Mexico - Bank System
The Mexican currency is the peso, which consists of 100 cents (centavos). Coins: 20 pesos, 10 pesos, 5 pesos, 2 pesos, 1 peso, 50 centavos, 10 centavos. Bills/notes: 20 pesos, 50 pesos, 100 pesos, 200 pesos, 500 pesos
To see images of actual Mexican coins and bills/notes:
website: www.sanmiguelguide.com/currency.htm
website: www.sanmiguelguide.com/currency2.htm
Major credit cards like Visa, American Express, Mastercard and Diners Club are widely accepted, and you may even use them for cash withdrawals at many ATMs.
However, there are still many small convenience stores where only cash is accepted, so it is best to carry a reasonable amount with you (about $300 Pesos). Most gas/petrol stations accept cash only.
ATMs are a very convenient way of getting cash. Although there is a surcharge for withdrawing money from a foreign location, it will be cheaper than the fees for exchanging foreign currency or travellers cheques. ATMs are widely available at malls, banks, and supermarkets.
It is best to exchange currency at the booths in the airport, where competitive exchange rates are offered. Outside the airport, go to a large bank branch. You may exchange money at hotels, but they usually charge high commissions or have very unfavorable exchange rates. Most department stores and restaurants will accept U. S. dollars, but you would get a better exchange rate at a bank or reputable exchange house.
To see the most current rates, you can use one of the many currency conversion tools available on the internet.
website: www.oanda.com/convert/classic
website: www.xe.com/ucc
Since 1996, a Credit Bureau has been established by the government, but credit ratings are not being widely used by financial institutions as of yet. However, we recommend that you keep this Credit Bureau in mind and try to pay on time any kind of loans or credit cards issued in Mexico, as to keep a clean record under your name.
You can request a copy of your credit rating from this bureau once a year, at no cost.
For more information, go to:
website: www.cnbv.gob.mx/consulta.asp?com_id=0&tema_id=10
What is a Credit Bureau?
Simply put, it's a database. It provides financial institutions with information regarding the credit performance of individuals and companies. This helps them make a decision as to whether grant a credit or loan.
In case you are wondering, banks and all financial entities in Mexico are regulated by the Mexican government, through an institution named Comision Nacional Bancaria y de Valores. website: www.cnbv.gob.mx
Do you have comments, corrections or wish to share useful information? Go to 'Add Comment'. We like hearing from you!
