How to Convert Currency to Pesos
The currency in Mexico is the Mexican Peso. Pesos dated prior to 1993 have 1000 times less value than the New Mexican Peso, which is noted by MXN. Conversion rates are usually updated daily, and they have between three and six numbers or factors. Here are some tips for converting currency to pesos.
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Instructions
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Determine the currency you are converting from to Pesos. Each currency will have its own rate of exchange.
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Research the conversion rate. The exchange rates change daily, but usually not drastically. Educate yourself on the rate for the past week so you are not surprised when you convert your currency.
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Use a conversion calculator, or determine the rate by multiplying by the currency rate. An example would be converting $10 US dollars to MEX$. The currency rate may be 10.849. You would multiply $10.00 times the rate of 10.849 to total $108.49 MXN.
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Exchange currency before your trip. Many banks offer this service to their customers and you should be prepared in case you have late evening or early morning travel where your destination currency offices may not be open.
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Use your ATM card for currency exchange. Remember your exchange rate and think in terms of Pesos.
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Purchase large items with a credit card. The credit card company will handle the conversion rates and the detail will appear on your bill. Some banks and credit companies may charge an additional fee for international use, so check with your particular company.
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Remember to convert your Pesos back to your home currency before you leave Mexico.
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Tips & Warnings
Convert the equivalent of $100 into Pesos before your trip. This amount should be enough for any immediate expenses.
ATMs are the best way to get the best currency exchange rate, but they may have small fees to use the machines.
Check the currency rates before and during your travel if possible. Rates change slightly on a daily basis, but you should know what to expect when making charges or purchases.
