Ordering Mexican pesos in Canada? Here's your complete guide

Planning a trip to Mexico? Sorting out your pesos before you go can help you avoid high fees and bad exchange rates at the airport. In Canada, you’ve got plenty of options—banks, currency exchange providers, credit unions, and even online services. But not all of them offer the same value.

Some charge hidden markups, while others make you wait days for your cash. In this guide, we’ll break down your best options, including Wise, which gives you the mid-market exchange rate with low and transparent fees.

Can you order Mexican pesos in Canada?

You can order Mexican pesos in Canada through banks, currency exchange providers, credit unions, and online services. However, the cost, availability, and speed of getting your pesos can vary depending on where you go.

Most major Canadian banks, like RBC, TD, and CIBC, allow you to order foreign cash online or in-branch, but availability depends on the location, and you may have to wait a few business days for pickup. Currency exchange providers like Interchange Financial often offer better exchange rates than banks and may have faster turnaround times. Some even provide home delivery.

For a more flexible option, online services like Wise let you convert and hold pesos at the mid-market exchange rate with low fees—ideal if you want to spend digitally or withdraw cash in Mexico without overpaying.

Where to order Mexican pesos in Canada

There are several ways to order Mexican pesos in Canada, each with its own advantages in terms of cost, convenience, and speed:

Banks and credit unions

Most major Canadian banks, including BMO, CIBC, RBC, Scotiabank and TD Bank offer foreign cash ordering services, allowing you to request Mexican pesos either online or in-branch.

• Exchange rates & fees: Banks set their own exchange rates, which often include a markup above the mid-market rate.
• Process and delivery: Ordering pesos through a bank can take a few business days, as they often don’t stock all currencies in every branch. Some institutions offer home delivery, while others require in-branch pickup.
• Credit Unions: Some credit unions may provide foreign currency services but may have limited availability for less common currencies like the Mexican peso.

Currency exchange providers

If you want better exchange rates than banks, currency exchange services may be a good alternative. Popular providers in Canada include:

• Interchange Financial – Offers online ordering with home delivery or in-person pickup at their branches.
• Calforex – Reserve foreign currency online and pick it up in branch
• ICE or International Currency Exchange – Available at airports and malls, but rates may not always be the best.

In-person vs. online options

• In-person: You can visit a currency exchange location for instant transactions, but availability depends on the provider’s stock.
• Online orders: Some providers allow you to lock in a rate online and have the cash delivered to your home, which can be more convenient.

How rates compare to banks

Banks tend to have better rates than money exchange services, especially those in tourist destinations or airports. However, some online money transfer services have more competitive rates. Rates vary between providers so it is always best to compare rates before committing to an exchange.

Online providers

For a more flexible way to access pesos, online providers like Wise allow you to convert and hold money digitally without worrying about hidden fees or delays.

• Mid-market exchange rate: Wise offers the mid-market exchange rate without the inflated markups that banks and exchange services might add.
• Low, transparent fees: Wise charges a small conversion fee (starting from 0.48%¹) instead of adding hidden markups.
• Speed and convenience: Instead of waiting for physical cash, you can convert your CAD to MXN instantly and spend with a Wise card, which lets you use pesos directly while avoiding foreign transaction fees.

If you don’t need cash on hand, Wise and similar services provide a cheaper and more flexible way to handle spending in Mexico.

Comparison of Mexican peso Exchange Options

Key Takeaways:

• Major banks: Banks like RBC, BMO, and National Bank offer currency exchange services with varying exchange rates. While some banks may offer immediate cash exchanges, others might require 3–7 business days for currency orders. Fees are not always specified, so it's recommended to inquire directly with the bank.​
• Currency exchange services: Specialized currency exchange providers such as Interchange Financial may offer competitive rates and immediate cash exchanges. However, it's important to verify their rates and any associated fees before proceeding.​
• Online providers: Wise offers currency exchange services with rates close to the interbank rate with low, transparent fees. Transfers are typically processed within 1–3 business days.​

Should You Take Pesos or USD to Mexico?

When travelling to Mexico, carrying Mexican pesos instead of US dollars is often the better choice. While some tourist areas and resorts accept USD, relying on them for purchases can mean losing money to poor exchange rates.

Why pesos are the better option

• Widely accepted – Local businesses, taxis, markets, and restaurants prefer pesos. Using MXN ensures smoother transactions.
• Better exchange rates – When you spend USD, merchants set their own exchange rate—often lower than the official rate. Paying in pesos helps you avoid these markups.
• Smaller transactions – Many places in Mexico operate on a cash basis, and pesos are required for things like public transport, tipping, and street vendors.
• Avoid extra fees – If you withdraw cash or exchange USD on arrival, you may face high conversion fees and rates that aren’t in your favour.

When USD might be useful

• Tourist hotspots – Large hotels, resorts, and tour companies often accept USD, but at their own exchange rates.
• Border cities – Businesses near the US-Mexico border frequently take USD.

Exchange rate considerations

When deciding whether to bring CAD to USD or CAD to MXN, consider:

• Direct CAD to MXN conversions often provide better value than converting CAD to USD first.
• Currency exchange services and banks may offer different rates, so always compare before exchanging.

Why it’s better to buy pesos in Canada before your trip

Exchanging Mexican pesos before you leave Canada can help you avoid unnecessary fees and poor exchange rates once you arrive. While it’s possible to exchange money in Mexico, it’s often less convenient and more expensive than preparing in advance.

Better exchange rates

Currency exchange services in Canada—especially banks and online providers—often offer more competitive rates than exchange kiosks at Mexican airports, hotels, or tourist areas. In Mexico, businesses set their own rates, which can be significantly worse than those back home.

Lower fees

Waiting until you arrive means you may have to withdraw cash from ATMs or exchange money at local currency shops, both of which can come with additional fees. Banks and exchange providers in Canada usually have transparent pricing, making it easier to compare and secure the best deal.

Convenience and peace of mind

Having pesos on hand when you land means you won’t have to scramble for an exchange office or ATM—especially if you arrive late or in a remote area. It also ensures you have the right currency for taxis, tips, and small purchases right away.

Using Wise to order Mexican pesos

While Wise doesn’t let you order physical Mexican pesos, it does offer a smarter way to spend in Mexico. With a Wise multi-currency account, you can hold and convert CAD to MXN at the real mid-market exchange rate without hidden markups.

Real exchange rates – Banks and currency exchange kiosks often add hidden markups to their rates. Wise gives you the real mid-market exchange rate with low, transparent fees starting at just 0.48%^*for conversions.

Convenient spending – Instead of carrying large amounts of cash, use your Wise debit card to pay in pesos wherever Mastercard or Visa is accepted. If you have MXN in your account, the card will use it directly—if not, it will auto-convert from your CAD using smart conversion.

ATM withdrawals – Need cash? Withdraw pesos from local ATMs without worrying about inflated exchange rates. Wise allows free ATM withdrawals up to 350 CAD per month, with a small fee beyond that limit.

With Wise, you skip the hassle of ordering and carrying pesos in advance, while still getting the best possible exchange rate every time you spend in Mexico.

Final thoughts on ordering Mexican pesos in Canada

If you're planning a trip to Mexico, there are several ways to get your hands on pesos, including banks, credit unions, currency exchange services, or online providers.

For many travellers, Wise offers a simpler, more cost-effective alternative. Instead of exchanging physical cash, you can convert your money at the mid-market rate, hold MXN in your Wise account, and spend like a local with your Wise card—all without the hidden fees.