The Best Way to Exchange Money in Mexico City

The best way to exchange money in Mexico City is using ATMs with your bank handling conversion (always decline ATM's conversion offer to get market rate within pennies of true value), recommended banks include Banco Azteca (lowest fees/best rates), CitiBanamex (low fees), and Santander (30-34 peso fees), surprisingly, MEX airport exchange booths offer competitive rates (some even better than market), especially in Terminal 1 departures area past security. Critical ATM tip: when prompted to accept exchange rate always say NO (counterintuitive but triggers your bank's rate instead of ATM's marked-up rate), use bank ATMs only (not convenience stores), check for card skimming tampering, avoid large withdrawals in isolated locations, and for frequent travelers consider Charles Schwab checking (reimburses all ATM fees worldwide, no foreign transaction fees).

Conventional travel wisdom says to avoid airport currency exchanges at all costs. But Mexico City's airport is a surprising exception to this rule. Here's how to get the best exchange rates when you arrive.

The Airport Advantage

Unlike most airports worldwide, Mexico City's Benito Juárez International Airport (MEX) actually offers competitive exchange rates. Some travelers even report rates better than the official market rate at certain times. The high volume of transactions allows these exchanges to operate on thinner margins.

Tips for Airport Exchanges

• Walk the entire row - Rates vary between exchange booths; note which has the best rate for your currency, then go back to that one
• Departures often beats arrivals - The exchange booths past security on the departures floor sometimes offer better rates than those in the arrivals area
• Avoid the immediate exit area - Rates tend to improve the further you get from where passengers first emerge
• Check for minimums - Some booths with great rates require $100 USD minimum exchanges
• Inspect your bills - Double-check the currency you receive; one traveler was given a torn 500 peso note that caused problems later

The ATM Strategy (Often Even Better)

For most travelers, using an ATM and letting your bank handle the conversion offers the best overall rate. Here's the crucial trick:

Always Decline the Conversion

When the ATM asks if you want to accept their exchange rate, always say NO. This sounds counterintuitive - it feels like you're rejecting the transaction - but declining triggers your bank's exchange rate instead of the ATM's marked-up rate.

The ATM interface is deliberately designed to make you accept their rate. Don't fall for it. Rejecting the conversion and letting your home bank handle it typically gives you a rate within pennies of the true market rate.

Recommended ATM Banks

• CitiBanamex - Generally low fees
• Banco Santander - Reasonable fees (around 30-34 pesos)
• Banco Azteca - Some travelers report this offers the lowest fees and best rates

ATM Safety Tips

• Use bank ATMs only - Avoid standalone ATMs in convenience stores or on the street; card skimming is a real risk
• Check for tampering - Wiggle the card reader before inserting your card
• Be aware of your surroundings - Don't withdraw large amounts in isolated locations
• Have a backup card - ATMs occasionally eat cards; it happened to one traveler at MEX airport recently

Consider a Travel-Friendly Bank Account

If you travel frequently, accounts like Charles Schwab checking reimburse all ATM fees worldwide and charge no foreign transaction fees. This means you can use any ATM and still get the market rate. Other options include Wise (formerly TransferWire) for holding and converting multiple currencies.

Credit Cards for Purchases

For actual purchases (restaurants, shops, etc.), a credit card with no foreign transaction fees usually offers the best deal. Visa and Mastercard provide near-market exchange rates. Just make sure to:

• Choose to pay in pesos - Never let a merchant convert to your home currency
• Use a card with no FTF - Foreign transaction fees of 3% add up quickly

What to Avoid

• Street exchanges in touristy areas - The Zona Rosa and areas near Zócalo typically offer worse rates than the airport
• Hotel exchanges - Usually the worst rates of all
• Accepting ATM conversions - Always decline and let your bank convert
• Exchanging large amounts at once - There have been reports of people being followed after exchanging significant cash at the airport

The Bottom Line

For most visitors: use an ATM, decline the conversion, and pay with a no-fee credit card whenever possible. If you need cash immediately upon arrival and don't have a good ATM card, the airport exchanges in Terminal 1 departures area are surprisingly competitive.

Related Mexico City Money Resources

• Mexico City Complete Guide
• Financial Services & Banking
• Shopping & Daily Life
• More Mexico Living Guides