If you live in the U.S. and plan to visit Mexico City, money exchange is one of your primary concerns. After all, this city uses a different currency: the Mexican Peso. If you’re on a budget and want to make the most of your money, you’ll want to know more about money exchange in the city.
For this reason, we made this article to give you everything you need to know about money exchange in Mexico City. This information includes the best places to get the most out of your money and also the places to avoid when exchanging.
Without further ado, let’s get into it!
Where Can I Get the Best Exchange Rate in Mexico City?
If you’re visiting Mexico City and must exchange your U.S. dollars for Mexican pesos, you can always use the ATMs since you’ll find one on every corner.
These machines are from the banks, so their currency exchange rates are constantly regulated. As such, it’s the closest to the actual exchange rate and usually involves no fees.
Now, if you can’t find an ATM, you can always find a place that offers currency exchange services. First, you can search for it on google maps by typing Casa de Cambio. From there, you’ll find places to exchange money.
Foreign exchange is a necessity for almost every overseas traveler. If you know the tricks, you can save a lot of money. However, due to poor exchange rates, exchanging currency in hotels, airports, or other locations can be expensive.
Therefore, travelers should know where to exchange money while abroad or convert their currency before their trip.
Is It Better to Exchange Money in Mexico?
As mentioned earlier, it’s better to exchange money in your country before you travel to Mexico. If you need some quick cash, having the local currency (the Mexican peso) with you before you arrive in the city is best.
Purchasing pesos from your bank in the United States is the most cost-effective option. In most cases, you can enjoy this service for free, especially if you are withdrawing little money.
By exchanging your cash before traveling, you can avoid the extra exchange fees and alarming rates when you try to get local currency at airport kiosks or even at your hotels and resorts.
While exchanging at airports and hotels seems convenient, it can hurt your budget in the long run. Therefore, we recommend you only do so in case of emergency and don’t exchange all your budget in such places.
Best Places to Exchange Dollars
The best place to exchange dollars will be banks since they are regulated and always close to the actual exchange rate for the day. If you want to enjoy convenient and affordable exchange services, you can head to
- Banks
- Credit Unions
- Online Currency Exchange Bureaus
A credit card or ATM card from your or a foreign bank can also be used to get local currency. If you’re using a credit card to make transactions, be sure it doesn’t restrict foreign transactions and that there are no fees for such a service.
Now, while you’ll find the best places to exchange your dollars, you’ll also have the worst places to avoid, and among them are hotels and kiosks at airports. You’ll find the worst exchange rates in these places and might even be charged exchange service fees.
Should I Exchange Money at the Mexico Airport?
As mentioned earlier, money exchange kiosks at Mexico Airports offer the lowest value for your money.
Besides the low exchange rates, you’ll also be charged high fees for the services. As such, you should avoid exchanging your money in such places.
If you want to exchange money upon arrival, getting local currency through ATMs at the airport is best.
You can exchange a small amount for transportation if it’s your only option. You can then head to local banks to exchange the rest of the money you need.
Conclusion
Money Exchange can seem like a hassle, especially if you know that most establishments and businesses in Mexico City accept U.S. dollars. However, you should always note that you’ll get the best value for your money when you pay in local currency. This way, you will pay the exact prices and costs of whatever product or service you get while traveling.
Regarding money exchange, your best bet will be the banks, including ATMs. Such places offer the closest value to the exchange rate with minimal fees. At the same time, you should avoid exchanging money at Airport Kiosks since they offer the worst value for your money.
