As of November 2, 2023, the current exchange rate between the Mexican peso and the British pound sterling is approximately 27.80 Mexican pesos to 1 British pound. This means that for every 1 pound sterling, you can get 27.80 Mexican pesos. The exchange rate fluctuates daily based on supply and demand in the foreign exchange market, but has remained relatively stable in a range between 27-28 pesos per pound recently.
Current Exchange Rate
The current interbank exchange rate as of November 2, 2023 is:
| Currency | Code | Units per GBP |
|---|---|---|
| Mexican Peso | MXN | 27.80 |
| British Pound | GBP | 1 |
This means that 1 GBP = 27.80 MXN based on current market rates.
Historical Exchange Rate
The exchange rate between the Mexican peso and British pound has fluctuated over the past decade. Here is a look at the historical GBP to MXN exchange rate over the past 10 years:
| Year | GBP to MXN Rate |
|---|---|
| 2023 | 27.80 |
| 2022 | 26.96 |
| 2021 | 26.42 |
| 2020 | 29.24 |
| 2019 | 25.04 |
| 2018 | 24.96 |
| 2017 | 24.36 |
| 2016 | 25.51 |
| 2015 | 26.22 |
| 2014 | 21.14 |
As the table shows, the exchange rate has fluctuated between a high of 29.24 MXN per GBP in 2020 and a low of 21.14 MXN per GBP in 2014. The rate has remained relatively stable in the 27-28 peso range over the last few years.
Factors that Influence the Exchange Rate
There are several macroeconomic factors that influence the exchange rate between the Mexican peso and British pound:
- Relative interest rates – Interest rate differences impact currency rates. If Mexico raises rates and the UK leaves rates unchanged, the peso may strengthen vs the pound.
- Inflation – Higher inflation in Mexico compared to UK may cause the peso to depreciate against the pound.
- Economic growth – Faster Mexican economic growth could lead to peso appreciation against the pound.
- Trade balance – The UK-Mexico trade balance impacts supply and demand for each currency.
- Remittances – Money sent to Mexico from the UK can influence demand for the peso.
- Oil prices – Mexico is a major oil exporter, so higher oil prices may lift the peso against the pound.
- Market sentiment – Investor risk appetite and expectations about each country’s economy can impact currency rates.
These factors can push and pull on the exchange rate causing it to fluctuate over time. However, central bank intervention and interest rate policy often play a major role in controlling exchange rate movements.
Converting Pounds to Pesos
Converting British pounds to Mexican pesos is straightforward using the current exchange rate. There are a few easy ways to make the currency conversion:
Online Currency Converter
Using an online currency conversion tool is one of the easiest ways to convert GBP to MXN. Popular converters include:
- Oanda
- XE Currency Converter
- TransferWise
- Bloomberg Currency Converter
To use them, simply enter the amount in GBP, select GBP as the input currency, MXN as the output currency, and it will instantly calculate the converted amount.
Manual Conversion
You can also manually convert by multiplying the GBP amount by the current GBP to MXN exchange rate. For example, to convert 100 British pounds to Mexican pesos:
100 GBP x 27.80 MXN/GBP = 2,780 MXN
Convert During International Money Transfer
When sending money internationally between UK and Mexico through banks or transfer services, the conversion is handled automatically during the transfer process. The amount exchanged will follow the live wholesale interbank rate.
Convert Cash at an Exchange Booth
Visiting a currency exchange booth is an option for converting physical British pound banknotes to Mexican pesos. The exchange rate and fees may not be as favorable compared to online or bank methods.
Common Conversions
Here are some common conversions between British pounds and Mexican pesos at the current exchange rate:
| British Pounds | Mexican Pesos |
|---|---|
| 1 GBP | 27.80 MXN |
| 5 GBP | 139.00 MXN |
| 10 GBP | 278.00 MXN |
| 50 GBP | 1,390.00 MXN |
| 100 GBP | 2,780.00 MXN |
| 1000 GBP | 27,800.00 MXN |
Converting Pesos to Pounds
Going the other way and converting Mexican pesos to British pounds also uses the same GBP to MXN exchange rate. The process is the same as above, just in reverse:
- Use an online currency converter, entering MXN as the input currency and GBP as the output
- Manually divide the MXN amount by the exchange rate (MXN/27.80)
- Convert during an international money transfer from Mexico to UK
- Exchange Mexican peso cash for British pounds at an exchange booth
Here are some common conversions from Mexican pesos to British pounds:
| Mexican Pesos | British Pounds |
|---|---|
| 100 MXN | 3.60 GBP |
| 500 MXN | 17.99 GBP |
| 1000 MXN | 35.97 GBP |
| 5000 MXN | 179.86 GBP |
| 10,000 MXN | 359.71 GBP |
| 50,000 MXN | 1,798.57 GBP |
Final Thoughts
Understanding the current exchange rate between the Mexican peso and British pound makes converting between the two currencies straightforward. Whether transferring money overseas or exchanging foreign cash, you can easily calculate the converted amount using the GBP to MXN rate which is around 27.80 pesos per pound as of November 2023.
Some key takeaways include:
- The exchange rate fluctuates daily but has been relatively stable around 27-28 MXN per 1 GBP recently
- Factors like interest rates, inflation, and economic growth impact the exchange rate over time
- Use online converters, manual calculations, bank transfers, or exchange booths to convert between GBP and MXN
- The same exchange rate is used to convert pounds to pesos or vice versa
Knowing the current exchange rate and using the right tools makes it easy to quickly convert British pounds and Mexican pesos for international transactions or travel.
