Money makes the world go round, so before going abroad it’s a good idea to look into the currency of your chosen destination. In Mexico the currency is the Mexican Peso. One Peso can be divided into 100 Mexican centavos (cents).
Notes come in denominations of 1,000, 500, 200, 100, 50 and 20 Mexican Peso’s whilst coins come in denominations of 10, 5, 2 and 1 Mexican Peso’s, 50 and 20 centavos.
It’s important to bear in mind the fact that 1,000 and 500 Mexican Peso notes are sometimes refused as they can be very difficult to change.
Although foreign currencies can be changed into Mexican Peso’s at currency exchange kiosks and banks transferring your funds at the right time and getting the best exchange rate possible can save you money and really help your global transition. If you’re emigrating seeking advice from a trusted currency broker is really recommended.
If your stay in Mexico is likely to be of some duration you may want to consider opening a Mexican bank account.
When opening a bank account in any country you should always shop around and chose a branch/account that gives you the best deal.
If you intend to open a Mexican bank account you will be asked to supply a valid form of identification and proof of your address.
American/Canadian citizens and corporations can open US Dollar accounts in Mexico.
There are several types of account open to foreigners, including checking, deposit and investment.
Banking hours are typically 9:00am to 16:00pm Monday-Friday, although larger branches may be open longer and smaller branches may have reduced hours.
All of the larger Mexican banks will offer online banking facilities, and using this service can save you a lot of time and hassle!
ATM machines are widely available across Mexico, although they’re often harder to track down in rural areas. As always, when withdrawing cash from ATM’s you should keep aware of your surroundings and take suitable precautions.