Cancel for Any Reason
    Cancel For Any reason upgrade available with the Travel Max plan. Cancel for any reason - no questions asked.
    • Reimburses up to 75% of the insured trip cost
    • 100% cover if delayed to departure and loose at least 30%
    Go to site More info
    Atlas Travel
    Atlas Travel
    Provides customizable coverage for specific losses. Cover can be tailored to provide a balance between the basic essentials and premium cover.
    • Illness and Injury Cover - Up to $1 million
    • Emergency Medical Evacuation - Up to $1 million
    • Lost Checked Luggage - Up to $500
    • Travel Delay - $100/day up to 2 days
    Go to site More info
    Atlas Premium
    Atlas Premium
    Provides quality cover for a range of benefits with higher cover limits. Premium plan is perfect for travellers with health concerns looking for total protective cover.
    • Illness and Injury Cover - Up to $2 million
    • Emergency Medical Evacuation - Up to $1 million
    • Lost Checked Luggage - Up to $1,000
    • Travel Delay - $200/day up to 2 days
    Go to site More info
    Travelex Flight Insure Plus
    Travelex Flight Insure Plus
    Provides option to choose between different levels of flight insurance protection.
    • Flight Accident AD&D - Up to $1 Million
    • Baggage - $2,000
    • Medical Expense Benefits - $2,500
    • Medical Evacuation / Repatriation - $25,000
    Go to site More info
    STA Travel Explorer Plus
    STA Travel Explorer Plus
    Get premiere cover for a whole range of options with STA's premium policy. This option will still provide up to $100,000 in medical expense cover and up to $3,000 in cancellation cover.
    • Trip Cancellation Cover - $3,000
    • Emergency Medical Expenses Cover - Up to $100,000
    • Baggage and Personal Effects - Up to $2,500
    • Trip Delay - Up to $1,000
    Go to site More info
    Allianz Domestic Travel Insurance
    Allianz Domestic Travel Insurance
    Allianz Domestic Travel Insurance makes sure you are covered incase your planned trip unexpectedly goes awry.
    • Trip coverage - Depends on plan
    • Baggage coverage - Up to $1,000
    • 24-hour hotline assistance
    • Existing medical coverage - Up to $500,000
    Go to site More info
    Allianz International Travel Insurance
    Allianz International Travel Insurance
    If you frequently travel abroad and want extra coverage in case you get sick, injured, or need to cancel your trip, Allianz International Travel Insurance is the perfect solution.
    • Trip coverage - Depends on plan
    • Baggage coverage - Up to $1,000
    • 24-hour hotline assistance
    • Existing medical coverage - Up to $1,000,000
    Go to site More info

    Full guide for travel insurance

    Frequently asked questions

    Back to top
    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
    Go to site