As of November 3, 2023, the current exchange rate between the British pound sterling (GBP) and the Mexican peso (MXN) is approximately 29.59 pesos to 1 pound sterling (£). This means that 1 GBP is worth about 29.59 MXN. To convert pounds to pesos, simply multiply the amount in pounds by the current exchange rate. For example, 100 GBP x 29.59 MXN/GBP = 2,959 MXN.
Current GBP to MXN Exchange Rate
The exchange rate between the pound and the peso fluctuates daily based on supply and demand in the foreign exchange market. As of today, the exchange rate is:
This means that 1 pound sterling is equal to about 29.59 Mexican pesos. Conversely, 1 Mexican peso equals approximately 0.0338 British pounds.
Historical Exchange Rates
The GBP to MXN exchange rate changes frequently and has fluctuated significantly over the past decade. Here is a look at some historical rates:
- In November 2012 – 1 GBP = 18.90 MXN
- In November 2015 – 1 GBP = 25.24 MXN
- In November 2018 – 1 GBP = 24.96 MXN
As you can see, the pound has strengthened considerably against the peso in recent years. Just ten years ago in 2012, the exchange rate was about 18.90 pesos per 1 pound sterling. The rate has increased steadily since then.
Factors that Influence the Exchange Rate
There are several macroeconomic factors that impact the GBP/MXN exchange rate over time:
- Relative economic growth and inflation – Faster growth and higher inflation in Mexico tends to make the peso weaker relative to the pound.
- Interest rates – Higher interest rates in the UK compared to Mexico can increase demand for pounds.
- Global commodity prices – The Mexican economy is dependent on oil exports, so falling oil prices tend to weaken the peso.
- Political and economic stability – Periods of stability and growth in the UK versus volatility in Mexico can strengthen the GBP over MXN.
- Market sentiment – Investor confidence and speculation can drive short-term swings in the exchange rate.
In addition, relative supply and demand for the two currencies as well as central bank policies influence day-to-day fluctuations in the rate.
Converting Pounds to Pesos
Converting pounds to pesos when traveling to Mexico or transferring money is straightforward:
- Check the current GBP to MXN exchange rate online.
- Multiply the amount in GBP by the current rate to get the value in MXN.
- For example, £500 * 29.59 = 14,795 Mexican pesos.
Banks and foreign exchange bureaus will handle currency conversion when exchanging or transferring money. The rate may vary slightly from the mid-market rate depending on fees and commissions. ATMs in Mexico dispense pesos and apply the current exchange rate automatically for debit card withdrawals.
The Outlook for the GBP/MXN Rate
Analysts expect the pound to hold steady or continue appreciating moderately versus the Mexican peso in the near term. However, factors such as Brexit, central bank policies, and economic performance could impact the rate going forward. Some analysts see the GBP weakening if Brexit uncertainty depresses the UK economy. But the peso could also decline if Mexico’s economy falters. Like most currency pairs, the GBP/MXN rate will likely continue fluctuating day-to-day based on a variety of global factors.
In summary, the current exchange rate is about 29.59 Mexican pesos to 1 British pound sterling. This rate has increased substantially over the past decade as the peso has weakened relative to the pound. Economic growth, inflation, interest rates, commodity prices, and other fundamental factors impact the exchange rate over time. Converting pounds to pesos is straightforward using the current market rate. Analysts expect the GBP/MXN rate to remain moderately volatile in the near term as Brexit developments and economic conditions continue unfolding.