Unleash Your Currency Power: Convert Mexican Peso to United States Dollar with MXN to USD
In case you're planning a visit to the United States shortly, it's a good idea to consider changing some of your foreign currency into U.S. dollars, which is the country's official currency. The USD is the international symbol for this currency.
This guide will provide you with everything you need to know about converting MXN to USD, including how to get the best exchange rates and avoid paying exorbitant fees on your conversion.
The Conversion Process of MXN to USD
It's relatively easy to calculate a conversion rate on Mexican pesos to American dollars. You can make the conversion by using a calculator or doing it manually.
1. Using a Currency Calculator
Using a currency conversion calculator is one of the most accessible ways to obtain an estimate when converting currencies. Currency exchange rates fluctuate daily, so using a calculator can ensure you get accurate results.
However, some foreign exchange transactions attract additional fees that the calculator cannot predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual vendors might also impose additional fees if you ask them to convert the price of an item into your home currency at checkout.
2. Manual Calculation
An alternative option is to calculate your conversion rate manually using a simple mathematical formula. You need to know the up-to-date exchange rate at the time of your calculation, which is currently 1 MXN = 0.05 USD.
After that, multiply the amount of Mexican pesos you have by the current exchange rate. The resultant amount will show you how much U.S. dollars you have for your trip.
Example of Manual Currency Conversion
Suppose you have $5,000 MXN and want to know how much in U.S. dollars you have for your 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
Buying U.S. Dollars Conveniently
When you're ready to buy U.S. dollars, it's always wise to take precautions beforehand to ensure that you pay the least amount of fees. Here are three methods to acquire the currency you need at minimum costs:
Exchange at a bank or credit union before your trip: Your bank is the most cost-efficient source for exchanging currency since you have already established a relationship with them. They are likely to give you the best exchange rates and charge the lowest fees. For instance, Santander Bank levies a $10 flat fee if you order less than $150 USD equivalent. They do not charge other fees after meeting the $150.00 requirement. Shipping fees are also absent.
Utilize your bank's ATM abroad for withdrawals where possible: If you need to exchange more money while you're on your trip, look for in-network ATMs. 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 feature an "ATM locator" function to assist you in locating the nearest option. Using an ATM affiliated with your bank can help you avoid excess fees.
Order currency online: If your bank does not provide online shipping, you can always use third-party vendors to get your currency delivered. However, beware of inflated prices with some suppliers. Although Currency Exchange International (CXI) advertises not charging exchange fees, you'll pay up to $30 for overnight shipping.
What to Avoid When Exchanging Currency
Exchanging currency at the airport: While exchanging currency at the airport is certainly convenient, kiosks often offer some of the worst exchange rates while charging high fees.
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