Is It Easy to Get Change for Large Peso Bills in Mexico

In this article, we're going to be talking about something every traveler coming to Mexico needs to know about. Mexican money. Let's get started.

Before you visit Mexico, it's helpful to familiarize yourself with the currency you're going to be using it while on your trip. In this article, we're going to show you how to get and convert Mexican pesos from U.S. dollars as well as some interesting facts about the almighty peso.

What is a Peso?

Modern currencies that used the "peso" have a common origin in the Spanish dollar from the 15th-19th centuries. If you've ever wondered why pesos use the same symbol as the dollar, it's because they share a common history.

Peso in Spanish literally means weight, and was used to refer to pesos oro (gold weights) or pesos plata (silver weights).

A peso in terms of Mexican currency is a Mexican peso (sign: $; code: MXN) or peso mexicano in Spanish. One peso is the equivalent of one-hundred centavos (100¢ MXN).

Mexican Peso Symbol and Abbreviations

One common way to distinguish whether the "$" symbol refers to dollars or pesos is with the addition of MX before the "dollar" or "$" sign. An alternative to this convention is by adding the "MN" after the the value is written, e.g. $100 MN. The MN stands for Moneda Nacional, which means "National Currency."

If you're searching for real estate, you may see "mdp" after the value. For example, 3.2 mdp means 3.2 milliones de pesos or 3.2 million pesos.

MXN is the official currency code for Mexican pesos.

How to Get Pesos

You have a few options to get your hands on some pesos.

Exchange Money at the Bank

Your first option for exchanging for pesos is at certain banks. They usually have an exchange service, and you can use that prior to your trip you can just go to the bank and get some pesos and you'll be ready to go to Mexico.

Banks like U.S. Bank and Wells Fargo offer this service.

Visit Currency Kiosks

Number two is the currency exchange kiosks that you can find at most any airport, and also in most cities where there's tourism.

Use the ATMs

And option number three is ATMs. That's our preferred way of getting pesos when we are in Mexico. We have learned that we get better rates when we use the ATM instead of going to the bank or exchanging money at the kiosks.

So, those are the three main options you have for converting dollars (or pretty much any other currency) into pesos.

The Cheapest Ways to Get Pesos

The cheapest way to pay in Mexican pesos is to not handle them at all when possible. Paying with a travel credit card will almost always give you the best rate with no additional fees because travel cards generally don't charge foreign transaction fees.

But if you need to get your hands on actual pesos, withdrawing from an ATM using a debit card that refunds you ATM fees is your best option. This is actually what we recommend for most countries as outlined in our Ultimate Guide to Travel Banking.

How to Send Money to Mexico

If you're trying to send money to a friend, family, or loved one in Mexico, one of your best options is with Wise. This can even be a good option if you're trying to send money from your US bank account to an account you have in Mexico when living abroad.

Wise has the lowest fees around, whether you need to transfer $10 or $10,000 USD. This makes them ideal for most options. However, if you're moving money to purchase real estate, keep in mind though that the limit Mexican accounts can receive using this method is $1,976,693.5 MXN (roughly $94,900 USD).

How do you say ATM in Spanish?

An ATM is called a cajero automatico in Spanish. Sometimes this is shortened to cajero when enough context is given to specify that you are asking about an ATM. Cajero actually means "cashier," so when you say cajero automatico, you're literally saying "automatic cashier."

If you want to ask where you can find an ATM in Spanish you can say, "¿Dónde está el cajero automático?" - "Where is the ATM?" Or alternatively, you can ask "¿Hay un cajero automático cerca de aquí?" - "Is there an ATM close to here?" Need more help with directions? Learn more in our article and video about how to ask for directions in Spanish.

How to Exchange Pesos for Dollars

At the end of your visit to Mexico, you might find yourself with some spare peso coins, or some bills that you'd like to convert back into US dollars. We've already shown you the cheapest way to get pesos, but how can you exchange them back for dollars? Here's what you can do with leftover foreign currency.

The cheapest way to convert your extra pesos back into US dollars is by bringing them back to the US. As mentioned previously, banks usually have the best rates, and several larger banks such as Wells Fargo are happy to help reconvert your money for you.

With banks, you'll get a far better rate than anything you'll find in Mexico in terms of exchange kiosks. The mark-up is almost always built into the conversion rate. Always beware of exchanges that claim to do it for "no fee."

But if you don't want to go through the extra hassle, holding on to your pesos until your next trip isn't a bad idea either. Especially if you plan to be back in less than a year or two. We tend to hold on to some pesos in between trips just so that we have cash as soon as we get back into Mexico. It's nice to not have to look for an ATM right away, and have enough for a few tacos or some guacamole when we land.

How to Convert US Dollars (USD) and Pesos (MXN) in Your Head

Once you have your hands on some pesos it's helpful to know how much you'll be spending with this easy formula. Right now in 2022, one U.S. dollar equals about 20 pesos. The daily conversion may vary slightly above or below, but 20 pesos to the dollar makes it really easy to convert.

If you're going to buy something that says it's 500 pesos, all you need to do is move the decimal point over one and that will leave you with 50. Cut that in half and that's how much it is going to be in U.S. dollars. So, half of fifty is twenty-five dollars.

Or, if you have 50 U.S. dollars and you want to convert that to pesos, all you need to do is move the decimal point over the other way and double it. So 50 dollars adding a zero at the end you've got 500. Double that and you're looking at about a thousand pesos.

Mexican Peso Denominations

The current Mexican coins in existence are 5, 10, 20, and 50 cents, as well as 1, 2, 5, 10, and 20 pesos.

The current Mexican bills in existence are 20, 50, 100, 200, 500, and 1000 pesos.

The 1000 Pesos Bill

You probably won't get to see this bill when you're here in Mexico because it's not very common, but it is real. It exists. However, if you happen to come into possession one, know that most small stores will not have change for it.

Mexican Coin Values

We covered how to convert pesos in your head above, but if you're still stuck, it might help you think about it in another way. In the USA we have dollars and cents, and in Mexico, there are pesos and centavos (cents). Just as 100 cents make up a dollar in US currency, 100 cents make up one peso in Mexican currency.

To keep things simple, let's say 20 Mexican pesos is roughly equal to one US dollar. Then the Mexican coins you'll encounter are worth:

• 5 centavos ($0.05 MXN) = $0.002 USD

• 10 centavos ($0.10 MXN) = $0.005 USD

• 20 centavos ($0.20 MXN) = $0.01 USD

• 50 centavos ($0.50 MXN) = $0.02 USD)

As mentioned in the denominations section above, Mexico also has several peso coins. Remember, each whole peso is worth 100 centavos. That means these peso coins are worth roughly the following:

• 1 peso ($1.00 MXN) = $0.05 USD

• 2 pesos ($2.00 MXN) = $0.10 USD

• 5 pesos ($5.00 MXN) = $0.25 USD

• 10 pesos ($10.00 MXN) = $0.50 USD

• 20 pesos ($20.00 MXN) = $1.00 USD

Bear in mind, these values are using a conversation rate of $1 USD = $20 MXN to illustrate the rough value of pesos to dollars. This works well for estimating the cost of small items. However, the actual exchange rate varies daily.

Where to Find the Current Exchange Rate

While the exchange rate has typically and conveniently hovered around $20-23 MXN to $1 USD over the past few years, this changes constantly. For more accurate conversation rates, use a currency conversion website like xe.com or Google "USD to MXN."

The Value of Old Mexican Pesos

Old Mexican Pesos (MXP) are obsolete. The standard currency you see today in Mexico is what is referred to as the Nuevo Peso or "New Peso" (MXN). This transition from the old peso officially took place on January 1, 1993. Essentially, the new peso erased three zeros off the old peso to clean up the effect of years of inflation.

1000 MXP is the equivalent of 1 MXN. That's roughly $0.05 USD at current rates.

It's not uncommon for people who have been traveling to Mexico for decades to still be in possession of some old pesos, not realizing that their value is actually much less than what it appears on the bill when factoring in the transition to the new peso.

The old peso bills and coins are no longer accepted as cash within the general population, however, they still can be cashed in for the modern value equivalent in new pesos at the Bank of Mexico.

How much are old pesos worth exactly?

While some collectors might place a higher value on rare or misprinted coins and bills, the value of most old pesos can be figured out quite easily on your own.

Simply follow these three steps to convert old Mexican pesos (MXP) to new Mexican pesos (MXN) and then into US dollars (USD.

1. Tally up the total of the bills and coins you have

2. Move the total three decimal places to the left

3. Enter the result in the MXN field here

Or see the conversion for each of the old Mexican peso bills directly from the Bank of Mexico here.

Is $100 a lot of money in Mexico?

A popular question for people interested in visiting Mexico is how far $100 USD goes there. This is a difficult question to answer as it involves many factors such as where you plan to visit and what your standard of living is. But we'll give you an idea of what you can expect for pricing in general in Mexico.

The overall cost of in living Mexico is roughly half that of the United States, so a quick "back of the envelope" calculation for what most things will cost there can be done by taking the price of a similar public utility or living expense in the US (not including electronics) and dividing by two. Obviously, this guestimation will be different depending on where you plan to visit. Colima is generally cheaper than Quintana Roo.

The average inexpensive meal at a restaurant in Mexico costs roughly $100 pesos (~$4.73 USD), domestic beer around $30 (~$1.42 USD), and bottled water $11.52 (~$0.54 USD). The cost of other typical expenses in Mexico can be found and compared here.

Is $100 USD a lot of money to a Mexican? As of Jan 1, 2020, Mexico's minimum wage was raised to $123.22 pesos per day. That means a Mexican working minimum wage would have to work at least 17 days to make the equivalent of $100 US Dollars.

Getting Change in Mexico

One culture shock for many who visit Mexico for the first time is how difficult it can be to find a store or vendor who has change for larger bills. Often times, 200 peso bills and larger will cause more trouble than they're worth when purchasing cheaper items. You'll find that ten-peso coins are often more valuable than they look as it's much easier to get change for purchases using smaller denominations.

This does not mean that larger bills are useless. Just keep in mind that if you're making a purchase that requires getting fifty to one hundred or more pesos back in change to try to use the smallest denominations you can to help assure that you're able to make the transaction.

Often times if you do not have the correct change or close, a vendor may ask you to wait a moment while they run next door to see if a neighboring establishment can break a larger bill.

Tipping with Pesos in Mexico

Ever wonder whether you should tip in pesos or dollars? While many touristy cities in Mexico often have restaurants that accept payment in dollars, it's usually a bad idea to pay in anything other than the local currency.

But what about tipping in dollars? This is also generally less than ideal for the locals because most places in Mexico only accept Mexican pesos as payment. This means that whoever you're tipping will have to spend their time finding a place to convert your tip into a local currency where they'll likely not be getting a great conversation rate either. Time is money, and currency conversion kiosks are usually a rip-off. Again, it's best to tip in pesos.

How much should you tip? We answer that in our guide to tipping in Mexico.

Who's on Mexican Pesos?

As with the U.S. dollars, Mexican money portrays the image of important people from the country's history. In the case of Mexican pesos, the people on the bills are famous luminaries who lived before, during, and after the Spanish conquest.

Who's on the 1,000 Pesos Bill?

The newest version of the 1,000 pesos bill features former Mexican president Francisco I. Madero, and Hermila Galindo and Carmen Serdán. Madero was a Mexican writer, businessman, revolutionary, and statesman, who became the 37th president of Mexico in 1911. Galindo was Mexico's first congress delegate, and Serdán was a Mexican revolutionary.

The previous version of the 1,000 pesos bill pictures Miguel Hidalgo, a Mexican national hero who was the leader of the Mexican War of Independence.

Who's on the 500 Pesos Bill?

The newest version of the 500 pesos bill features Benito Juárez, former Mexican president who served from 1858 until his death in 1872. He was the first Mexican president who was of indigenous origin.

The previous version of the 500 pesos bill shows Diego Rivera, a Mexican muralist, and his wife Frida Kahlo, a renowned Mexican artist.

Diego Rivera was born in one of our favorite cities in Mexico. Be sure to check out his museum, located at the house he grew up if you visit. Or, join us for a Spanish immersion retreat in Guanajuato to see it on a trip with us!

Who's on the 200 Pesos Bill?

The 200 pesos bill pictures Miguel Hidalgo and José María Morelos y Pavón, who were both leaders and revolutionaries who fought for Mexico's independence from Spain. Miguel Hidalgo is also known as the Padre de la Patria, or "Father of Homeland."

Who's on the 100 Pesos Bill?

The current version of the 100 pesos bill features Sor Juana Inés de la Cruz, famous Mexican poet and writer.

The previous version of the 100 pesos bill shows Nezahualcóyotl, a philosopher, architect, poet, warrior, and ruler (tlatoani) of the city-state of Texcoco in pre-Columbian era Mexico.

Who's on the 50 Pesos Bill?

The current version of the 50 pesos bill features an emblem representing the foundation of Tenochtitlan, where modern day Mexico City was founded. The depiction of an eagle perched on a cactus eating a snake can also be found prominently displayed as the emblem at the center the Mexican flag. 🇲🇽

The previous version of the 50 pesos bill features José María Morelos, Mexican Roman Catholic priest and revolutionary in Mexico's War of Independence movement.

Who's on the 20 Pesos Bill?

The current version of the 20 pesos bill features la entrada del Ejército Trigarante a la Ciudad de México (the entrance of the Tigarante Military into Mexico City) which consummated Mexico's Independence. The battalion leader at that time was lead by Agustín de Iturbide, who is depicted prominently in front of the crowd on this bill.

The 20 pesos bill showcases former Mexican president Benito Juárez. He is currently featured on the new 500 pesos bill as well.

How Can You Easily Tell Pesos Apart?

All denominations of Mexican currency vary in color, texture, and size, in an effort to deter counterfeiting and to assist the blind. The four largest bills are not only the longest but are also made out of a different material than the 50 and 20 pesos bills. The larger bills are made from paper while the 50 and 20 are plastic.

Historic Facts About Pesos

The Mexican peso is the eighth most traded currency in the world, the third most traded currency all over America, after the U.S. and the Canadian dollar, and the most traded in Latin America. It was the first in the world to use this sign even before the U.S. dollar.

You can learn more about the history of the pesos in our article about Three Interesting Facts About Mexico You Probably Didn't Know.

Final Thoughts

Learning about the money you're using when you're visiting a new country is a great way to learn about the history and culture of this place. We hope this article helped you get acquainted with Mexican pesos.

You might also be interested in:

• What to Wear in Mexico

• Why Are Sugar Skulls Used for Day of the Dead?

• 7 Best Tips for Renting a Car Abroad (Budget Travel in Mexico and Beyond)

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Source: https://spanishandgo.com/travel/all-about-mexican-pesos

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