Our pick for travel credit card
American Express® Gold Card
Finder rating: 4.6/5
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.
Our picks for traveling to Mexico
Finder rating: 4.6/5
Our pick for multi-currency debit card
Wise Multi-currency
Finder rating: 4.5/5
Our pick for 0% transaction fee debit card
SoFi Money
Finder rating: 4.6/5
Travel card, debit card or credit 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.
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.
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.
These are your options for spending money in Mexico
Using a credit card
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 Chase Sapphire Preferred® Card® credit 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.
Pros
- 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
Cons
- Can charge high withdrawal and cash advance fees
- Higher spending limit (depends on your approved credit limit)
Using a debit card
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.
Pros
- Protected by PIN & chip
- Ideal for managing your travel budget
Cons
- Currency conversion and international ATM fees
- No emergency cash
- No backup cards
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.
Pros
- 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
Cons
- Local ATM fee
- Reloading time
- No fee if you spend in currency loaded onto the card
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.
Pros
- Greater payment flexibility
- Convenience
Cons
- Difficult to manage expenses
- Higher risk of theft
Using traveler’s checks
Unfortunately, as credit card and debit cards have become more secure and offer more protections, traveler’s check have become a dated form of travel money.
Pros
- Secure and can be easily replaced if lost or stolen
- Photo ID needed to cash checks
Cons
- Costly with initial purchase charges
- Not all merchants accept traveler’s checks
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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.
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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.
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.
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The main banks in Mexico are:
- BBVA Mexico
- Banorte
- Scotiabank Mexico
- Santander Mexico
- HSBC Mexico
- Inbursa
- Banamex
- Bancomext
- Afirme
- Banco del Bajio
ATMs in Mexico
Cash pickup services in Mexico
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How much should I budget to travel in 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. All prices are in US dollars.
| Mexico City | Budget (Cheap) | Midrange | Luxury (High-end) |
|---|---|---|---|
| Meals | Lunch in economical restaurant $4–$5 | Dinner with drinks $12–$20 | Fine dinner $20–$40 |
| Activities | Museum admission $1–$4 | Uxmal Entrance for two $64 | Personalized day tour $100–$150 |
| Accomodation | Hostel dorm bed $10 | Double room $35–$70 | Luxurious hotel double room $70–$300 |
Prices are approximate and are subject to change.
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Ask an Expert
With the rate changing daily , how do I create a quick cheat sheet to use during my one week stay?
Hi Valerie,
Thanks for your question.
I would agree that exchange rates are so volatile, making it hard to predict future changes. If you are preparing a cheat sheet or budget for your future visit to Mexico, there are various ways on how you can lock in rates so you can effectively manage your finances.
One option is by opening a prepaid travel card that allows you to load Mexican pesos before your trip. The exchange rate will be locked in at the time you load currency into your card. You may also consider exchanging your USD for Mexican pesos at most major banks and currency exchange offices prior to your travel. This way, you can pay like the locals do without worrying about fees and charges.
Our guide above also discusses other travel money options for Mexico. It would be good to review the pros and cons of each option so you’ll know which one is suitable for your situation.
I hope this helps.
Cheers,
Anndy