Purchasing dollars in Mexico is a common practice, but before doing so, it's important to know the various options available. There's a whole range—from banks and exchange houses to digital platforms that make the process easier. This way, you can discover where to buy cheap dollars in Mexico.

With that intention, we've created this article, where we detail some of the most popular and convenient places to buy dollars. At the same time, we share the benefits and some small tips to help you make a decision that maximizes your money.

Buying Dollars in Mexico: Options, Benefits, and Recommendations

Where to Buy Dollars in Mexico?

In Mexico, there are several options; you just need to analyze each one to choose the one that offers you the most profitable exchange rate. Below, we present five of the best alternatives:

1. Banks

You can buy dollars in Mexico through banking institutions that offer this service. The main advantage is security, as you'll be conducting the transaction directly with regulated financial institutions.

Which banks can exchange dollars for pesos?

Many banks allow both the purchase and exchange of dollars for pesos, including BBVA Bancomer, Citibanamex, and Banorte.

See where they offer the best dollar rate today in Mexico:

Data taken on November 25, 2024, from eldolar.info.

Keep in mind that there's a commission applicable for each transaction, and this depends on the banking institution.

2. Exchange Houses

As institutions dedicated to buying and selling currencies, exchange houses are another common option for Mexicans.

In general, they tend to offer better flexibility compared to banks. Similarly, they are quick methods, don't require much paperwork, and have extended hours, making them available almost at any time.

However, some of them might be subject to commissions and limits for currency purchases. In fact, they usually allow purchases of up to $1,500.00 dollars per month.

Despite their popularity, you should compare rates among various establishments and verify that they are regulated by Mexican authorities.

3. Airports

Airports are a practical option, especially if you need last-minute foreign currency before traveling.

Most international airports in Mexico have bank modules or exchange houses that offer this type of service. The reason? It's convenient, as many users enter and leave the country daily.

However, it's not the best place to exchange currencies.

The exchange rates you find at airports may be less favorable compared to those within the city or at banks, as well as the applicable commissions.

But if you have no other option, at least compare the rates among the available modules to minimize operation costs.

4. Brokers

If you want to compare all your options to know where to buy cheap dollars in Mexico, consider brokers.

We're talking about online platforms that act as intermediaries for buying and selling various currencies, such as the U.S. dollar.

One advantage is that prices are available in real-time, and some brokers provide access to international markets. This way, you have the possibility to diversify your investments.

Among the recognized brokers in Mexico, you'll find:

• eToro. Allows you to invest in currencies, stocks, and other assets.

• XTB. Gives you access to a wide range of financial instruments.

• XM. Popular for its variety of accounts adapted to multiple investor profiles and competitive spreads.

Like the previous options, they charge commissions per transaction.

5. Applications

Financial applications are another practical way to buy cheap dollars in Mexico.

These tools allow you to buy, sell, and manage your money from your mobile device. Additionally, several of them provide additional services, such as multi-currency accounts and competitive exchange rates.

For example, Monyfex is a simple and quick application for conducting currency transactions.

However, there are other more prominent ones in Mexico, such as Wise or DolarApp. Although Wise is not a specific app for buying dollars, and some of its functionalities are not yet available in the country.

What Is the Best Alternative in Mexico?

Digital financial platforms are efficient options that can offer alternative solutions, like buying digital dollars at competitive prices, and DolarApp is one of the most convenient platforms.

Here are the main reasons:

• Allows you to create a digital dollar account.

• You make transactions from your mobile device without having to visit a physical branch.

• There are no commissions on currency conversion.

• It includes an international debit card so you can shop abroad.

• Offers a competitive exchange rate that is often more beneficial than other alternatives.

Dollar exchange rate today (November 25): $1 = 20.29 MXN.

Is It Convenient for You to Buy Dollars?

Deciding whether it's convenient for you to buy dollars depends on your financial needs and the economic situation you're in.

For example, if you're facing a possible devaluation of the Mexican peso, it might be the most appropriate choice. It's also suitable if you plan to travel abroad or need dollars to pay for international services.

The most important thing is to find out where to buy cheap dollars in Mexico, taking into account the exchange rate and commissions before making the transaction.

Benefits of Buying Dollars in Mexico

Apart from counteracting the effects of inflation or devaluation, buying dollars offers multiple advantages depending on your goals:

• Financial Planning. You can secure funds for expenses in foreign currency, whether for travel or studies outside of Mexico.

• Avoid Additional Costs. Reduce commissions or charges for conversions when paying in dollars at foreign merchants.

• Ease for Investments. Having dollars opens opportunities in international markets, such as investing in stocks or real estate abroad.

• Diversified Savings. Holding funds in different currencies (MXN and USD) reduces risks associated with a single economy.

The best part is that tools like DolarApp make everything easier. You just need to open your USDc account and link an MXN account to buy and sell whenever you want.

When Is a Good Time to Buy Dollars?

Determining the ideal time to buy dollars is a complex task. Exchange rates are unpredictable, as they vary based on multiple economic factors, both locally and globally.

You might take advantage of a temporary drop in the dollar's value, but there's no guarantee it will maintain or quickly regain its value.

Therefore, we recommend:

• Monitoring the exchange rate regularly.

• Staying informed about relevant economic events (like monetary policies and inflation levels).

• Diversifying your options if your goal is to invest—that is, not concentrating all your money in USD.

• Analyzing the impact on your personal finances before making a decision.

• Ensuring you're well-informed to minimize risks.

In other words, there's no perfect time to buy dollars. But being aware of current economic conditions and evaluating your financial goals can help you make a more accurate decision.

With DolarApp, you have everything to gain. You can keep your money safe in USDc so it doesn't lose its value and convert it to MXN, always obtaining a competitive rate.