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MEXICO

Mexico Banking
by Ron Mader

MEXICO FORUM

Here's our guide to Mexican currency and banking.

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PHOTO GALLERY: Mexico Markets


BANKING IN MEXICO

Mexico's currency is the Peso, and prices are indicated by the "$" sign -- which should not be confused with the U.S. dollar or other currency. The peso is divided into 100 centavos.

Coins come in denominations of 10, 20 and 50 centavos and one, two, five, 10 and 20 pesos. Coins less than a peso are gold colored. The 1, 2 and 5- peso coins are silver with a gold-colored center. The 10 and 20 peso coins are gold colored with a silver-colored center. Notes come in 20, 50, 100 and 200 pesos and as of November 2004, the 1,000-peso bill with the image of Miguel Hidalgo.

Exchange foreign currency at banks or at exchange houses (casas de cambio). Exchange rates vary.

ATM machines offer easy access to cash. The machines are located at all the major banks as well as airports, bus stations and large grocery stores. Make sure you have your access number, because most companies have a policy of not reporting the number over the phone.

TIP -- Often you'll get a better rate if you exchange currency instead of traveler's checks. The exchange rate is particularly poor at hotels.


AUTHOR

Ron Mader is the Latin America correspondent for Transitions Abroad and host of the award-winning Planeta.com website.


REFERENCES

b Banamex
b Banco de Mexico
b Bancrecer
b Bancomext
b Bancomer
b Banorte
b HSBC
b Santander
b Scotiabankinverlat

FLICKR

g Lessons from Mexico
b Mexican Palette
ONLINE FLICKR

WIKI

b Mexican peso
ONLINE WIKI


MEXICO


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