Do Mexican banks or exchange houses have maximum legal or policy limits on the amount of US dollars that can be exchanged per person per day?

Summary: What You Need to Know About US Dollar Exchange Limits in Mexico If you’ve ever tried to exchange a large amount of US dollars for pesos in Mexico—whether as a tourist flush with cash, or a business owner handling cross-border payments—you’ve probably encountered some confusing rules. Are there legal caps on how much you can exchange? Do banks and “casas de cambio” (exchange houses) enforce their own limits? In this article, I’ll break down how Mexico handles dollar exchanges, walk you through a real-world example, and compare these controls to what you might find in other countries. Plus, I’ll share some personal insights from my own sometimes-messy experiences trading dollars for pesos in Mexico City. Why Are Dollar Exchange Limits Even a Thing in Mexico? Let’s start with the basics: Mexico has a unique relationship with the US dollar. It’s the currency of nearby economic powerhouse, the US, but it’s also the currency most likely to be used for illicit transactions. That’s why, after the 2010 anti-money laundering reforms, the Mexican government and financial regulators (like Banxico and the CNBV) tightened the rules on dollar exchanges. Back then, the concern was that too much cash—especially in dollars—was circulating outside the formal banking system, making it difficult to track shady transactions. So, Mexico imposed specific limits on how much cash in US dollars could be exchanged per person, per month. But here’s the twist: these limits aren’t set in stone forever. Over the years, they’ve loosened and tightened, depending on the political wind, anti-money-laundering priorities, and the needs of legitimate businesses and travelers. What Happens When You Actually Try to Exchange Dollars in Mexico? Okay, let’s make this real. Picture me, an expat living in Mexico City, with $3,000 cash and a plan to pay rent and a deposit. I walk into a major bank branch, thinking I’ll just change all my dollars in one go. Here’s how it played out: The teller asks for my passport and a proof-of-address (utility bill). She checks my account and says, “For cash exchanges, the monthly limit is $1,500 USD for account holders. For non-account holders, it’s $300 per day, up to $1,500 per month.” I ask if I can go to another branch and do it again. She laughs and says, “It’s centralized. All banks share info with the regulator.” That’s when it hit me: the limits aren’t just policy—they’re enforced by the entire financial system. If you try to game the system, you’ll likely get flagged, and the bank staff are trained to spot patterns. Here’s a scan from a CNBV circular (Spanish, but worth a look): CNBV Official Circular (PDF). Comparing “Verified Trade” Currency Controls: Mexico vs. Other Countries To put things in context, here’s a comparison of how different countries handle verified currency trades and exchange limits, especially in the context of anti-money-laundering (AML) laws. This table draws from data by the Financial Action Task Force (FATF) and WTO trade guidelines. Country Verified Trade Standard Legal Basis Enforcement Agency Mexico Monthly cash USD cap ($1,500 for account holders, $300/day for individuals) CNBV Disposiciones, Banxico Circular 3/2011 CNBV, Banxico United States Reporting threshold at $10,000 for cash transactions (no formal exchange cap) Bank Secrecy Act (BSA) FinCEN, FDIC European Union €10,000+ cash transactions require reporting, no hard exchange cap EU AML Directive National Central Banks, FIUs China $50,000 annual cap on FX purchases per person SAFE Regulation SAFE, PBoC What’s striking here is that Mexico’s controls are relatively strict for cash, but less so for electronic transfers. It’s a clear nod to the reality that cash is harder to trace—and thus more likely to be used for illegal purposes. Case Study: An American Business in Cancún A friend, let’s call her Sarah, runs a travel agency in Cancún. During high season, she receives thousands of dollars in cash from US tourists. In 2022, she tried depositing over $2,000 in cash at her local bank, only to be told she had exceeded her monthly limit and would need to wait until the next month, or deposit the rest in pesos. Sarah commented, “It’s frustrating, but I get why the rules are there. I just wish there was a more transparent, real-time way to track your own limits—sometimes you only find out at the teller window.” I reached out to a compliance officer at a major Mexican bank (they asked not to be named) for their view: “The limits are not arbitrary; they come straight from anti-money-laundering law. We don’t want to block legitimate business, but if someone wants to exchange tens of thousands in cash dollars, we need to see documents proving it’s from a legal source. Otherwise, we have to reject the transaction and file a report.” Step-by-Step: How to Exchange US Dollars in Mexico (and What to Watch Out For) Bring valid ID and proof of address. Mexican banks and exchange houses will always ask for your passport, sometimes a second ID, and (if you’re exchanging large amounts or opening an account) a proof of address. Know the limits. As of 2024, the main rules are: $1,500 per month for bank account holders $300 per day (up to $1,500/month) for non-account holders Casas de cambio may be stricter, sometimes capping at $500 per day Don’t try to split up your exchange at different branches. The system is centralized. All banks report to the same regulator (CNBV). For larger sums, use wire transfers. There’s no cap on electronic transfers, but you’ll need to explain the source of funds if you trigger AML alerts. Keep your receipts. You may be asked to show proof if you want to deposit or re-exchange pesos later. If you want a peek at the actual rules, Banxico has a (Spanish) FAQ: Banxico - FAQ on Cash Dollars. Wrap-up: What’s the Smartest Way to Handle Dollars in Mexico? If you’re dealing with cash in Mexico, expect scrutiny. The limits are real, and they’re about keeping the financial system clean. My main advice? Plan ahead. If you need to move larger sums, stick to electronic channels and make sure your paperwork is in order. And don’t be surprised if you hit a wall when exchanging cash—sometimes, even staff aren’t sure of the latest interpretation of the rules. Personally, I’ve learned to keep my dollar exchanges small and regular, and to avoid carrying more cash than I can legally swap. It’s annoying, but the alternative—getting flagged for suspicious activity—is much worse. For up-to-date info, check directly with CNBV or your bank’s compliance office. If you’re a business, talk to your accountant about the best way to document your dollar flows. If you’re a tourist, just be ready for some paperwork, and don’t take it personally if the teller says “no.” Next step? Consider using digital wallets or international wire services—they’re often faster, safer, and less restricted than going the old-school cash route.

Laurence's answer to: Are there limits on how many dollars can be exchanged in Mexico?

Summary: What You Need to Know About US Dollar Exchange Limits in Mexico

If you’ve ever tried to exchange a large amount of US dollars for pesos in Mexico—whether as a tourist flush with cash, or a business owner handling cross-border payments—you’ve probably encountered some confusing rules. Are there legal caps on how much you can exchange? Do banks and “casas de cambio” (exchange houses) enforce their own limits? In this article, I’ll break down how Mexico handles dollar exchanges, walk you through a real-world example, and compare these controls to what you might find in other countries. Plus, I’ll share some personal insights from my own sometimes-messy experiences trading dollars for pesos in Mexico City.

Why Are Dollar Exchange Limits Even a Thing in Mexico?

Let’s start with the basics: Mexico has a unique relationship with the US dollar. It’s the currency of nearby economic powerhouse, the US, but it’s also the currency most likely to be used for illicit transactions. That’s why, after the 2010 anti-money laundering reforms, the Mexican government and financial regulators (like Banxico and the CNBV) tightened the rules on dollar exchanges.

Back then, the concern was that too much cash—especially in dollars—was circulating outside the formal banking system, making it difficult to track shady transactions. So, Mexico imposed specific limits on how much cash in US dollars could be exchanged per person, per month.

But here’s the twist: these limits aren’t set in stone forever. Over the years, they’ve loosened and tightened, depending on the political wind, anti-money-laundering priorities, and the needs of legitimate businesses and travelers.

What Happens When You Actually Try to Exchange Dollars in Mexico?

Okay, let’s make this real. Picture me, an expat living in Mexico City, with $3,000 cash and a plan to pay rent and a deposit. I walk into a major bank branch, thinking I’ll just change all my dollars in one go.

Here’s how it played out:

The teller asks for my passport and a proof-of-address (utility bill).
She checks my account and says, “For cash exchanges, the monthly limit is $1,500 USD for account holders. For non-account holders, it’s $300 per day, up to $1,500 per month.”
I ask if I can go to another branch and do it again. She laughs and says, “It’s centralized. All banks share info with the regulator.”

That’s when it hit me: the limits aren’t just policy—they’re enforced by the entire financial system. If you try to game the system, you’ll likely get flagged, and the bank staff are trained to spot patterns.

Here’s a scan from a CNBV circular (Spanish, but worth a look): CNBV Official Circular (PDF).

Comparing “Verified Trade” Currency Controls: Mexico vs. Other Countries

To put things in context, here’s a comparison of how different countries handle verified currency trades and exchange limits, especially in the context of anti-money-laundering (AML) laws. This table draws from data by the Financial Action Task Force (FATF) and WTO trade guidelines.

Country	Verified Trade Standard	Legal Basis	Enforcement Agency
Mexico	Monthly cash USD cap ($1,500 for account holders, $300/day for individuals)	CNBV Disposiciones, Banxico Circular 3/2011	CNBV, Banxico
United States	Reporting threshold at $10,000 for cash transactions (no formal exchange cap)	Bank Secrecy Act (BSA)	FinCEN, FDIC
European Union	€10,000+ cash transactions require reporting, no hard exchange cap	EU AML Directive	National Central Banks, FIUs
China	$50,000 annual cap on FX purchases per person	SAFE Regulation	SAFE, PBoC

What’s striking here is that Mexico’s controls are relatively strict for cash, but less so for electronic transfers. It’s a clear nod to the reality that cash is harder to trace—and thus more likely to be used for illegal purposes.

Case Study: An American Business in Cancún

A friend, let’s call her Sarah, runs a travel agency in Cancún. During high season, she receives thousands of dollars in cash from US tourists. In 2022, she tried depositing over $2,000 in cash at her local bank, only to be told she had exceeded her monthly limit and would need to wait until the next month, or deposit the rest in pesos.

Sarah commented, “It’s frustrating, but I get why the rules are there. I just wish there was a more transparent, real-time way to track your own limits—sometimes you only find out at the teller window.”

I reached out to a compliance officer at a major Mexican bank (they asked not to be named) for their view:

“The limits are not arbitrary; they come straight from anti-money-laundering law. We don’t want to block legitimate business, but if someone wants to exchange tens of thousands in cash dollars, we need to see documents proving it’s from a legal source. Otherwise, we have to reject the transaction and file a report.”

Step-by-Step: How to Exchange US Dollars in Mexico (and What to Watch Out For)

Bring valid ID and proof of address. Mexican banks and exchange houses will always ask for your passport, sometimes a second ID, and (if you’re exchanging large amounts or opening an account) a proof of address.
Know the limits. As of 2024, the main rules are:
- $1,500 per month for bank account holders
- $300 per day (up to $1,500/month) for non-account holders
- Casas de cambio may be stricter, sometimes capping at $500 per day
Don’t try to split up your exchange at different branches. The system is centralized. All banks report to the same regulator (CNBV).
For larger sums, use wire transfers. There’s no cap on electronic transfers, but you’ll need to explain the source of funds if you trigger AML alerts.
Keep your receipts. You may be asked to show proof if you want to deposit or re-exchange pesos later.

If you want a peek at the actual rules, Banxico has a (Spanish) FAQ: Banxico - FAQ on Cash Dollars.

Wrap-up: What’s the Smartest Way to Handle Dollars in Mexico?

If you’re dealing with cash in Mexico, expect scrutiny. The limits are real, and they’re about keeping the financial system clean. My main advice? Plan ahead. If you need to move larger sums, stick to electronic channels and make sure your paperwork is in order. And don’t be surprised if you hit a wall when exchanging cash—sometimes, even staff aren’t sure of the latest interpretation of the rules.

Personally, I’ve learned to keep my dollar exchanges small and regular, and to avoid carrying more cash than I can legally swap. It’s annoying, but the alternative—getting flagged for suspicious activity—is much worse. For up-to-date info, check directly with CNBV or your bank’s compliance office.

If you’re a business, talk to your accountant about the best way to document your dollar flows. If you’re a tourist, just be ready for some paperwork, and don’t take it personally if the teller says “no.”

Next step? Consider using digital wallets or international wire services—they’re often faster, safer, and less restricted than going the old-school cash route.