Complete Guide to Using Money in Mexico

Mexico is a country full of history, culture, delicious food, and amazing places. If you’re currently planning your first visit, it’s important to understand how the Mexican monetary system works so you can enjoy your trip without any issues.

This guide will help you learn everything you need to know about using money and writing amounts in Mexican pesos (/peh-sohs/).

Introduction to the Mexican Monetary System

The official currency of Mexico is the Mexican peso (MXN). Its symbol is "$," which is similar to the U.S. dollar (USD), but it’s very important not to confuse the two. Below, you will see some examples of how to write amounts in Mexican pesos correctly:

• $1.50 MXN = un peso con cincuenta centavos (one peso and fifty cents)
• $50.00 MXN = cincuenta pesos (fifty pesos)
• $1,000.00 MXN = mil pesos (one thousand pesos)

At the time of writing this guide, 1 USD is approximately $20 MXN, although this figure may vary depending on the current market rate. It’s important to clarify that you’re referring to Mexican pesos when making international transactions or talking to people from other countries.

Mexican Coins

The coins or “monedas” (/moh-neh-dahs/) currently in circulation in Mexico include:

Cent Coins

1. 5 cents: Made of iron, the smallest coin. The back features the number "5," the "¢" symbol, and a stylized image of Chalchíhuitl (jade).
2. 10 cents: Also made of iron, small and silver-colored. The front shows the National Coat of Arms, and the back features the Sacrifice Ring from the Aztec Sun Stone.
3. 20 cents: Slightly larger than the 10-cent coin, with the number "20" and an image of Acatl, a day from the Aztec Sun Stone.
4. 50 cents: Made of iron, the largest cent coin. The back shows the number "50" and the Acceptance Ring from the Aztec Sun Stone.

While 5, 10, and 20-cent coins are still in circulation, their use is becoming increasingly uncommon, as the Bank of Mexico stopped producing 5-cent coins in 2002, and 10 and 20-cent coins in 2019.

On the other hand, 50-cent coins are mainly used in small transactions, such as buying in small stores or pharmacies or to pay for public transportation, but it’s also not very common.

Peso Coins

1. 1 peso: Bi-metallic, with a copper center and a stainless steel ring. The back features the Radiance Ring from the Aztec Sun Stone.
2. 2 pesos: Similar to the 1-peso coin, with a copper center and a steel ring. The back shows the Day Ring from the Aztec Sun Stone.
3. 5 pesos: Bi-metallic, with a copper center and a steel ring. The back shows the Serpent Ring from the Aztec Sun Stone.
4. 10 pesos: Bi-metallic, with a silver center and a bronze-aluminum ring. The back shows Tonatiuh, the Aztec sun god, along with the number "10."
5. 20 pesos: Commemorative bi-metallic coins with designs that vary by occasion, such as celebrating Mexico’s Independence Bicentennial.

1, 2, 5, and 10 peso coins are the ones you will most commonly encounter on a day-to-day basis. However, you may occasionally find a $20 peso coin as well.

Peso coins are common, for example, to pay for a coffee, a tip, a product or craft from a street vendor, or a bus fare. You will notice that the higher denomination coins are larger and heavier, making them easier to identify.

Mexican Banknotes

The Bank of Mexico recently introduced a new series of banknotes, or “billetes” (bee-yeh-tehs) called the "G Family," celebrating Mexico’s history and natural beauty. The current denominations are:

• 20 pesos: Front honors Mexico’s Independence with historical figures like Hidalgo and Morelos. Back features the Sian Ka’an Reserve with animals like the American crocodile and the chocolate heron.
• 50 pesos: Front represents Ancient Mexico with the Teocalli of the Sacred War and a view of Tenochtitlan. Back shows rivers and lakes ecosystems with the axolotl and maize.
• 100 pesos: Front honors Sor Juana Inés de la Cruz. The back depicts temperate forests with the oyamel tree and monarch butterfly.
• 200 pesos: Front commemorates Hidalgo and Morelos. Back shows the desert with the columnar cactus, golden eagle, and the Pinacate Reserve.
• 500 pesos: Front pays tribute to Benito Juárez during the Reform period. Back highlights coastal ecosystems with the gray whale and seagrass, as well as the Vizcaíno Reserve.
• 1,000 pesos: Front honors Revolution figures like Francisco I. Madero and Carmen Serdán. Back depicts rainforests with the jaguar, sapodilla tree, and the Mayan city of Calakmul.

These banknotes include advanced security features like raised textures, microprinting, and holographic details to prevent counterfeiting. Make sure you familiarize yourself with them to avoid confusion or potential fraud.

If you want to see what the coins and banknotes currently in circulation look like and learn more about their details, we recommend that you consult the descriptions that you will find on Bank of Mexico’s the official website.

Alternative Payment Methods

Digital payment methods are becoming increasingly common in Mexico. Credit and debit cards (especially Mastercard and Visa) are widely accepted at supermarkets, restaurants, coffee chains, and clothing stores.

Popular apps like MercadoPago, PayPal, and electronic transfers are especially common in urban areas. These platforms allow you to make fast and secure payments, even from your smartphone.

In private transport services like Uber or DiDi, you can pay electronically, which is convenient if you do not want to carry too much cash. In some tourist areas within cities such as Cancun or Mexico City, you can even pay with cryptocurrencies such as Bitcoin in select businesses, however this is not yet so common throughout the country.

However, in traditional markets, street stalls, and some rural areas, cash is still king, so carrying a mix of cash and electronic payment options is a good idea.

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Money Vocabulary in Mexico

Here are some useful slang terms related to money:

• Lana (/lah-nah/): Means "money" in general. For example: "Ese carro cuesta una buena lana." (That car costs a lot of money.)
• Feria (/feh-ryah/): It refers to change in coins or small bills. For example: "No traigo feria, ¿me prestas?" (I don’t have any change; can you lend me some?)
• Morralla (/moh-rah-yah/): It refers to coins of little value, especially cents, or a small amount of money in general. For example: "¿Tienes morralla para darle al chofer?" (Do you have any change for the driver?)
• Pichar (/pee-chahr/): To offer to pay for someone else. For example: "No te preocupes, hoy yo te picho el café." Don't worry, I'll pay for your coffee today.)
• Mochada (/moh-chah-dah/): A portion of money someone receives as a "commission" or payment, sometimes for a favor or business deal. For example: “Me dieron mi mochada por ayudarles a cerrar la venta.” (I got my comission for helping with the sale.)
• Varo (/vah-roh/): Another informal word for money. For example: "¿Cuánto varo necesitas para el taxi?" (How much money do you need for the taxi?)
• Volado (/voh-lah-doh/): It is a game of chance where a coin is tossed in order to make a quick decision. For example: "Hagamos un volado, si es cara vamos al cine y si es cruz vamos al café." ("Let's flip a coin, if it's heads we go to the cinema and if it's tails we go to the café.")

These expressions will not only help you communicate better in Mexico, but also help you understand the local culture and customs more deeply.

Useful Spanish Phrases Related to Money

When visiting Mexico, these phrases in Spanish can be very useful when you want to talk about money:

• ¿Cuánto cuesta? -  /kwahn-toh kwehs-tah/ (How much does it cost?)
• ¿Aceptan tarjeta? - /ah-sehp-tahn tahr-heh-tah/ (Do you accept cards?)
• Sólo tengo efectivo - /soh-loh tehn-goh eh-fehk-tee-voh/ (I only have cash.)
• ¿Puede darme cambio? - /pweh-deh dahr-meh kahm-byo/(Can you give me change?)
• Necesito un cajero automático - /neh-seh-see-toh oon kah-heh-roh ow-toh-mah-tee-koh/ (I need an ATM.)
• ¿Me puede cambiar este billete?  - /meh pweh-deh kahm-byar ehs-teh bee-yeh-teh/ (Can you break this bill?)
• Quisiera pagar con tarjeta - /kee-syeh-rah pah-gar kohn tahr-heh-tah/ (I’d like to pay with a card.)
• ¿Dónde puedo cambiar dinero? -  /dohn-deh pweh-doh kahm-byar dee-neh-roh/(Where can I exchange money?)
• ¿Cuánto es el tipo de cambio? - /kwahn-toh ehs ehl tee-poh deh kahm-byo/ (What is the exchange rate?)
• Sólo tengo billetes grandes - /soh-loh tehn-goh bee-yeh-tehs grahn-dehs/ (I only have large bills.)
• ¿Este billete es auténtico? - /ehs-teh bee-yeh-teh ehs ow-tehn-tee-koh/ (Is this bill real?)

These phrases will help you to handle situations involving shopping, payments and money exchange better.

Tips for Using Money in Mexico

1. Carry change: As we mentioned before, carrying some cash (including coins) with you will be very useful in Mexico, especially if you plan to use public transportation or make some purchases in small shops or street stalls.
2. Avoid using large bills for small purchases: Many small shops do not have enough change for $500 or $1,000 bills, so try not to offer them if you have another option.
3. Cash tips: In restaurants, bars and cafes it is customary to leave a tip of 10-15% of the total amount you spend. Likewise, in some businesses such as beauty salons, hotels, tour guides and home delivery services, it is generally suggested to tip around $20 and $50 pesos. However, if you think the service was excellent, you can always leave some extra tip.
4. Use reliable ATMs: Always withdraw money from ATMs located inside banks or shopping centers to avoid risks.
5. Learn the local prices: Familiarize yourself with the typical prices of products and services in the places you plan to visit in Mexico to avoid overpaying.
6. Carry cash in rural areas: If you plan to visit small towns or other rural areas, we recommend always carrying enough cash, since some places do not have access to electronic terminals or ATMs.
7. Keep your money safe: Use wallets with anti-theft closures or anti-fraud bags to avoid loss or theft, especially if you are visiting very touristy and crowded areas.

Conclusion

With this information, you'll be well-prepared to handle money during your next visit to Mexico.

Don't forget to bring cash for emergencies, especially if you visit small towns or markets. At the same time, feel free to take advantage of the digital options for added convenience in urban areas.

With a little planning, and brushing up on your daily Spanish lessons through the Promova app, you'll be able to enjoy all the wonders this country has to offer without worry. Have a good trip and enjoy your adventure in Mexico!