Banking / Exchange FAQs

Banking / Exchange FAQs2020-06-01T14:24:17-05:00
What is the local currency?2019-07-31T11:24:09-05:00

The Mexican Peso is the local currency although many businesses will accept USD and CAN for an exchange rate.

Do I need a Mexican bank account?2019-07-31T15:51:52-05:00

You may not need a bank account in Mexico.  To open an account here, you’ll need a passport and a bill showing your PV address (like your electric bill).

Transferwise is a great app that will allow you to wire funds without paying high wire fees.

Intercam is a recommended bank as they will allow you to deposit your checks in US dollars.

Read more about it here:  Best Place to Exchange Money

What is the exchange rate?2019-07-31T23:39:23-05:00

Google ‘Exchange rate in Mexico’ and it will tell you how many pesos to the dollar.  This information changes daily, so the best way to know is to check the internet.  Many shops/restaurants will post their own exchange rate, which is usually less than what you’ll find on the internet.  To learn the best way to exchange your money here in PV, check out our article:  Best Place to Exchange Money

Best place to exchange money2019-08-02T14:43:31-05:00

Your best options for money exchange are the ATMs and the bank directly.  Check out our full post here on getting the best exchange rate for your money.