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Our picks for traveling to Mexico

Our pick for travel credit card

American Express® Gold Card

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Finder rating: 4.6/5

Our pick for multi-currency debit card

Wise Multi-currency

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Finder rating: 4.5/5

Our pick for 0% transaction fee debit card

SoFi Money

★★★★★
Finder rating: 4.6/5

Prepaid travel card, debit card or credit card?

The local currency in Mexico is the Mexican peso and there are a few ways you spend it. Here we compare prepaid travel cards, credit cards and debit cards to help you determine which option is best for your trip to Mexico.

ATM's are widely available in Mexico and are compatible with debit cards, credit cards and prepaid travel cards.

A combination of a travel credit card, travel debit card and a prepaid travel card that allows you to preload the Mexican peso may be your ideal option for your next trip to Mexico. Don't forget about having cash either, as it can always come in handy if want to shop at a street market or if a business doesn't accept credit cards.

There is no single best travel money strategy, as the right one will ultimately depend on how an where you're traveling. If you're going to be making a lot of cash withdrawals, consider a debit card with an ATM alliance or a prepaid card with low withdrawal fees over a credit card. A credit card will make the most sense for larger purchases and you'll likely need one for hotels.

You'll always need cash to make everyday purchases. Withdrawing a substantial amount of cash for when you arrive can be an ideal option to ensure a smooth transition into your destination country. Consider your financial situation, your travel plans and how you'll be spending your money to determine which combination of travel money options is the right one for you.

5 options for spending money in Mexico

Whether you're splurging on tacos, margaritas or are sticking strictly to business, here's how you can pay for things in Mexico:

Using a prepaid travel card

Travel cards are generally a good way to take your funds overseas and spend in multiple currencies. Merchants in major tourist destinations like Tijuana, Cancun and Acapulco will accept US dollar as well as pesos preload onto a card.

Tip: If you don't have a card that can load pesos, you should know that travel card currency conversion fees are among the highest in the market.

Pros

Protected by PIN & chip
Preload and secure your exchange rate in multiple foreign currencies
Accepted worldwide
Emergency card replacement and backup cards
Ideal for managing your travel budget

Cons

Local ATM fee
Reloading time
No fee if you spend in currency loaded onto the card

Using a debit card

Like a credit card, using a debit card in Mexico has both benefits and drawbacks. Consider cards that have no foreign transaction and ATM fees when looking at cards. Some debit cards are designed to be used overseas, so they don't charge foreign transaction fees on foreign transactions.

Tip: You can use your card to make a cash withdrawal from an ATM in Mexico, but be aware that you may need a card with a chip.

Pros

Protected by PIN & chip
Ideal for managing your travel budget

Cons

Currency conversion and international ATM fees
No emergency cash
No backup cards

Using a credit card

You can use your credit card almost everywhere, but they won't be accepted accepted for buses, most taxis, tour guides, corner stores and taquerías.

To beat foreign transaction fees, use a card like the Chase Sapphire Preferred® Card® credit card. As for the ATM fee, that will be the least of your concerns when you calculate the interest you'll be subject to for a cash advance transaction.

Tip: Most major lenders can arrange emergency cash or card replacement quickly if you lose your card.

Pros

Protected by PIN & chip
Accepted worldwide
No currency conversion or transaction fees
Perks including reward points, 0% purchases and frequent flyer program
Emergency card replacement

Cons

Can charge high withdrawal and cash advance fees
Higher spending limit (depends on your approved credit limit)

Paying with cash in Mexico

You can use USD in Mexico, especially in the major tourist spots. Some merchants give you the option of paying in pesos or dollars and the vendor can give you an "over the counter exchange rate" between the two. The price of the goods can be inflated by as much as 30% if you pay with dollars in Mexico, as vendors generally use an exchange rate of 10 pesos to $1. Use Mexican pesos to make your money go further.

Pros

Greater payment flexibility
Convenience

Cons

Difficult to manage expenses
Higher risk of theft

Using traveler's checks

Unfortunately, as credit card and debit cards have become more secure and offer more protections, traveler's check have become a dated form of travel money.

Pros

Secure and can be easily replaced if lost or stolen
Photo ID needed to cash checks

Cons

Costly with initial purchase charges
Not all merchants accept traveler's checks

Compare prepaid cards

Be sure to compare loading fees, currency conversion fees, ATM withdrawal fees and potential rewards before choosing a prepaid travel card.

Where can I get money exchanged in Mexico?

There are a number of places you can get cash exchanged in Mexico, including Banco de Mexico (the national bank) and at casa de cambio's (exchange bureaus). You can visit a bank during business hours between Monday and Friday.

You can also get money changed at bureaux de change and casa de cambio outlets. These exchange offices are common and they can offer the same rate, if not better, than banks.

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Buying Mexican pesos in the US

Mexican Pesos are widely available at most currency exchange offices including Travelex and major banks. Exchanging at your bank can be a good idea to avoid extra fees and charges.

Banknotes

Dating back to Spanish colonisation, Mexican pesos come in denominations of 10c, 20c, 50c, $2, $5, $10, $20, $50, $100, $200, $500 and $1000. $20 is the lowest value banknote. MXN is the currency code for Mexican peso and Mexico uses the dollar sign ($) as the currency symbol.

The main banks in Mexico are:

BBVA Mexico
Banorte
Scotiabank Mexico
Santander Mexico
HSBC Mexico

Inbursa
Banamex
Bancomext
Afirme
Banco del Bajio

ATMs in Mexico

Cash pickup services in Mexico

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How much should I budget to travel in Mexico?

Depending on how much you'll be traveling around Mexico — and your appetite for expensive cuisine — you could need anywhere from $20 to $150 a day in Mexico — not including accommodations. While it tends to be cheaper than the US, you should still plan on spending about $10 for every meal (at least) and more for activities and transportation.

Here's a cheat sheet to help while you budget your trip:

Mexico City	Budget (Cheap)	Midrange	Luxury (High-end)
Meals	Lunch in economical restaurant $4–$5	Dinner with drinks $12–$20	Fine dinner $20–$40
Activities	Museum admission $1–$4	Uxmal Entrance for two $64	Personalized day tour $100–$150
Accommodation	Hostel dorm bed $10	Double room $35–$70	Luxurious hotel double room $70–$600

_{Prices are approximate and are subject to change.}

Our latest travel deals to Mexico

Kyle Morgan is a writer and editor for Finder who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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