USD to MXN — Live Rate, Historical Chart & Converter

What drives the USD to MXN rate?

The USD to MXN rate is shaped by three forces that interact in unusual ways: Banxico's policy stance (the Bank of Mexico has held rates among the highest in the world — 11.25% in 2024 — to defend the Peso), the Mexico–US remittance corridor (the largest in the world at roughly $60+ billion annually), and the deep trade integration between the two economies under the USMCA. Together these give USD to MXN a unique character among emerging-market pairs.

Banxico: the highest real rates in the G20

Banxico has been one of the most aggressive central banks in the world, raising rates from 4.0% in 2021 to 11.25% in 2024 — well above the Fed's peak. That rate gap is the single biggest reason the Peso has been one of the strongest emerging-market currencies of the past two years, with USD to MXN falling from 25 in 2020 to roughly 17–18 by mid-2024.

Remittance corridor: the structural Dollar supply

Mexican workers in the United States send home more than $60 billion a year — the largest bilateral remittance flow in the world. That constant Dollar inflow provides structural support for the Peso, particularly around holidays (Christmas, Mother's Day, back-to-school) when remittance volume spikes.

Historical context for USD to MXN

• April 2020 (COVID crash): USD to MXN spiked to 25.36 — the highest in history — as oil collapsed and investors fled emerging markets.
• November 2016 (US election): USD to MXN hit 21.5 on Trump's victory and campaign threats to renegotiate NAFTA.
• May 2017: USD to MXN briefly dropped below 18.7 on USMCA negotiation progress.
• July 2024: USD to MXN touched 19 after the Mexican election, before Banxico's high rates helped stabilize it.

Best time to convert USD to MXN

Mexican interbank trading runs from 8:30 AM to 4:00 PM Central Time, Monday to Friday, with the tightest spreads during the New York–Mexico City overlap, 9:00 AM to 1:00 PM ET. For remittances from the US, mid-week transfers (Tuesday through Thursday) tend to offer better rates than Friday or weekend conversions. Use the live USD to MXN converter at the top of this page, and see our MXN to USD page for the reverse conversion.

How to get the best USD to MXN rate

• For remittances under $1,000, use apps like Remitly, Wise, or Xe — they typically quote 0.7–1.5% over the mid-market rate, versus 2–4% at retail US banks.
• Avoid airport and border-town casillas de cambio — their spreads routinely exceed 5%.
• Watch Banxico meeting dates (eight per year); spreads blow out 1–2% around policy announcements.
• Set a rate alert; the Peso's 90-day range typically spans 3–5%.

MXN is sensitive to US political headlines. Always verify the live rate immediately before transacting.