Summary: What documents do you need to exchange dollars for pesos in Mexico?
Every traveler in Mexico with US dollars eventually faces the big question: “What do I actually need to swap my dollars for pesos?” This article shares real-world steps, honest mistakes, official requirements, and some behind-the-counter stories on getting those pesos—at banks and at exchange shops (casas de cambio). We’ll dive into official Mexican regulations, surprising on-the-ground differences, and a quick cross-country look at documentation rules for exchanging currency abroad.
Stepping into a Mexican bank to exchange dollars: What’s really required?
The first time I needed pesos in Mexico, I didn’t overthink it. I just waltzed into a BBVA branch in Mexico City, dollars in hand, assuming it would be as breezy as swiping my card back home. Surprise: the teller smiled and immediately asked for my passport. Right, that makes sense. Then, a twist—she wanted to see my immigration entry form. I’d left it in my Airbnb. Rookie mistake.
For actual documentation requirements, what matters most is the type of place you visit:
At Mexican Banks
- Valid Passport: Must be original, not a photocopy. Most banks (Banamex, BBVA, Santander etc.) will not accept driver’s licenses or ID cards from other countries.
- Visa or Entry Stamp/Forma Migratoria Multiple (FMM): Especially as a foreigner, sometimes required to prove lawful entry. I found this stricter at banks downtown or in border cities such as Tijuana.
- Bank Form: They ask you to fill out a simple declaration, noting how much money you’ll exchange and the origin of funds. This is a straightforward anti-laundering rule.
Actual screenshot from BBVA’s customer PDF (2023):
Source: BBVA México
And here’s a tip: Mexican financial law, SAT (Servicio de Administración Tributaria), enforces pretty strict ‘conozca a su cliente’ (know your client) procedures for all currency exchange at financial institutions (see SAT official portal), mainly to prevent money laundering.
At a Casa de Cambio (Exchange House)
Now, stories and my own experience diverge wildly here. I visited a tiny “casa de cambio” near Mexico City’s Zona Rosa. “Pasaporte?” the lady asked, glancing at my face for maybe half a second. No FMM, no endless forms—just the essentials:
- Passport (original, sometimes they photocopy it themselves)
- Occasionally an address (hotel is fine) or my phone #
- If exchanging a large amount (over $1,500 USD as per the anti-laundering law), extra paperwork—once got a form to sign, but nothing overwhelming.
Fun fact: I heard from a long-time expat on Mexico City Reddit that some casas let you use a drivers’ license if it’s a famous nationality (like US or Canadian), but official policy is “passport only.”
But why all these rules?—Regulations and Reality Check
From the Mexican side, the strictness boils down to anti-laundering regulations. Mexico tightened rules after 2010, when the Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita enforced capped USD cash exchanges per month for non-residents—banks allowed up to $1,500/month per person (as of 2023; check your bank). Casas de cambio sometimes have even tighter day-to-day caps, depending on location and suspicion of activity.
Remember, banks have “strict paperwork, best rates;” casas de cambio are “low paperwork, so-so exchange rates, tons of flexibility.”
A Real Case Scenario: When Rules Collide with Practice
Here’s how it played out for me in Cancún, and then in Tijuana.
- At the airport banco: They absolutely wanted my passport and a filled-out declaration (how much, where it comes from, my hotel). They checked my FMM, gave a tough look at my stack of $20 bills. The whole process took ten minutes—decent rate, receipt in hand.
- At city-center casa de cambio: The young guy behind the glass cracked jokes and swiped my passport for a quick look, handed back pesos with barely a word. No forms, no fuss. When I asked why no forms, he just shrugged and said, “Nadie te molesta aquí, amigo.”
According to the Bank of Mexico’s 2022 report, roughly 70% of USD-peso exchanges by tourists occur in small dealers where paper trails are kept minimal, but legal ID (passport) is still a must.
Expert Perspective: Why the Difference?
Channeling the voice of a compliance officer from Scotiabank Mexico—Andrea V., who once gave a presentation I saw (virtually, alas)—the reason is twofold: “Banks are watched closely by both Mexican and U.S. authorities, so there’s zero room for shortcuts. Casas de cambio know that if you’re swapping a couple hundred bucks, the risk is low, so enforcement is lax, especially outside airports or border zones.”
Regulations exist in theory, but as anyone who’s traveled a bit (or browsed expat forums) knows, in Mexican daily life, flexibility is king. That said, if you ever want to change a large sum, bring your paperwork—and expect questions. For small swaps, sometimes all you need is a clean passport and a smile.
Official guide from Profeco (Mexico’s consumer watchdog): Profeco Currency Exchange Guide (2023).
How does this compare internationally? Quick Comparison Table
| Country | Standard Name | Legal Basis | Supervising Agency | Bank ID Required | Exchange House ID Required |
|---|---|---|---|---|---|
| Mexico | “Conozca a su Cliente” | Ley de Prevención de Lavado de Dinero 2010 | CNBV, SAT | Yes: Passport + entry proof | Yes: Passport (usually Sufficient) |
| USA | Bank Secrecy Act (KYC) | 31 USC 5318 (BSA Act 1970) | FinCEN | Yes: Passport/Driver’s license | Yes: Passport/ID |
| UK | Money Laundering Regs 2017 | Statutory Instrument 692 2017 | FCA | Yes: Passport/Driver’s license | Usually Yes |
| Canada | FINTRAC KYC | Proceeds Of Crime (Money Laundering) Act | FINTRAC | Yes: Passport/ID | Yes: Passport/ID |
Wrapping Up: So, What Should You Actually Bring?
To exchange US dollars for pesos at any bank in Mexico, bring your passport (not a copy). If you have your immigration slip (FMM), stick that in your wallet—it can save time at big branches or airports. If you’re using a casa de cambio, 90% of the time, the passport is enough, but don’t argue if they ask for more.
If you’re dealing with more than $1,500 or $2,000 USD, expect to fill out a form and maybe provide your address. Don’t take it personally; it’s all part of the standard “we don’t trust anyone with buckets of cash anymore” culture, whether in Mexico, the US, or Europe.
Next time: Keep your passport handy, check opening hours (banks close early), and if in doubt, try a reputable casa de cambio for small amounts. Oh, and double-check you’ve not left your FMM in your hotel—because banks genuinely care.
If you want a deeper dive into money-laundering laws or are curious to see the actual exchange forms, the best starting point is Condusef: Canje de divisas 2023—the official Mexican financial consumer agency, updated annually.
And one final, very personal tip: don’t get drawn into airport kiosks offering “no paperwork” for astronomical commissions. Take your time, follow the rules, and you’ll save both money and headaches.