If you’re planning a trip to the United States soon, you may want to exchange some of your money into U.S. dollars, the country’s official currency. The international symbol for the currency is USD.
This post has everything you need to know about converting MXN to USD, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.
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How to Convert MXN to USD
Calculating a conversion of pesos to dollars is fairly simple. You can either make the conversion using a calculator or do it by hand.
1. Use a Currency Calculator
Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.
Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.
2. Calculate it Manually
The other option is to do the calculation manually using a simple mathematical formula. In order to do this, you need to know the current exchange rate. At the time of writing, 1 MXN is worth 0.05 USD.
Once you know that information, multiply the amount you have in pesos by the current exchange rate. The resulting number will show you the amount of U.S. dollars that you have to spend on your trip.
Manual Currency Conversion Example
Let’s say you have $5,000 MXN and would like to figure out how much in U.S. dollars you have for a trip to the United States. Using the current exchange rate, the formula for your conversion would look like this:
$5,000 MXN x 0.05 = $250 USD
How to Buy U.S. Dollars
When you’re ready to buy U.S. dollars, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:
- Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Santander Bank charges a $10 flat fee if you order less than $150 USD equivalent. There is no additional fee after the $150.00 is met. Santander does not charge shipping fees.
- Use your bank’s ATM abroad for withdrawals where possible: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, Citibanamex/Citibank and Bank of America operate in both Mexico and the U.S., so you’ll avoid fees if you use their ATMs. Most banking apps have an “ATM locator” feature to help you find the closest option, and using an ATM affiliated with your bank can help you avoid excess fees.
- Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of inflated costs with some of these vendors. Currency Exchange International (CXI), for instance, advertises that it does not charge an exchange fee. However, you’ll pay up to $30 for the privilege of overnight shipping.
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What to Avoid When Exchanging Currency
- Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
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