Mexico attracts many expatriates, from professionals to entrepreneurs, drawn by its culture and economic prospects. However, managing finances — especially currency exchange — can be challenging.

Traditional banks often have high fees, slow transactions, and poor rates, reducing the value of your money. Grey offers a faster, more affordable alternative. This article compares Grey to local banks to find the best currency exchange option in Mexico.

Competitive exchange rates with full transparency

The exchange rate you receive can significantly impact how much money you get when converting currencies. Many people are unaware that banks often apply hidden markups, resulting in lost value over time. Choosing a provider with fair, transparent rates is essential for better financial management.

• Traditional banks in Mexico often offer unfavourable exchange rates due to hidden markups and extra fees.
• Many banks do not display live exchange rates, making it hard to know the actual cost of transactions.
• Extra costs for international transfers can make exchanging currency more expensive.
• Grey provides competitive rates that closely track real market values.
• Transparent pricing ensures you receive the best possible value without unexpected costs.

Also read: How to manage multiple currencies as an expatriate in Mexico using Grey

Fast and hassle-free currency exchange

For expatriates and travellers, having quick access to exchanged currency is essential. Delays in processing transactions can be inconvenient, especially when dealing with time-sensitive expenses. The ability to exchange currency efficiently is key when choosing a financial service provider.

• Traditional banks often take longer to process currency exchanges.
• Complex procedures and manual verification steps can lead to delays.
• Grey offers a fully digital experience with transactions completed within minutes.
• Fast transfers allow expatriates to manage their finances smoothly.

You may also like: How freelancers in Mexico can receive payments from the US, UK & EU clients

User-friendly access from anywhere

Exchanging currency should be a simple process, yet many banks require in-person visits and lengthy paperwork. A digital platform with a seamless user experience makes financial management much easier.

• Mexican banks often require physical visits or complicated online procedures to exchange currency.
• Expats without a local bank account may face difficulties completing transactions.
• Grey offers an easy-to-use digital platform, enabling users to exchange currency from anywhere.
• The intuitive interface allows users to manage multiple currencies with just a few clicks.

Multi-currency support for global flexibility

Expats and businesses often need to exchange multiple currencies, so choosing a provider with broad currency support is crucial. The ability to handle various currencies efficiently simplifies international transactions.

• Local banks may impose restrictions or charge higher fees for managing multiple currencies.
• Grey supports a wide range of currencies, including USD, GBP, and EUR.
• Multi-currency functionality streamlines cross-border payments and financial transactions.

How to open a Grey account in Mexico

Opening a Grey account from Mexico involves two basic steps:

A. Sign up on Grey

Signing up on Grey is very easy. Just visit Grey.co or download the app, click the “Get started - it’s a free button”, and follow the four basic steps below to complete your registration:

• The first step is to select your country of residence and click the “Continue” button.

• The second step is to fill in basic information about you. This includes your name (as it is written on your means of identification). You will also need to fill in other fields (see the screenshot below) such as gender, email address, phone number, and referral code if someone referred you.

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3. The next step is to create your account password.

For your password to be accepted, it needs to have at least 8 characters: lowercase letters, uppercase letters, a number, and a special character. (See the image below). After doing this, accept the terms and conditions and click “Continue”.

4. The final step is to verify your email address.

An OTP code will be sent to your registered email address for verification

If you entered incorrect details or didn’t receive a code the first time, you can click "Resend code". After that, click on the"Verify your account" button.

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Once your account has been successfully verified, you can select what you want to use Grey for.

B. Identity verification

As a non-US citizen, you’ll need to upload a valid government-issued ID (e.g., international passport) and proof of address (utility bill or bank statement). Grey uses these documents to verify your identity and comply with regulatory requirements. (See the attached images below).

When you click on “Begin ID verification”, you will be taken to a page where you can enter further details that can be used to verify your KYC.

• KYC (Know Your Customer) verification

We will review your documents and verify your identity. This process typically takes a few minutes to 24 hours. To speed up approval, ensure that your documents are clear and valid.

• Access your bank account

Once your account is verified, you can now request your US bank account from your dashboard. Once you receive your US bank account details, you can start using it to receive payments, transfer funds, and manage your money seamlessly.

Also read: The best digital nomad jobs to earn from anywhere in Mexico

Why Grey is the best currency exchange option in Mexico

When comparing Grey to local banks for currency exchange in Mexico, Grey stands out. While traditional banks may be a familiar choice, they often come with high costs, slow processes, and limited flexibility. Grey offers the ideal currency exchange solution in Mexico for those seeking better value and convenience. Create your Grey account today or download the app and start getting paid with ease.

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