What currency is used in Mexico?

The official currency and legal tender of Mexico is the Mexican peso

If you are travelling to Mexico for your holiday then the Mexican Peso is the local currency which is used in Mexico. We always advise our customers to use the local currency in whatever country you are travelling to as you will find that you will get a better deal on purchasing goods or services from vendors or suppliers when using their own local currency.

The reason for this is that if a vendor or supplier accepts any other currency other than their own they will need to exchange this foreign currency into their own at the end of the banking day which can often cost you even more as the vendor or supplier will mostly use a poor bank exchange rate to change the currency money and they therefore need to cover their costs for supplying this service.

Although, as Mexico is very close to the USA you will find that the US Dollar is widely used in Mexico which means that sometimes the US Dollar can be extremely competitive with the Mexican Peso exchange rates when changing from the British Pound so you may like to compare these just in case there is a big difference between the US Dollar and the Mexican Peso exchange rates to ensure that you get the best currency deal for your money.

In Mexico, street crime is a major concern to tourists so therefore you may wish to think about taking a currency card which means if your wallet is stolen then the thief will struggle to use the money as they will need the currency card pin number. You would ideally need a US Dollar currency card, however, the exchange rates on currency cards versus taking cash can be more expensive and therefore if you are looking for the best currency exchange rate deals then taking Mexican Peso in cash will give you the best exchange rate deal for your holiday money and it will be much easier to use the money with vendors or suppliers locally in Mexico.

The Mexican Peso originates from the Silver Spanish Dollar and Eight Piece which was introduced by the Spanish government and it was widely used in the USA and Canada as the official currency until eventually the USA designed the US Dollar coins in 1792. After several years of inflation and devaluation the Mexican currency was renamed to the Nuevo Peso which is also known as the New Peso until recently in 1996 the Mexican currency became the Mexican Peso of today.

If you are going on holiday to Mexico and you are looking to get a good deal on your Mexican Peso exchange rates please compare all of the top UK currency suppliers by using our currency comparison table for the latest travel money rates. If for any reason you come back from your holiday in Mexico with some left over Mexican Peso please use our currency buy back service to compare all the buy-back suppliers to ensure you get the best buy back exchange rates for your holiday money.

Adam Silveston

Adam is a writer for Compare Holiday Money.

Published on 24 June 2011
Mexico, Mxn, Mexican Pesos

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