Hola Amigos! Learn which payment methods are safe and convenient in Mexico and compare travel money cards.
Which option is right for your next trip?
At this point of time no prepaid travel cards from Australia allow you to preload the Mexican Peso. As a result travel credit cards and travel debit cards may be your ideal option for your next trip to Mexico.
Compare travel cards for Mexico
Travel card, credit card or debit card?
The local currency in Mexico is the Mexican Peso, and there are a few ways you can make purchases in Peso in Mexico. Here we compare prepaid travel cards, credit cards and debit cards to help you determine which one is best for your trip down Mexico way. ATM's are widely available in Mexico and are compatible with debit cards, credit cards and prepaid travel cards. You can find an ATM at every bank, supermarkets, shopping centres and at hotels.
Travel money options for Mexico at a glance
| Travel money option | Pros | Considerations |
|---|---|---|
| Debit cards for travel |
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| Prepaid travel money cards |
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| Credit cards for travel |
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| Traveller's cheques |
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| Cash |
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This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.
How much Mexican pesos do I need to bring?
| Mexico City | Budget | Midrange | Expensive |
|---|---|---|---|
 | Hostel dorm bed $13.37 | Double room $44.55 to $89.12 | Luxurious hotel double room $89.12 to $371.32 |
 | Lunch in economical restaurant $4.46 to $5.95 | Dinner with drinks $14.88 to $22.32 | Fine dinner $22.32 to $37.20 |
 | Museum admission $0.74 to $5.21 | Uxmal Entrance for two $24.70 | Personalised day tour $111.59 to $148.79 |
*Prices are approximate and are subject to change
Exchange rate history (AUD to MXN)
| Year | Average annual exchange Australian Dollar (AUD) to Mexican Pesos (MXN) |
|---|---|
| 2012 | 13.620194 |
| 2013 | 12.340099 |
| 2014 | 11.998516 |
| 2015 | 11.850727 |
| 2016 | 12.936202 |
How different travel money products work in Mexico
Using a prepaid travel card
Travel cards are generally a good way to take your funds overseas and spend in multiple currencies, but they’re not all suitable for use in Mexico:
- Supported currencies. At the time of writing there are no prepaid travel cards you can load with Mexican pesos. Merchants in major tourist destinations like Tijuana, Cancun and Acapulco do accept U.S Dollars; however, this may not extend to card payments.
- Currency conversion fees. If you’re using a prepaid travel card that charges currency conversion fees and doesn’t support Mexican pesos, you’ll be charged a currency conversion fee. Travel card currency conversion fees are among the highest in the market. This fee alone makes it more cost effective to use another type of card in Mexico.
How to compare prepaid travel cards
Using credit cards
A credit card can be a good option for financial security and emergency expenses on your trip to Mexico. There are some features and drawbacks that you’ll want to keep an eye on to ensure that you're getting the most out of the credit card you choose:
- Currency conversion fees. Unless you have a credit card that is designed for overseas use, you’re likely to be charged currency conversion fees (of around 3%) when you make a purchase in Mexican pesos. Some merchants may accept US dollars, which are also supported across all Australian travel money cards.
- ATM withdrawals. Cash advance and interest charges, ATM fees and currency conversion fees can wipe about $10 off your balance for every cash withdrawal. ATM withdrawals using credit are treated as a cash advance, so the transaction accrues interest right away and a cash advance fee is charged per transaction.
- Emergency card replacement. Most Visa, Mastercard or American Express cards can be locked and replaced if lost or stolen. For example, Visa can arrange for emergency cash from a Western Union if you’re stuck in a tight spot while you wait for a replacement credit card from your bank.
- Acceptance. Credit cards and other forms of plastic are widely accepted in Mexico. Keep in mind Visa and Mastercard are not accepted on buses, most taxis, tour guides, corner stores and taquerías. Look for a sign saying "No Tarjetas De Credito" or ask first if you want to find out whether you can use your card.
Compare different types of travel money credit cards
Using debit cards
Like a credit card, using an Australian debit card in Mexico has both benefits and drawbacks. Consider the following when comparing your options:
- Currency conversion fees. Some Australian debit cards are designed to be used overseas, so they don’t charge currency conversion fees on foreign transactions. If you’re using your regular debit card, it’s likely that you’ll be charged a currency conversion fee of at least 3% per transaction when you make a purchase in Mexican pesos.
- ATM withdrawals. Look for a card that has an international ATM presence, as you might be able to use ATMs without being charged withdrawal fees.
- EFTPOS card. You can use your EFTPOS card to make a cash withdrawal from an ATM in Mexico. Some ATMs take EFTPOS cards without a chip, but these ATMs can be few and far between. EFTPOS cards can not be used over the counter; you need a Visa or Mastercard debit card to make purchases.
Pros and cons of using debit card overseas
Paying with cash in Mexico
Dating back to Spanish colonisation, Mexican pesos come in denominations of 10c, 20c, 50c, $2, $5, $10, $20, $50, $100, $200, $500 and $1000. $20 is the lowest value banknote. MXN is the currency code for Mexican Pesos. Mexico uses the dollar sign ($) as the currency symbol.
Buying Mexican Pesos in Australia
1 AUD is worth approximately 13 MXN according to Google Finance, which means you will be paying approximately $46 for a double room in a midrange hotel, $22 for a good dinner including drinks and $4.60 for a taxi ride in the city. Mexican Pesos are widely available at most currency exchange offices including Travelex and major banks. Exchanging at your local/ member bank can be a good idea to avoid extra fees and charges.
Where can I get money exchanged in Mexico?
Cash, ATM's and how to exchange money in Mexico
There are a number of places you can get cash exchanged in Mexico, including Banco de Mexico (the nations national bank) and at casa de cambio's (exchange bureaus). You can visit a bank during business hours between Monday and Friday. Australian dollars are a common international currency; however, you may only be able to change Australian dollars to pesos at larger banks. 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. Some cases de cambio offices may only exchange US Dollars, so shop around to find out where you can get Australian dollars changed to Mexican pesos.
Locate a currency exchange/ ATM in Mexico
Using US dollars or Mexican pesos in Mexico?
You can use $USD in Mexico, especially in the major tourist spots, where some merchants give you the option of paying in MXN or USD. The vendor can give you an "over the counter exchange rate" between USD and MXN. The price of the goods can be inflated by as much as 30% if you pay with USD in Mexico as vendors generally use an exchange rate of $10MXN to $1USD. To make your money go further use Mexican Pesos.
Using a combination of travel money options
There is no single best travel money strategy, as the right one will ultimately depend on where you’re travelling, how you’re spending your money and what you can afford. For example, 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. If you want a backup to make emergency or large purchases, a credit card could come in handy. Plus, 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. Make sure to organise more than one option so you always have a backup plan should something go wrong. There are many ways you can take your cash to Mexico, but the best option will depend on how you’re spending your money and the features that you are after. 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.
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Frequently asked questions
What rate do I get when I make an ATM withdrawal?
Is using an ATM in Mexico safe?
What do I need to prepare before leaving for Mexico?
- Passport
- Copy of your credit/ debit cards
- Emergency contact numbers for your banks
- Store your extra credit/ travel card in a separate compartment to your wallet in the case of theft
