How much money can I legally take to Mexico?

Could you please elaborate on the question, "How much money can I legally take to Mexico?" I'm interested in understanding the legal limits and any relevant regulations that might apply to bringing cash into Mexico. Are there specific amounts that are allowed without any further declarations or paperwork? And if I exceed these limits, what are the consequences? Additionally, are there any other forms of payment or financial transactions that are preferred or more convenient when traveling to Mexico? Thank you for clarifying these points.