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Economy, Money, Banking & Taxes - Mexico Apply now for international schools jobs and start teaching abroad with overseas adventure.

Money

The currency used in Mexico is the Peso which can be divided into 100 Centavos. The symbols used for these share the a common origin with the Dollar currencies used in the United States and other parts of the world and both use the original Spanish Dollar and Cent symbols. The international code used is MXN and MXN 1 is equivalent to about $0.07 or £0.05.

Coins come in 5, 10, 20 and 50 Centavo variants as well as 1, 2, 5, 10, 20, 50 and 100 Peso variants. Meanwhile Bank notes come in 10, 20, 50, 100, 200, 500 and 1000 Peso variants.

Economy

Mexico’s Economy is statistically the 14th largest in the world and the 10th largest by purchasing power parity. The country also owns the world’s hardest working labour force in terms of annual hours worked with 78 million Mexican workers, according to the OECD and the WTO. Mexico’s chief exports include the high-quality automotive industry which is world renowned for well-designed muscle cars, Cemex the world’s largest cement producer and the biggest construction company on the planet, Gruma the largest producer of corn-flour in the world and many more.

The technology industry is increasingly prevalent in the country with around 20% of all exports being high-tech industrial production-based. These typically include tablet PCs, televisions, computers, OEM and ODM manufacture and various PC components. Tourism is also incredibly important in the country and has been ranked the 8th most visited country in the world mainly due to its extensive culture and large abandoned ancient cities and archaeological sites. However, the biggest sector is the Services in the country which account for over 70% of the country’s gross domestic produce and are said to employ around 60% of the population.

Banking

In the past twenty years the majority of Mexican banks have been bought out by many corporate banks of the developed Western World and as a result not only is banking easier than ever but now ATMs are widespread across the region and as a result money is easy to withdraw and transfer. However it’s important to note that most ATMs charge a 3% fee for withdrawals and fake ATM machines used by scammers are rampant, so whenever possible use an ATM in a bank and err on the side of caution. Additionally, the dollar sign is used for both MXN Pesos and USD Dollars so make sure you’re withdrawing the right amount.

Types of accounts vary but the typical three held in most Mexican Banks are: Peso Denominated Checking Accounts which require a significant deposit to open, these are used for day-to-day activities. US Dollar Checking Accounts are similar to the Peso Denominated variety but are designed for USD input rather than MXN. Lastly, Certificates of Deposit accounts are only offered in Pesos but the interest is typically the highest out of the three types, albeit with a restriction on withdrawals.

Taxes

Corporate Tax in the country is at around 28% to 30% but Individual Tax can vary from 3% to 29% based on your income. Additionally, there’s a 35% Payroll Tax and VAT remains at around 16%. Meanwhile, depending on the vehicle driven you may be subject to Vehicle Tax in some states, although some states do not tax this at all.