Summary: This article answers a question that's surprisingly relevant for many travelers and expats: How much US currency can you legally exchange in Mexico? Are there actual daily limits, or does it just feel that way because of long lines and suspicious stares at the cambio window? I've pulled together real legal references, my own sometimes confused on-the-ground experience, and a few expert perspectives to make sense of what’s fact, what’s enforcement, and some stories that might help you navigate Mexico’s dollar exchange maze, especially after the major reforms post-2010.
We’ve all been there: you’re in Mexico, and you want to swap out some dollars for pesos—either for day-to-day expenses or because you just prefer to avoid credit card FX fees (trust me, sometimes you really should). But then there’s rumors: “You can only exchange $300 a day!” or “You’ll get reported if you swap more than $1,500 a month!” Is that law? Just policy? And what about big banks versus the mom-and-pop casas de cambio? Here’s where this gets tricky: Mexican anti-money laundering laws do place limits, but the details (and how they apply to you) depend a lot on your residency, the place you exchange, and—frankly—how high you’re flying under the radar.
Back in 2010, Mexico’s government tightened rules on dollar exchange (see DOF, Decreto 15/06/2010) to clamp down on money laundering. Overnight, we got fixed rules for banks and exchange houses. The government’s logic was: bulk USD cash inflow = likely criminal, nasty stuff. (Source: Banxico Official Website)
The gist is:
Source:
Banxico: Currency Exchange Operations
SAT: Casas de Cambio y Sus Operaciones
Here's how it usually plays out—honest, sometimes embarrassing, but useful whether you’re at an airport Santander branch or a dusty window in Mérida.
[Screenshot: Sample Casa de Cambio Receipt — shows “Cantidad Cambiada: 300 USD”, “ID: Passport 123xxxx”, “Fecha: 21/06/2024”]
Want to move more than $1,500 per month? The official way is to declare it, provide proof of origin, and/or use electronic transfers. If you try to get clever (spread exchanges across places, use friends), you're skirting reporting requirements. Not just a theory—even street-level casas now check for "acumulado mensual" in the central database. Plus, pushing $10,000+ through might get you flagged and visited by SAT.
I met Sarah, a US expat renting in Playa del Carmen. She regularly exchanged $500-$800 at local casas for living expenses. At the start, no one asked questions. By her second month, her exchanges hit a hard stop at $1,500 for that calendar month. The third cashier warned her outright: "If you need to change more, set up a Mexican bank account and get wire transfers."
“The banks were sticklers for the official rules,” Sarah explained. “Casas were more flexible, but after the rules came in, they got nervous. They even scan your passport barcode.”
In an interview with Ricardo Torres, compliance officer at a major Mexican bank, he explains:
"We follow strict guidelines from Banxico and SAT. The aim is to prevent money laundering. Yes, it inconveniences tourists and expats, but exceptions almost always get flagged for review. There's simply no way to override the $300 daily/$1,500 monthly cap for cash exchanges for non-account holders. If you need more, open a Mexican account and go through wire transfers."
For more, see the Banxico official FAQ (in Spanish).
| Country | Name of Standard/Rule | Legal Basis | Enforcing Agency |
|---|---|---|---|
| Mexico | Cash Dollar Exchange Cap | Banxico Cir. 36/2010 | Banco de México/SAT |
| United States | Currency Transaction Report (CTR) | FinCEN Rule 31 CFR 1010.311 | FinCEN/IRS |
| Canada | Large Cash Transaction Reporting | PCMLTFA | FINTRAC |
Here’s where things get philosophical (and a bit frustrating): Mexico’s strict caps come from a real problem—cash trafficking from the North. In the US and Canada, the emphasis is on reporting rather than capping. You can move any amount, but banks must report $10,000+ to the Feds. In Mexico, the cap hits way, way lower, and enforcement is on the point of transaction, making daily living a bit awkward for high-cash travelers. There’s a cultural piece too—Mexican banks tend to err on the side of over-compliance, afraid of government scrutiny.
Wrapping up, you should absolutely plan on a daily $300 USD cash exchange cap, and a $1,500 monthly cap in Mexican banks and exchange houses—unless you have a Mexican account, in which case, bring documentation and expect questions. The policies aren’t negotiable (unless you find a truly “off-the-books” place, which is a recipe for headaches). Stick to the rules, wire large sums, and don’t try to game the system. The next step? If you plan to be in Mexico for a while or want smoother money flow, opening a Mexican bank account is the way to go.
For the most up-to-date specifics, check Banxico’s official page, or talk to your local bank branch for their policies (some will have their own stricter limits).