Money in Mexico

The currency used in Mexico since independence from Spain in 1821 has been the Mexican peso. There are no legal limits to the number of pesos that can be imported into or exported from Mexico. Currency can be converted at many places in Mexico, including banks and hotels, but US dollars are also acceptable almost anywhere. Most Debit cards and credit cards will also work in larger stores in Mexico. ATM machines can be found in more populated areas of Mexico where pesos can be withdrawn with most global debit cards, but most will charge a 1 percent transaction fee.

There is a danger of robbery at the point of withdrawal in some areas of Mexico. Anyone can open a bank account in Mexico with ID and proof of address. Americans, Canadians and business accounts can also get US Dollar bank accounts in Mexico. However, opening a business account also requires power of attorney and articles of incorporation.

All major Mexican banks these days also offer online banking by means of the internet. Having a Mexican bank account enables one to get a Mexican peso credit card, which is convenient to use for purchases made in Mexico, but which may entail additional exchange charges if used in a foreign country.