Visitors and foreign residents alike may have noticed that in the last year they have been getting quite a few more pesos for their US dollars.
A fair rule about torn banknotes is that if you have more than half of the note, then it's valid, but less than half isn't. In Mexico merchants of all kinds will reject banknotes that have any part missing, and many will refuse to receive bills that are torn in any way, taped together, or even scribbled on . . .
Tipping is woven into the fabric of Mexican social culture. The tipping ritual is so commonplace that it is also plays a significant role in Mexico’s informal, cash-driven economy . . .
According to the Bank of Mexico there are more than 360 billion pesos in coins and bills in circulation, which works out at about 3,600 pesos for each of the country’s just over 100 million inhabitants. Why then does it seem that no one ever has any change? . . .
In recent years, one of the hardest things to predict has been the Mexican peso/US dollar exchange rate. Just when the peso seemed to be making a comeback from the 2008 devaluation something else happened leading investors to move back into dollars . . .
If you’re living or working in Mexico, planning to retire here, or planning to invest in Mexican real estate, the likelihood is that you will need to open an account at a Mexican bank to facilitate your daily financial transactions in Mexico as well as manage money transfers between foreign accounts and your Mexican bank account . . .
Today, over half of all commercial transactions in ‘industrialized’ nations like the USA, Canada, Western Europe and Australasia take place using some form of electronic money. Although the use of electronic money is increasing in Mexico, cash still remains king here . . .
We have just released our fully revised and updated 2015 Guide to the Cost of Living in Mexico. The guide enables you to assemble an informed estimate of what your annual living costs in Mexico are likely to be and build a personalized budget tailored to your individual circumstances . . .
There was an era when traveler’s checks were an item on every packing list, alongside passports and travel insurance. Before ATMs became widespread, they were the only way of easily carrying currency on foreign trips, bar carrying cash. Technology has transformed many habits and routines, not least of which are related to travel . . .
You’re planning another visit to Mexico and, after rummaging through the drawers to find your passport, hey presto! …some notes appear with “Banco de Mexico” printed on them. You glance at the value ($1000 pesos, $50,000 pesos, $100,000 pesos) and your mind goes into mathematical over-drive: so what is $100,000 divided by today’s peso exchange rate?