Boasting vibrant streets, scenic tropical beaches, and breathtaking ruins from bygone eras, Mexico has something special for every tourist. To get around easily and enjoy different attractions, you need to understand the currency in Mexico. This guide sheds light on the basics of the Mexico peso currency, the banknotes in circulation, the different payment methods, and handy tips to save money.
List of currency notes in Mexico
The peso, the official currency in Mexico, is known by the $ symbol and code MXN. However, it is sometimes written as MX$, M$, or MEX$ to differentiate the peso from other currencies that use the $ symbol. Regulated by the country's central bank, pesos are subdivided into centavos (¢), wherein 1 peso is equivalent to 100 centavos.
Mexican pesos come in banknotes featuring 20, 50, 100, 200, 500, and 1,000 denominations. You will find coins in both pesos (1, 2, 5, 10, and 20) and centavos (5, 10, 20, and 50).
Using Indian currency
Since you cannot use Indian currency in Mexico, convert some INR into MXN before departure. You can easily convert your INR at your bank in India or a reliable currency exchange office.
If you prefer to handle it after arrival, visit a bank or licensed exchange center in Mexico for a fair rate. Avoid exchanging currency in Mexico at unlicensed or street-side exchange booths, hotels, and airport counters, as the commission rates and hidden charges might be high. You can also withdraw money from the ATM in the local currency with a card enabled for international transactions.
Methods of payment in Mexico
While cash is the most popular among Mexico payment methods, you can opt for cards and mobile payment too:
- Cash: Cash is widely accepted. Rural areas, suburbs, and small businesses prefer or accept only cash.
- Cards: In large cities or at major establishments (big hotels, stores, or restaurants), you can use international debit or credit cards, especially Visa or MasterCard.
- Mobile payment: Payment platforms, such as Google Wallet and Apple Pay, are accepted in many places. However, you should update them before departure for seamless usage.
Tips to save money when travelling in Mexico
Now that you have a fair understanding of Mexico peso currency, let's learn how to stick to your budget:
- Time your bookings wisely: Book flights and accommodations well in advance and after extensive research and comparison.
- Consider affordable stays: Go for hostels and guesthouses, or stay with local hosts instead of spending on upscale hotels.
- Get around smartly: Use public transport or rent a car for self-drive instead of hiring cabs.
- Eat consciously: Try tasty local dishes at local markets and food stalls or visit street vendors to avoid spending a ton of money.
- Choose low-cost activities: Go on hikes and walking tours, visit Mayan ruins and national parks, and attend local festivals.
- Buy international travel insurance: Save significantly in case of a medical emergency, trip cancellation, or loss of important documents or wallet.
FAQs
- What is the symbol used for the official currency in Mexico?
The commonly used symbol is $. Sometimes, it might be M$, MEX$, or MX$.
- Where should I exchange Indian currency in Mexico?
Visit a bank or licensed exchange office to convert INR into MXN.
- Should I buy travel insurance for Mexico?
Yes, travel insurance can protect you financially against medical emergencies, passport theft, baggage delays, trip cancellations, etc.
- What are the banknote denominations for Mexican pesos?
You will come across denominations like 20, 50, 100, 200, 500, and 1000.
Conclusion
Understanding Mexico's currency and payment methods will help you manage your finances smoothly and avoid unnecessary travel stress. With a mix of pesos, international cards, and convenient ATM access, you'll be prepared for any transaction. However, securing international travel insurance is the most important step in ensuring a worry-free trip. Whether covering medical emergencies, lost luggage, or unexpected trip cancellations, a solid insurance policy acts as a safety net, helping you navigate unforeseen situations without financial strain.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.