What is the currency exchange rate for £ 1 CAD/MXN?
It’s helpful to get to know the live CAD/MXN rate so you can easily calculate how much things are costing you while you’re on your trip abroad.The rate you need to focus on is the mid market rate, which is the one banks and major currency services get when buying and selling currencies. This rate isn’t always passed on to customers. Instead you may find that the CAD/MXN rate you get when exchanging travel cash includes a markup - an extra fee.
Find the CAD/MXN mid-market rate from a currency conversion site or a website like this, so you can keep an eye on the market and compare the rates you’re offered as you travel against the mid-market rate easily.
Should I exchange CAD to MXN before traveling to Mexico?
It’s a good idea to exchange CAD to MXN before you head off to Mexico, as you can often find a better exchange rate and lower overall costs before you travel.
When you’re in Mexico you’re going to need MXN in cash for some of your spending - particularly when tipping or making smaller value purchases. Buying your MXN travel money in advance can get you better CAD/MXN exchange rates, and saves you wasting precious time shopping around for a good deal once you arrive in Mexico.
Tips for exchanging money in Mexico
At merchants and ATMs, make sure you’re charged in MXN. If you’re asked if you’d rather pay in CAD instead, say no. That’s a sign of dynamic currency conversion, which usually means extra costs. ATMs are widely used in Mexico so withdrawing money in target-currency is easy, particularly in big cities and Mexico City.
Best place to exchange currency in Mexico
You can get your MXN in Mexico in a couple of ways.
You’ll be able to use a travel debit card from a provider like [wise-affiliate-name-links] to make convenient payments and cash withdrawals and to convert funds online.
Or if you prefer an offline solution you can carry some cash in CAD to exchange when you arrive. Currency exchange providers are often in airports and hotels, although the exchange shops in a city center are likely to be cheaper overall.
How to pay in Mexico?
You’ll need to have MXN to spend in Mexico. However, generally having a few different payment methods is a good plan. That means that if a merchant won't accept one, you’ve got a back up. It’s also reassuring to know you have a different way to pay if you were unlucky enough to have a card or some travel cash stolen. Here are your key payment options in Mexico.
1. Debit or credit card
Card payments can be helpful in shops, restaurants and hotels but there will be places where cash is also important. Order a travel card from a provider like Wise for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in MXN.
2. MXN cash
Cash is widely used in Mexico, so it’s worth having some with you at all times. You may want to exchange money to MXN before you leave, but it’s also usually convenient to make ATM withdrawals locally once you arrive in Mexico.
You’ll usually find you can use a card to make payments in Mexico, but carrying some cash in MXN is also reassuring. It’s often easier for tipping and making smaller purchases, plus you’ve got a nice backup if your card is ever out of action for some reason.
It’s a smart idea to have both a card and some cash in MXN when you’re in Mexico. Some merchants will prefer cash, but having a card for higher value payments and in busier more tourist places is also convenient. Consider using a travel card from a provider like Wise alongside your cash for flexibility.
Paying for the trip in CAD
If you’re paying for things in Mexico with a CAD bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
Travel debit cards don’t always work this way. When you make purchases in Mexico using the [wise-affiliate-name-links] card you can either choose to convert your account balance to MXN in advance in the Wise app, or just leave your balance in CAD and let the card handle the transaction when you pay. You’ll always get the lowest available fee and there are no extra foreign transaction charges.
Conclusion - Currency in Mexico
You won’t be able to pay in CAD when you visit Mexico - so learning about the currency you need is essential. Whether you decide to use a travel debit card from a service like [wise-affiliate-name-links], or stock up on MXN in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging CAD to MXN, and make your money go further while you’re away.
The official currency in Mexico is MXN. You can’t usually pay in CAD in Mexico, so you’ll need to plan in advance to get your travel money sorted. Consider ordering a travel debit card from a service like Wise, for low cost conversions to MXN and convenient spending and withdrawals - and remember that knowing the CAD to MXN mid-market exchange rate is essential to check you’re getting a fair deal on currency exchange.
FAQ - Currency in Mexico
What is the currency in Mexico called?
The official currency in Mexico is the Mexican Peso. You may also see the code MXN and the currency symbol Mex$.
What's the currency in Mexico City?
The official currency in Mexico City is the Mexican Peso. You’ll only be able to spend in MXN while you’re there.
What is the old Mexico currency?
Today the currency in Mexico is the Mexican Peso. If you’re worried about currencies changing, why not get a travel debit card from a service like [wise-affiliate-name-links] which will automatically pick the currency needed in your destination when making a payment - with no penalties or inflated fees.
What is the best currency to take to Mexico?
You’ll only be able to spend in MXN while you’re in Mexico. Carrying some money in cash and using a travel debit card from a service like [wise-affiliate-name-links] is usually the best way to spend while you’re away from home.
