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MEXICO (MXN) MEXICAN PESO
The Mexican Peso is the currency of Mexico. The currency code is MXN and it is
represented by the symbol ‘$’ which is the same as the US Dollar because it is
the US Dollar that took its symbol from the Spanish-Mexican currency. The peso
is divided into 100 centavos which is represented by the symbol ‘¢’.
Currently in circulation
The coins that are in circulation are in the denominations of 20¢, 50¢, $1, $2,
$5, $10 and $20. The $50, 10¢ and 5¢ coins are seldom seen and detested by the
users. The 20¢ coin is also losing its utility with products being priced in
multiples of 10¢ and being rounded up to the closest 50¢. Banknotes are
available in the denominations of $20, $50, $100, $200, $500 and $1000.
Exchange facilities and traveller’s cheques
Exchange offices or ‘Casas de Cambio’ are far more suitable than banks as they
are more in number and have longer working hours. The exchange rates may either
be the same or a little more than the banks. Airports and hotels pay a lower
rate, though during a currency crisis some of the larger hotels have been seen
to pay a higher price to attract the dollar. Some banks may charge a 1% fee for
cashing traveller’s cheques. You can even pay for purchases directly with
traveller’s cheques at the available exchange rate.
Using credit/debit cards
You can withdraw money from ATM’s in most of the major cities and resorts.
Credit and debit cards are accepted in most of the hotels, restaurants, shopping
centres and can also be used to buy airline tickets. The widely accepted cards
are the Visa, American Express and Mastercard.
Restrictions
The Mexican Peso up to MXN 5 can be brought in and taken out of Mexico freely.
Foreign currency no matter how much must be declared on arrival. You can leave
the country with only the unused amount that has previously been declared on
arrival.
Mexico: An overview
A tropical country with two beautiful coastlines and the intriguing Mayan ruins
makes Mexico a hotspot for both the explorer and holidaymaker alike. With an
array of activities, vibrant nightlife and inexpensive living standards, Mexico
has certainly become a desirable place to holiday.
The cost of a meal at one of the good chain restaurants can cost you
1,467MXN/$100/£70/Є79 to 2,200MXN/$150/£106/Є119 and if you intend to eat at a
budget restaurant, there are those which are frequented by office workers
costing you around 513MXN/$35/£24/Є28 to 880MXN/$60/£42/Є47 for a set menu.
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