It’s no secret that Mexico is a key player in North American trade and, with its thriving economy, offers plenty of export potential. But if you’re not able to trade in the local currency, Mexican Peso (MXN), you could be missing out on all-important sales.

Which is why we’re excited to introduce our MXN account. So, if you’re a marketplace seller, you can now easily use your World Account to expand your business to Mexico’s biggest e-commerce sites MercadoLibre, Amazon North America, and SHEIN.

And if you’re an exporter, a local MXN account means trading with suppliers or buyers in Mexico just got a whole lot easier. Because, although it might have been a pain to set up a local currency account in the past, it’s practically instant with your World Account.

If you’ve not done business with Mexico before, here are three great reasons to start:

#1 - Open your business doors to a steadily-growing economy

In fact, Mexico is the 14th-largest world economy and the second fastest-growing Latin American market after Brazil, with an annual growth rate of 21.17%. Not only has Mexico’s economic growth been steady since the 1990s, it’s also seen as a huge investment opportunity for time to come.

#2 - Export to a manufacturing powerhouse

The Mexican economy is worth an impressive $1.4 trillion USD. Domestic manufacturing accounts for 18.5% of that and, as the world’s 16th largest exporter, focuses on machinery, transport, steel, electricals, chemicals, food and oil. Meanwhile, when it comes to Mexico’s major imports, the country is on the lookout for parts, accessories, integrated circuits, and screens.

#3 - Support a growing taste for tech innovation

Guadalajara is fast becoming a world tech hub, attracting global companies like IBM and Oracle, as well as fostering homegrown startups. The city has attracted over 600 tech firms and is known as ‘Mexico's Silicon Valley’, reflecting its growing influence in the tech industry. So, if you’re looking to export anything tech related, now is an exciting time to get involved.

How WorldFirst easily connects you to Mexico

• Broaden your e-commerce reach: MercadoLibre is the most popular e-commerce platform in Mexico, with an estimated 127 million customers visiting the site every month. Through WorldFirst’s integration with MercadoLibre, you’ll be able to instantly access its thriving online consumer base to expand your sales and brand reach in Mexico's e-commerce market. All whilst ensuring fast payments.
• Improve your cash flow with better control over your exchange rate: With your MXN account, you can navigate currency complexities without uncertainty, delays, or extra costs. You’ll be able to choose from today’s exchange rate or one you want to wait for. Plus, our conversion rates are much more competitive than what traditional banks can offer.
• Your buyers can pay you in their local currency: It’s quick and simple to add a MXN account to your World Account and gives you all the convenience of a local account without being in Mexico. So you can get paid in MXN just as easily as you are in SGD.

Have a World Account already?

Then it’s likely you know how easy it is to set up a new local currency account. Simply:

With so many trade avenues to choose from and an easy way to pay in MXN, it’s hard to find a reason not to do business with Mexico. In the meantime, if you’d like to learn more about expanding your business internationally, check out our guides here