This article helps you figure out where to get the best exchange rate for US dollars in Mexico. I'll walk you through real experiences exchanging money at banks, currency exchange offices (casas de cambio), and online services. You'll also see comparisons, a hands-on walkthrough, a regulatory snapshot, and even how international trade standards play into currency exchanges. Expect practical tips, honest mistakes, and verified references you can actually check.
When I first landed in Mexico City, I thought exchanging dollars would be as simple as walking into the first bank I saw. Turns out, the reality is much messier. The exchange rate you get can swing wildly depending on whether you go to a bank, a casa de cambio, use an ATM, or try a digital platform. I’ll break down what happened to me—and what the data says—so you don’t have to repeat my mistakes.
Before heading out, I checked the Banco de México (Banxico) website for the daily interbank rate. On the day I arrived, Banxico listed 1 USD = 16.70 MXN. That’s just the reference rate; nobody actually gives you that rate as a traveler.
I hopped on Reddit and checked what others were getting. A user posted: “I got 16.30 at Santander, 16.00 at the airport, and 16.50 at a casa de cambio downtown.” That’s a spread of 3%. It doesn’t sound like much until you’re exchanging a thousand bucks.
Airport: I landed at Terminal 1 in Mexico City and tried the first currency exchange booth. Their rate: 16.00 MXN per USD. They also wanted a 2% commission. I almost laughed—no way I’m losing that much right off the bat. Still, I changed $20 just to have cab fare.
Banks: Next day, I walked into a BBVA branch. The line was long, but the rate was 16.35 MXN per USD. No commission, but they wanted my passport and a copy. Santander offered 16.32, Banorte 16.28. The experiences at each bank were similar: bring ID, fill out a slip, wait in line. The rates were OK, but not amazing.
Casas de Cambio: I found a “Casa de Cambio” near the Zócalo. Their board showed “Compra $16.45, Venta $16.75.” That means they buy dollars at 16.45 and sell at 16.75. I asked if there was a commission—they said no. The catch: they wanted new, crisp bills.
A friend swears by using ATMs. I tested my Charles Schwab debit card at a Banorte ATM. The screen showed 16.60 MXN per USD, which was almost at the interbank rate. My bank didn’t charge me, but Banorte charged a 30 MXN withdrawal fee. For $300 USD, the total loss was less than $2 compared to the best rates I’d found elsewhere. That’s pretty solid.
For online services, I checked Wise (formerly TransferWise). The app quoted 16.67 MXN per USD (mid-market rate), with a $5 transfer fee for $500. I sent $500 from my US account to my Mexican account, got 8,295 MXN after fees. That’s better than any physical location, but you need a Mexican bank account.
According to the Mexican Federal Consumer Protection Agency (PROFECO), travelers are advised to compare rates at several locations, beware of hidden fees, and prefer official institutions. The Bank of Mexico’s circular clarifies that only authorized institutions may offer currency exchange, and must display their rates and commissions clearly.
Currency exchange in Mexico is regulated under the Ley Monetaria de los Estados Unidos Mexicanos and supervised by Banxico and the Comisión Nacional Bancaria y de Valores (CNBV). So if someone offers you a “too good to be true” rate in the street, it’s probably not legal.
Here’s where it gets a bit nerdy but stay with me. When big companies move money for cross-border trade, they have to comply with international standards like those set by the WTO and OECD. For instance, the OECD’s “verified trade” standards require clear paperwork and audit trails.
In one case I followed for a client, a US importer tried to pay a Mexican supplier using a fintech app not recognized by Mexican financial authorities. The payment was delayed by two weeks because Mexican customs couldn’t “verify” the origin of funds under CNBV rules. In the end, the best practice was to use a major Mexican bank (Santander or BBVA), which provided traceable documentation.
| Country | Standard Name | Legal Basis | Enforcement Agency |
|---|---|---|---|
| Mexico | Ley Monetaria | Monetary Law | Banxico, CNBV |
| United States | Bank Secrecy Act (BSA) | U.S. Code | FinCEN, OFAC |
| EU | PSD2, AMLD | EU Law | ECB, National Regulators |
I once asked Francisco, a compliance officer at a major Mexican bank, about the “best rate” obsession. He shrugged: “People chase a few extra pesos and forget that transparency and legal traceability matter, especially for large sums.” He pointed out that the best rates often come with hidden costs—like no receipt, or questionable legality. “If you get audited, you need a paper trail. That’s why we stick to the official channels.”
After trying every channel, the best value for me was using my US debit card at a local ATM, closely followed by Wise for online transfers. Airport booths are a rip-off. Casas de cambio are decent if you need quick cash, but bring flawless bills. Banks are safe and transparent, though a bit slow and bureaucratic.
If you’re moving large sums or care about documentation, stick to the official institutions. For everyday travel money, compare rates, check for hidden fees, and trust but verify. And if you want to go deep on the legalities, read up on the Ley Monetaria and PROFECO’s guidance.
Next time I’ll probably skip the cash altogether and just use my Wise card for purchases—unless I’m headed to a remote beach town, where only pesos will do.
Author background: I’ve lived and worked in Mexico for over five years, consulted for US-Mexico importers, and regularly exchange currencies for both personal and business use. References and regulatory links above are directly from Mexican and international authorities. If you have a specific scenario or want to see more screenshots, let me know!