Currency
Mexico's currency is called the "new Mexican Peso", or
Nuevo Peso, and was introduced in 1993. It's usually written $ or N$.
This new decimal system was introduced in 1993 and is made up of 100 centavos
(cents). Bills come in denominations of $20, $50, $100, $200, and $500,
with coins of 10 cents, 20 cents, 50 cents, $1, $2, $5, $10 and $20. The
use of the dollar symbol for the peso is occasionally confusing, thus the
initials MN (moneda nacional) are occasionally indicated to distinguish the
reference to Mexican pesos from the US dollar.
Banking hours
Banks in Mexico are open Monday to Friday from 9.30am until 5pm, but the
exchange hours are usually shorter.
 Currency exchange
The US dollar is the easiest and most popular foreign currency to change in
Mexico. US dollar travellers' cheques come second; Canadian dollars and
other major international currencies such as pounds sterling, yen and
deutschmarks are a poor third, and exchanging travellers' cheques in those
currencies is almost out of the question. Quetzales and Belize dollars are
virtually useless in Mexico so it's best to exchange them prior to your arrival.
Each bank in Mexico has its own system of operation as well as offers
different commission rate. However, all of them have the same daily
exchange rate as it is fixed by the central government. Some of the banks
you may consider using the service are the Banco Nacional de Mexico (known as
Banamex), Bancomer, Banco del Atlantico, Scotiabank Inverlat, Bital and
Citibank.
Another good place to change money is at one of Casas de cambio
(exchange offices) as they often involve a shorter waiting line and less
bureaucratic procedures. In addition, they have longer operating hours and
are also open at weekends. Sometimes, casas de cambio offers a better
exchange rate than banks and has a tendency to exchange other currencies at a
good rate, so it's recommendable to shop around for the best offer. The
worst rate usually come from hotels and restaurants and it is not recommended to
change money at these places.
Cash & travellers' cheques
US dollar bills are frequently accepted as easy as pesos in touristy places.
However, it is recommended that travellers also carry travellers' cheques in
addition to cash which is non-refundable when lost or stolen. It is
advisable that you buy a mix of denominations from the well-established names
such as American Express, Visa, Thomas Cook or other major American banks as
they are more recognized and usually offer better customer service.
Personal cheques are worthless in Mexico, so it's best not to bring them along.
Additionally, you may save yourself from the hassle of having to wait in long
line to exchange pesos upon arrival by exchanging some (about US$50 worth) from
your home countries. Even if your bank does not have Mexican pesos on
hand, they should be able to obtain the amount you request if given a few days'
notice, otherwise you may be able to find them at the airport's specialist
exchange desks.
Credit Cards
Major credit cards are widely accepted in Mexico, but not in the cheapest
hotels or restaurants. Visa and MasterCard are the most reconizable names,
however an American Express card is useful for many services it offers such as
mail pick-up points and dollar travellers' cheque purchase. Visa and
MasterCard as well as debit cards from the Cirrus and PLUS system can also be
used at the ATM machines which are available 24 hours a day in most sizable
towns in Mexico.
Contact numbers for lost cards or cheques:
- American Express: 1-866/247-6878
- Diners Club: 55/5258-3220
- MasterCard: 1-800/307-7309
- Thomas Cook/MasterCard (for travellers' cheques): 1-800/223-7373
- Visa: 1-800/847-2911
Wiring money
The fastest but pricey way to send and receive money abroad is wiring money,
and it is not recommended unless as the last possible option. Companies
that operate money wiring service are Moneygram and Western Union. Both
companies charge on a sliding scale, so it makes a better deal to wire money if
sending large amounts of cash. Another method for wiring money is by
wiring directly from a bank in your home country to a bank in Mexico, but this
method require the sender to know the telex number of the receiving bank and it
is less reliable.
Contact numbers of money-wiring companies:
- Moneygram:
US: 1-800/955-7777
Canada: 1-800/933-3278
UK: 0800/018-0104
Ireland: 1850/205-800
Australia: 1800/230-100
New Zealand: 0800/262-263
- Western Union:
US & Canada: 1-800/325-6000
UK: 0800/833-833
Ireland: 1800/395-395
Australia: 1800/501-500
New Zealand: 0800/270-000
Tipping
Service charges aren't generally featured on hotel and restaurant bills, but in
expensive venues staff may expect a full tip of 15%. A gesture of some
loose change will do for cheap places. It is not common to tip the taxi
drivers unless they perform a special task such as carrying luggage.
Taxes
Mexico imposes a 15% IVA (impuesto de valor agregado) value-added sales tax on
all non-food items as well as services consumed in Mexico (10% in the states of
Quintana Roo, Baja California, and Baja California Sur). Mexico also
imposes a departure tax of about US$40 on every visitor leaving the country.
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