Mexico currency guide: Understanding the Mexican Peso (MXN)

Planning a trip to Mexico? Whether you are heading to Cancun, Mexico City, or visiting family and friends, you will likely need to use the local currency: the Mexican peso (MXN).

Understanding how the peso works, where to exchange money, and how to pay while traveling can help you avoid unnecessary fees and get more value from your money.

This guide covers everything you need to know about Mexico's currency, including practical exchange tips and how to spend with confidence while you are there.

Need to check the latest USD to MXN rate? Before exchanging money, compare the current exchange rate and see how much your dollars could be worth in Mexican pesos with Revolut's USD to MXN currency converter.

What currency is used in Mexico?

Mexico's official currency is the Mexican peso (MXN). It is issued and regulated by Banco de México, the country's central bank.

The peso is represented by the $ symbol, which can sometimes be confused with the US dollar. That is why you will often see the currency code MXN when exchanging money or making international payments.

One peso is divided into 100 centavos.

Common denominations include:

5 tips for exchanging US dollars to Mexican pesos

Here are five practical tips before converting USD to MXN.

1. Check the exchange rate before you travel

Exchange rates move constantly, so check the current USD to MXN rate before exchanging money.

Compare rates from banks, exchange providers, and digital financial services. Look beyond the headline rate and check for hidden markups or service fees.

2. Avoid exchanging money at airports

Airport exchange counters are convenient, but they are often among the most expensive options.

Find better rates through local banks, ATMs, or digital banking solutions once you arrive in Mexico.

3. Pay in pesos whenever possible

When paying by card or withdrawing cash, you may be asked whether you would like to pay in US dollars or Mexican pesos.

Always choose Mexican pesos — doing so helps you avoid the unfavorable conversion rates applied by merchants or ATM operators.

4. Watch out for extra fees

The exchange rate is only part of the cost. Before exchanging money or using your card abroad, check for:

• Foreign transaction fees
• ATM withdrawal fees
• Currency conversion markups
• Service or commission charges

Understanding the full cost means no surprises.

5. Use trusted providers for currency exchange

Whether you are exchanging cash, transferring money internationally, or spending abroad, use reputable financial providers.

Look for transparent pricing, secure transactions, and clear exchange rate information so you know exactly what you are paying.

Sending money to family or friends in Mexico? Instead of carrying large amounts of cash, explore ways to send money to Mexico securely, and track your transfers directly from the Revolut app.

Using money in Mexico

Mexico is increasingly card-friendly, especially in larger cities and tourist destinations. However, carrying some cash is still a good idea for smaller businesses, local markets, taxis, and street vendors.

Many hotels, restaurants, and tourist-focused businesses may accept US dollars, but paying in pesos is the simpler and more cost-effective option.

Can you use US dollars in Mexico?

Yes, some businesses in tourist areas accept US dollars. However, acceptance is not guaranteed, and exchange rates offered by merchants may not be favorable.

For everyday purchases, having Mexican pesos makes transactions easier and will often save you money.

Can you use a Revolut card in Mexico?

Rather than carrying large amounts of cash or relying on merchant exchange rates, use a Revolut prepaid travel card to manage your spending throughout your trip.

With a physical or virtual card on your phone, you can convert your funds into Mexican pesos (MXN) before you travel and pay by card wherever it is accepted. You can also track your spending in real-time through the app, helping you stay on top of your travel budget.

And when you need cash, withdraw pesos from ATMs across Mexico — giving you the flexibility to pay the way you want throughout your trip.

Where can I get Mexican pesos?

You can obtain Mexican pesos through:

• Local banks
• Currency exchange offices
• ATMs in Mexico
• International money services
• Digital banking apps with foreign exchange features

Before traveling, compare rates and fees to find the most cost-effective option for your needs.

Manage your money in Mexico with Revolut

Whether you are traveling, sending money abroad, or managing multiple currencies, Revolut helps you spend internationally with greater transparency. With the Revolut app, you can:

• Exchange currencies: convert your money into Mexican Pesos (MXN) in seconds.¹
• Track live market rates: monitor real-time exchange rates directly in the app
• Spend like a local: spend abroad with your Revolut card
• Withdraw cash: get no Revolut fee ATM withdrawals, up to $1,200 per month, for paid plans (Metal, Premium)²
• Send money globally: transfer funds internationally with clear, upfront fees.¹
• Budget on the go: track your spending in real-time and stay on top of every transaction.

Make your money more secure and spend with total confidence on your next trip to Mexico.

¹Exchange and global transfer fees, fair usage limits, and Terms and Conditions apply.

²No ATM withdrawal fees within plan limits on a monthly basis. Out-of-network ATM withdrawals are subject to a 2% fee for Standard customers, and a 2% fee for Premium and Metal customers once their plan limits are exceeded. Third-party providers may charge a withdrawal fee. Currency and ATM fair-usage fees apply. Weekend markups on currency exchange will apply.