The currency of Mexico is the peso (MXN) and coins are centavos. Paper currency denominations are: $20, $50, $100, $200, $500 and $1,000. Coin units are: $.05, $.010, $.20, $.50, $1.00, $2.00, $5.00, $10.00 and $20.00. If you would like more information on Mexico’s monetary system and the most current exchange rate, visit the country’s central bank, Banco de México.
Major credit cards are accepted almost everywhere, and in some areas, U.S. dollars. Be sure to notify your credit card companies that you will be living in or visiting Mexico so they do not block your cards.
Mexican banks are similar to most banks in other countries in services offered, such as checking and savings accounts, certificates of deposit, joint accounts, ATMs, mortgages and insurance. Be sure to check interest rates and fees, as these tend to be high compared to comparable American services.
To open a bank account, you will need to present your temporary or permanent visa and may need two references to vouch for your financial stability. Be sure to check each bank individually for requirements to establish an account.
Here are a few major banks that provide services for consumers: