How Far Your US Dollar Will Go in Mexico Compared to a Year Ago
Over the past year, the value of the US dollar against the Mexican peso has seen a significant increase. As of August 2024, the exchange rate hovers around 19.09 to 19.72 pesos per dollar, up from about 16.82 pesos per dollar a year ago. This represents an increase of approximately 13.5% in the dollar’s value against the peso. This stronger dollar means that American travelers and expats in Mexico will find their money goes further than it did a year ago.
What Does This Mean for Your Budget?
With the improved exchange rate, everyday expenses such as dining out, shopping, and accommodations are more affordable. For instance:
- Dining Out: A meal at a mid-range restaurant that might have cost 500 pesos a year ago now effectively costs less in dollar terms due to the stronger exchange rate.
- Accommodations: Whether you’re staying in a budget hotel or a luxury resort, the increased purchasing power of the dollar means you can either save money or opt for a more upscale experience without stretching your budget.
- Activities: Tours, entry fees to attractions, and other leisure activities also become more affordable, allowing you to enjoy more experiences for less.
How About the Canadian Dollar?
For Canadian travelers, the situation is a bit different. The exchange rate for the Canadian dollar (CAD) against the Mexican peso has also seen some fluctuation, though not as significantly as the US dollar. Currently, the exchange rate is around 14.6 to 14.9 pesos per Canadian dollar. While this is relatively stable compared to last year, it means that Canadians may not experience the same level of increased purchasing power in Mexico as Americans, but Mexico remains a budget-friendly destination for Canadians as well.
Planning Your Trip
When budgeting for your trip, consider that a budget-friendly daily expense might range from $30 to $60 USD, a mid-range budget from $60 to $120 USD, and a high-end experience would likely start at $120 USD per day. These figures are now even more favorable due to the stronger dollar, making Mexico an even more attractive destination for travelers looking to stretch their budget.
This trend may continue to benefit travelers in the coming months, so keep an eye on exchange rates as you plan your trip(
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