Owais Crawford
Mexico City Airport is one of the best places to exchange your foreign banknotes for Mexican pesos, as the exchange houses there offer competitive and attractive rates due to high competition. However, it is recommended to shop around at various exchange houses, as not all have the same exchange rate, and you may be overcharged. If you are exchanging cash at the airport, it is also advisable to be cautious, as you may be targeted by criminals outside the airport. To avoid this, you can use your debit card at an ATM to withdraw pesos, but be aware of foreign transaction fees.
| Characteristics | Values |
|---|---|
| Getting Mexican pesos at Mexico City Airport | Possible through currency exchange booths, banks, and ATMs |
| Currency exchange booths | Offer competitive and attractive exchange rates due to high competition; may vary across booths |
| Banks | May offer better rates on certain days; some banks have been reported to have corrupt business histories in Mexico |
| ATMs | May have lower fees at BBVA, Santander, Scotiabank, and Banorte; may have better rates in the domestic departure area than the international area; may have upper limits on the number of pesos dispensed per transaction |
| Safety concerns | Some travellers have expressed concerns about being targeted by criminals after exchanging money at the airport |
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What You'll Learn
Competitive exchange rates at the airport
Mexico City's airport is one of the best places to exchange your foreign banknotes, as the exchange houses there offer competitive and attractive exchange rates due to high competition. While some sources suggest that exchanging money at the airport can potentially mark you as a target for semi-organized crime, others claim that they have never been robbed in Mexico City, even after exchanging money at the airport.
It is advisable to look around the airport for the best exchange rates, as not all vendors offer the same rate. Exchange houses in need of certain units of foreign currency for their operations may offer better rates on certain days than even the international exchange rate, so it pays to shop around at various exchange houses at the airport or downtown if you plan to buy pesos using foreign currency in cash.
If you are unable to obtain pesos before your trip, you can withdraw Mexican pesos directly from your credit or debit card at a local ATM in Mexico. This is a quick and efficient way to obtain pesos, and most cities and towns in Mexico have an abundance of ATMs. However, your home bank may charge you a foreign transaction fee, so it is advisable to check with your local bank to see if they have any partnerships with Mexican banks to avoid these extra fees.
Another option is to transfer money from a foreign bank account to a bank account in Mexico. Some Mexican banks will cash a paper check drawn on a US bank and convert the sum into Mexican pesos. However, you usually need to hold an account at the bank where the check is cashed, and there may be fees and an unfavourable exchange rate associated with this method.
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Using ATMs in Mexico City
Mexico City and its 32 states offer a plethora of experiences, from laid-back to upbeat and adventurous. It is a common starting point for travellers, with its rich culture and history.
ATMs in Mexico are called 'cajeros' or 'cajeros automaticos'. They are easy to find in Mexico City, especially in shopping centres, central plazas, main streets, and outside bank buildings. Most tourist spots will have at least one ATM.
It is recommended to use ATMs inside bank branches or large supermarkets for safety reasons, rather than those on the street.
Using Your Card at an ATM
Most ATMs in Mexico accept a wide range of debit and credit cards. This includes Visa and Mastercard, Cirrus, Plus, Maestro, and UnionPay. They may not accept American Express, JCB, or Discover.
ATMs in Mexico usually ask for 4-digit PINs. You can use chip and PIN or swipe your card, depending on the machine.
Exchange Rates and Fees
The Mexican peso fluctuates daily and has varied over the years. The best exchange rates are often found at local exchange houses, known as 'Casas de Cambio'. The exchange houses at the Mexico City airport also tend to offer competitive rates due to high competition.
It is recommended to avoid exchanging large amounts of cash at the airport, as this can potentially make you a target for crime.
When using your card at an ATM, do not accept the conversion rate offered by the ATM. It is better to let your bank do the conversion to get a more favourable rate.
It is hard to find an ATM in Mexico offering fee-free withdrawals. You can try to find out if your home bank has branches in Mexico or partnerships with local banks to use ATMs for cheaper or free.
Some banks with lower ATM fees include BBVA, Santander, Scotiabank, and Banorte.
Other Options
If you want to avoid ATMs, you can exchange foreign currency cash for Mexican pesos at exchange houses or retail banks. You can also transfer money from a foreign bank account to a bank account in Mexico.
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Exchanging money before travelling
Advantages of Exchanging Money Before Travelling
- Convenience: Exchanging money before your trip ensures that you already have local currency in hand when you arrive in Mexico. This can be useful for paying for items such as transportation, food, or souvenirs that may only accept cash.
- Peace of Mind: Having some local currency before you depart can provide peace of mind and reduce stress during your travels. You won't have to worry about finding an ATM or exchange office immediately upon arrival.
- Planning: If you know you'll need a significant amount of cash during your trip, exchanging money before you go can help you budget and plan your expenses more effectively.
Disadvantages of Exchanging Money Before Travelling
- Unfavourable Exchange Rates: Exchange rates offered by banks or currency exchange services in your home country may not be as competitive as those found in Mexico, especially at the airport or local exchange houses.
- Limited Amounts: Exchanging money before your trip may limit the amount of local currency you can obtain. Carrying large amounts of cash can also be a security concern, and you may be targeted by thieves or scammers.
- Dynamic Exchange Rates: The value of the Mexican Peso fluctuates, and exchange rates can change daily. Exchanging money before your trip may result in less favourable rates compared to exchanging it in Mexico.
Recommendations
- If you decide to exchange money before travelling, it's advisable to only exchange a small amount to cover immediate expenses upon arrival.
- Compare exchange rates and fees between different providers in your home country to get the best deal.
- Consider using a travel-friendly debit or credit card that has no foreign transaction fees and is widely accepted globally.
- Once in Mexico, use ATMs or local exchange houses to obtain larger amounts of Mexican Pesos, as they often offer more competitive rates.
- Shop around for exchange rates, both at the airport and in the city, as they can vary significantly.
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Using credit/debit cards in Mexico
Mexico is primarily a cash country, so it's a good idea to carry some pesos with you. However, millions of establishments across the country accept credit and debit cards, and card payments are becoming more common.
Using a Credit Card in Mexico
Credit cards are a convenient and secure way to pay in Mexico, and they are accepted at most major retail and dining establishments. Visa and Mastercard are the most widely accepted networks, and some places also take American Express, Discover, and Diners Club. Using a credit card means you don't need to worry about conversion rates, and some cards offer useful travel perks and protections, like lost luggage reimbursement. However, using a credit card in Mexico may be more expensive than using the standard exchange rate provided by your card issuer. Check with your bank what charges apply when using your foreign-issued credit card in Mexico, as they vary from bank to bank and between different types of accounts. Your bank may also charge a foreign transaction or currency conversion fee for using your credit card in Mexico, although some, like Capital One, do not.
Using a Debit Card in Mexico
You can use a debit card to withdraw Mexican pesos from local ATMs, which are called "cajeros." It's a good idea to use an ATM at a bank rather than in stores, hotels, or on the street, and to only take out what you need for a day or two. Check for any tampering on the card reader before inserting your card, and be careful when entering your PIN. If the ATM offers a 'special' rate, decline it and use your bank's standard rate, which will likely be better. You can avoid ATM fees by transferring larger sums and by using your bank's ATM or those of its affiliated network. Some banks, like Bank of America and Scotiabank, have partnerships that allow you to avoid ATM usage fees.
Other Options
If you want to avoid using cash or cards, you can use a banking app or online banking to pay others electronically. Additionally, stores, supermarkets, and restaurants across Mexico are starting to accept contactless payments via Apple Pay and Android Pay.
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Safety concerns when exchanging money
Safety is always a concern when exchanging money, and this is no different in Mexico City. Here are some safety concerns and precautions to keep in mind when exchanging money in Mexico City Airport or elsewhere in the city:
Airport Exchanges
While Mexico City Airport has competitive exchange rates due to high competition, exchanging large amounts of money at the airport may make you a target for theft or assault. Some travellers suggest that airport employees may text descriptions of individuals exchanging money to their partners outside the airport, who then target these individuals for robbery. Therefore, it is advisable to exchange only small amounts at the airport, if at all, and to use an Uber or another safe mode of transportation when leaving the airport.
ATM Safety
ATMs, known as "cajeros" in Mexico, are prevalent throughout Mexico City. Using a debit or credit card at an ATM is a convenient way to obtain Mexican pesos directly. However, it is important to be vigilant and aware of your surroundings when using an ATM, as petty theft and hijacking of ATMs are common in large cities like Mexico City. Avoid using isolated or street ATMs, as they may charge higher service fees, and opt for ATMs from well-known national banks. Before your trip, inform your bank that you will be travelling to Mexico to prevent your card from being blocked, and to understand any fees or limits on cash withdrawals.
Currency Exchange Bureaus
Currency exchange bureaus, known as "Casas de Cambio" in Mexico, are located throughout Mexico City, including at the airport and in tourist areas. While these exchanges may offer competitive rates due to high competition, they often charge service fees and may provide unfavourable exchange rates. It is recommended to shop around and call ahead to compare exchange rates, and to ensure that your currency notes are not damaged, as merchants may refuse to accept them.
Carrying Cash
It is generally advised not to carry large amounts of cash when travelling in Mexico City. Carry only what you plan to spend for the day, and keep the rest securely stored in your accommodation or a safe. Be mindful of your surroundings, especially in busy areas like markets or tourist hotspots, where pickpocketing may occur.
Card Safety
To avoid card cloning or skimming, never let your card out of your sight when making a purchase. If possible, ask the waiter to bring the payment terminal to your table, and cover your hand when entering your PIN. If a portable terminal is unavailable, accompany your card to the cashier to pay.
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Frequently asked questions
Yes, there are currency exchange booths at the airport.
Exchange rates at the airport are competitive and attractive due to high competition. However, they do vary, so it is worth shopping around.
Yes, you can use your debit card at a local ATM, transfer money from a foreign bank account to a Mexican bank account, or exchange foreign currency cash for Mexican pesos at a Casa de Cambio.
Some travellers have expressed concerns about being targeted by criminals after exchanging money at the airport. However, others have said they have never had any issues.
Yes, you can exchange money at a bank or use a money transfer service such as Wise (formerly Transferwise).
