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What is the local currency?
The currency in Mexico is the peso. One peso is equivalent to 100 cents. The currency symbol for the peso is $. Many of the various bill and coin denominations look very similar so it is worth checking very closely before you hand them over.
What denominations does it come in?
Coins: 1 peso (silver with gold center), 2 pesos (silver with gold center), 5 pesos (silver with gold center), 10 pesos (gold with silver center).
Bills: 20 pesos (blue), 50 pesos (purple), 100 pesos (red), 200 pesos (green) and 500 pesos (brown), 1000 pesos (lavender).
What is the best way to exchange currency?
All commercial banks will exchange traveler's checks and foreign currencies for a nominal fee. Also, currency exchange rates are available at all banks, shopping centers, in daily newspapers and online.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash, credit and debit cards are commonly used for everyday purchases.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Most stores in shopping malls and supermarkets accept major credit and debit cards, but if you need to get something at a smaller establishment, you must use cash.
If an establishment is reluctant to accept credit cards, they will usually display a warning sign at the entrance.
By what method are bills (such as rent and utilities) paid?
There are many methods of payment that are acceptable, such as checks, cash and debit cards.
Some banks even accept payments for certain bills. To determine the best form of payment for each provider, it is advised that you contact each one and find out what they prefer. Also, Internet banking has made life so convenient that many people use this method of payment.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
In order to open a bank account you must present your immigration documents and a photo ID. If you want to open a checking account, you may only do so if you have an FM3 immigration form. If you do not have one, you will have to wait until you get one.
Will foreign residents be able to find banking services in their native languages?
There are some international banks in Mexico City that have English-speaking representatives.
Contact your Crown representative to assist you in locating a bank.
Are there any restrictions on services for those who are new to your country?
Credit cards are not issued to a new resident unless he presents an FM2/FM3 immigration form.
You must also present an FM2 in order to buy a car or a house and to conduct any other transaction that requires a credit history.
What are typical banking hours?
Typical banking hours are Monday through Friday from 9 a.m. to 4 p.m. Some are open Saturday mornings until noon.
Are automatic teller machines (ATMs) available around the clock?
Yes, ATM machines are everywhere.
Some ATMs charge fees for any transaction. These fees could range from 5 to 50 pesos, depending on the type of transaction.
For safety, be aware of the location and try not to go alone.
Is there any other money information that might help me?
Do not accept paper bills in bad condition (ripped or damaged) because it will be difficult to get them changed, and avoid carrying large sums of cash.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.