Money and Banking in Mexico

In Mexico the currency is Mexican Pesos. The symbol used for pesos is $. The exchange rate changes daily, but is approximately: $10 pesos to US$1 OR $7 pesos to CAD$1. The only foreign currency that is easy to exchange is US dollars. Other currencies, including Canadian and German, can be almost impossible to use or exchange, even at a bank.Mexican banks do not accept personal cheques, money orders or certified cheques drawn from foreign banks. Eurocheques are not negotiable in Mexico

Credit cards such Visa, Master Card and American Express, and widely recognized Travelers Cheques are accepted. Bank machines are also very common and most accept cards linked with recognized networks, such as Visa, Cirrus, Plus, and Red.

Foriegners cannot open bank accounts in Mexico unless they have a valid FM-3 working visa or if they are permanent resident of Mexico.

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