Mexican Peso (MXN) Exchange Rates Today
Live rates, 30-day trends, and real talk about what banks charge you for Mexican Peso.
Mid-market rate - no bank markup 200+ currencies Free
What is the Mexican Peso?
One of the most traded emerging market currencies globally. Mexico's proximity to the US and USMCA trade deal make MXN sensitive to US economic conditions.
Symbol: Mex$ ISO code: MXN Central bank: Banco de México (Banxico)
BIS ranking: 12th most traded (the 12th most bought and sold currency worldwide) Used in: Mexico
This page is a hub for all MXN exchange rates on our site. Use the converter above to check the current mid-market rate for Mexican Peso against any supported currency, or scroll down to browse individual pair pages with 30-day charts, historical data, and conversion tables.
How Mexican Peso is commonly exchanged
The Mexican Peso is one of the most traded emerging market currencies globally. USD/MXN dominates due to massive US-Mexico trade flows and remittances. Mexico's proximity to the US and the USMCA trade agreement make MXN especially sensitive to US economic conditions and cross-border policy.
Most MXN conversions pass through one of the major pairs listed below. For less common combinations, rates are computed as cross-rates through USD or EUR, which may carry a slightly wider spread.
Practical notes for Mexican Peso
Travel and card conversions
If you are spending in Mexican Peso, a card with no foreign transaction fee is typically the best option. Always choose to be charged in MXN (the local currency) at point of sale - selecting your home currency triggers Dynamic Currency Conversion, which adds an unnecessary 3-6% markup to your transaction.
Bank spreads
As a less liquid currency, MXN spreads at banks and exchanges tend to be wider than for major currencies - sometimes 4-6% at banks and up to 15% at airport counters. Online transfer services usually offer much tighter spreads for MXN.
Remittances
The MXN remittance corridor is one of the busiest globally. Dedicated remittance services often offer better rates for recurring transfers than banks. Compare not just the exchange rate, but also the delivery speed and the final amount received in MXN after all fees are deducted.
Local tip
In Mexico, many places accept USD but give poor exchange rates. Always pay in pesos for better value.
The Banco de Mexico (Banxico) and the Mexican Peso
Banco de México (Banxico) targets 3% inflation (+/- 1%) and meets eight times per year.
Policy tool: The overnight interbank interest rate. Banxico has historically maintained high real rates to support MXN and control inflation.
Key data releases: Mexican CPI, GDP, remittance data, and Banxico minutes. US economic data also moves MXN due to the close trade relationship.
Moments that shaped the Mexican Peso
Tequila Crisis (1994-95)
Mexico's peso crisis began in December 1994 when the government devalued the peso by 15%, then lost control of the rate entirely. The peso ultimately fell over 50% against USD. The US organized a $50 billion international bailout package. Source: IMF
Did you know?
- Mexico's peso was the first currency in the world to use the '$' sign, which was later adopted by the US Dollar. The symbol likely derives from the Pillars of Hercules on Spanish colonial coins.
- The Mexican peso was legal tender in the US, Canada, and much of Asia until the 1850s.
- Mexico's coins contain a small Braille-like pattern so visually impaired users can identify denominations.
Frequently asked questions
Is the Mexican Peso strong or weak right now?
The Mexican Peso's strength fluctuates based on shifts in U.S. interest rates, Mexico's economic growth, and capital flows into emerging markets. To assess current strength, check the converter above or review the pair pages below, which show how the peso trades against major currencies like the USD, EUR, and GBP.
Historical context matters: the peso has experienced both periods of relative stability and sharp depreciation depending on regional risk appetite and Federal Reserve policy shifts.
What is the outlook for the Mexican Peso?
The peso's direction depends on multiple moving parts: Banxico's inflation-fighting stance, U.S. Fed policy trajectory, Mexico's export competitiveness, and global risk sentiment all matter.
Factors to watch include inflation trends in both Mexico and the U.S., nearshoring flows that may boost Mexican manufacturing, and whether capital inflows to emerging markets strengthen or weaken. Rather than predict, monitor economic calendars and central bank communications to understand the forces shaping peso dynamics.
Is the Mexican Peso widely used internationally?
The Mexican Peso is Mexico's official currency but is not widely held as a reserve currency or used internationally outside of Mexico and its immediate trade partners. Most international transactions involving Mexico settle in U.S. dollars, euros, or other major currencies.
Within Mexico, the peso is the sole legal tender for all domestic transactions, but foreign exchange markets remain concentrated between the peso and the dollar, reflecting Mexico's deep economic ties to the United States.
How do I compare MXN rates across providers?
Use the converter above to see live rates, then compare against the pair pages below, which show how the peso trades against different currencies at different providers. Rates vary slightly across banks, payment services, and money changers due to spreads and margin markups.
For real - time transparency, check interbank rates (which are wholesale) versus retail rates (what consumers actually pay), since providers add fees that widen the gap between buy and sell prices.
How has the Mexican Peso performed historically?
The Mexican Peso has experienced multiple boom - and - bust cycles over recent decades, including sharp devaluations during the 1994 - 1995 crisis and periods of relative stability under disciplined monetary policy. Long - term, the peso has trended weaker against the U.S. dollar due to inflation differentials and capital flight during global risk - off episodes.
Review the rate statistics and historical charts on this page to see how the peso has behaved across different time periods and economic regimes.
What is the best way to exchange Mexican Peso?
The best exchange method depends on your location and transaction size. In Mexico, ATMs offer competitive rates by linking directly to your home bank; money changers in airports and tourist areas charge large markups.
For large transfers, banks and online money transfer services offer better spreads than retail counters. Compare rates using the converter above before exchanging, and avoid changing money at border crossings or hotels where markups are steepest.
Is it better to carry USD or pesos in Mexico?
In major Mexican cities and tourist areas, both USD and MXN are widely accepted, but using pesos directly avoids the currency conversion markups charged by merchants and money changers when you pay in dollars. ATMs throughout Mexico dispense pesos at interbank rates, making them the most economical way to obtain local currency once you arrive.
Consider carrying a mix: a small amount of pesos for immediate expenses plus access to USD or a debit card for larger transactions or emergencies.
Is $100 a lot of money in Mexico today?
The purchasing power of $100 USD in Mexico depends on where you are and what you buy. In rural areas or small towns, $100 can cover several days of basic meals and accommodation; in major cities like Mexico City or Cancun, it covers fewer meals and a modest hotel night.
Convert $100 using the converter above to see the peso equivalent, then research typical prices for food, transport, and lodging in your specific destination to gauge actual purchasing power.
What factors affect the Mexican Peso exchange rate?
The Mexican Peso responds to shifts in US interest rates, crude oil prices (Mexico is a major oil exporter), and risk appetite in emerging markets. Banxico's monetary policy decisions directly influence the peso, particularly when the central bank adjusts rates to manage inflation or currency stability.
Political developments, US-Mexico trade flows, and foreign direct investment inflows also shape peso movement, since Mexico's economy is deeply integrated with the United States through NAFTA and its successor USMCA.
How volatile is the Mexican Peso?
The Mexican Peso is classified as a volatile emerging-market currency, meaning its exchange rate can swing sharply over short periods compared to major currencies like the US Dollar or Euro. The volatility varies by market conditions - during periods of strong US economic growth or rising US interest rates, the peso often comes under pressure, while risk-on sentiment can support it.
Check the rate statistics and charts on this page to see historical volatility patterns and recent price movements across different timeframes.
Why is the Mexican Peso so volatile?
The peso's volatility stems from Mexico's exposure to commodity price swings (oil revenues fund a significant share of government income) and its dependence on US economic conditions and capital flows. As an emerging-market currency, the peso attracts carry traders and foreign investors who adjust positions based on global risk sentiment, amplifying price moves when markets shift between risk-on and risk-off modes.
Additionally, Banxico's inflation-fighting efforts and political uncertainty can trigger rapid repricing, since investors recalibrate expectations about interest rates and policy direction.
Can you live in Mexico on $3,000 a month?
Whether $3,000 USD monthly is sufficient depends heavily on location, lifestyle, and current peso exchange rates - use the converter above to see what that translates to in Mexican Pesos today. In lower-cost cities outside major metros, $3,000 can cover rent, food, utilities, and modest discretionary spending, but in Mexico City or tourist hotspots, the same budget tightens significantly.
Factors like healthcare costs, whether you own a car, and proximity to the US border all affect purchasing power, so reviewing actual local costs in your target city is essential before making any decision.
Can I transfer money from a US bank to a Mexican bank?
Yes, US banks routinely send wire transfers to Mexican banks, though fees, exchange rates, and processing times vary by institution and transfer method. Most major US banks offer international wire services to Mexico, but you'll want to compare their rates against specialized remittance services or fintech platforms, which sometimes offer better exchange rates for larger amounts.
Verify that your receiving Mexican bank account is properly set up to receive international transfers, and confirm wire routing details (SWIFT codes and Mexican bank account numbers) with your Mexican bank before initiating any transfer.
Learn more
- Banxico - Exchange Rates - Official Banco de Mexico daily rates
- World Bank - Remittance Prices - Comparison of remittance costs for the US-Mexico corridor
Mexican Peso volatility profile
The Mexican peso shows high volatility among major currencies, influenced by US trade policy, oil prices, and emerging market sentiment. Despite this, MXN's high interest rates attract carry trade flows that can moderate long-term trends.
Live volatility score updates when market data is available.
Cost to convert Mexican Peso
Banks typically mark up MXN conversions by 3-5%. Specialist transfer providers offer rates much closer to the mid-market rate shown above, potentially saving you $30-55 on every 1,000 MXN you convert.
| Provider | Typical fee | You receive |
|---|---|---|
| Wise | Mid-market rate + ~0.5% fee | — |
| Revolut | Mid-market rate, free up to monthly limit | — |
| OFX | No fixed fees, ~0.4% spread | — |
| Typical bank | 3-5% markup + fixed fee | — |
Based on sending 1,000 MXN to US Dollar. Costs include spread markup and fees. See full MXN to USD comparison →
Compare Mexican Peso with similar currencies
Mexican Peso belongs to the following currency characteristic groups. Currencies within each group often move in correlated patterns.
High-carry emerging currencies
Higher interest rates attract capital inflows but come with greater volatility. These currencies can offer attractive yields but carry significant depreciation risk.
MXN rate statistics
Mexican Peso rate context
We compare the current Mexican Peso exchange rate against its recent trading range to help you decide whether now is a good time to convert. The live analysis updates throughout market hours.
Rate analysis updates when live data is available.
Forex Market Hours
The forex market is open 24 hours a day, five days a week. Trading passes between these major financial centers as the world turns.
| Market | Timezone | Local Time | Status |
|---|---|---|---|
| 🇦🇺 Sydney | AEST | — | — |
| 🇯🇵 Tokyo | JST | — | — |
| 🇬🇧 London | GMT/BST | — | — |
| 🇺🇸 New York | ET | — | — |
All MXN Currency Pairs
Live exchange rate pages for Mexican Peso against every supported currency.