USD to MXN Exchange Rate
Ah, Mexico: Home of corn, chilies, chocolate and the largest pyramid on the planet. Olé, olé, olé!
What influences the USD/MXN exchange rate?
The Foreign Exchange Commission consists of officials from the Bank of Mexico and the Ministry of Finance, and it’s responsible for the foreign exchange policy of Mexico. In 1994, it was determined that market forces would establish Mexico’s exchange rate, so the nation follows a floating exchange rate/free float regime.2
Trade between the United States and Mexico has an impact upon the USD/MXN exchange rate, but with President Trump leading the U.S., the Mexican peso has been suffering. The largest threat to the economy of Mexico is the trade changes that have been proposed by Trump, and the slumping peso has already stimulated higher costs of living for Mexicans which in turn drives immigration to the U.S.
The USD/MXN exchange rate will depend on how much of Trump’s vision is bluster and how much comes to fruition.
“Mexico is the United States’ second-largest export market and third-largest trading partner.” – U.S. Department of State4
The top exports from the United States to Mexico include nuclear equipment, plastics, mineral fuels and oils, motor vehicle parts, and electrical machinery.4
In 2015, Mexico was ranked 15th in GDP, while the United States ranked 1st.5 In 2014, Mexico was the 12th largest exporter and the 14th largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.6,7
Mexico’s top exports include vehicle parts, cars, delivery trucks, computers, and crude petroleum. Its top export destination is the United States.6
Whether you’re planning on getting married in Mexico or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Mexico, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalized service.
Currency Name: Mexican Peso
Currency Code: MXN
Currency Symbol: $, Mex$
Central Bank: Bank of Mexico
Countries Used In: Mexico
Major Unit: One Peso
Minor Unit: One Centavo
Note Denominations: $20, $50, $100, $200, $500, $1000
Coin Denominations: 5¢, 10¢, 20¢, 50¢. $1, $2, $5, $10, $20
OFX fees not included in the conversion amounts shown above.
*Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and OFX receives no portion of it.
CCY Worldwide Delivery Times
Some destinations for this currency include:
*Delivery times are indicative and measured in business days from the time your funds are received by OFX.