How to Exchange a Peso to a Dollar

Research rates before exchanging your pesos for dollars.

The best way to exchange pesos to dollars depends on the situation. Perhaps you're just exchanging the money after coming back from a Mexican vacation. Or maybe you need to send pesos to a merchant in America. Maybe you'll be taking a trip from Mexico to America. These three different scenarios will each benefit from different exchange solutions. Being smart about which method you use will save you time and money in the long run.

Instructions

1. Look into the currency rates at your local bank. Bank exchange rates are typically lower than at other institutions, and you have the security of being an ongoing client of the bank. According to GoCurrency.com, "A commonly asked question is: Should I convert now, or will my money be worth more when I go abroad? Unless your trip is months away, the answer is that it probably will not make much of a difference." However, it's a good idea to calculate the exchange rate the day you go in, so you know beforehand if the exchange you get is accurate. This is the best option for people coming back to America from a trip to Mexico.

2. If you are sending pesos to someone in America, consider doing the exchange online through a service such as PayPal. You will need to have a PayPal account in Mexico before sending the money, in dollars, to your recipient. You might look into using a money exchange service such as MoneyGram or Western Union; however, the exchange rates on PayPal are typically lower. This is the best option for people residing in Mexico who need to exchange money to conduct a transaction with people in America.

3. If you are traveling from Mexico to America on a trip, exchange some money at your local bank in Mexico, then use ATMs in America to exchange more money once you arrive. Make sure your debit card will work in ATMs in America first. It's convenient to pull out money once you get to the U.S., and it's safer than carrying around large sums of cash while traveling.

References

• GoCurrency.com: Currency Exchange Rate

Resources

• Read this Article in Spanish