Author Topic: MXN Pesos to USD  (Read 2089 times)

Rustychase

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MXN Pesos to USD
« on: June 09, 2018, 05:21:15 PM »
Hi all!

I'm currently in the middle of moving back to the US after teaching English in Mexico. I have two questions, as I'm completely new to transferring money and such.

A: I don't have much in terms of cash, but it is enough I need to do something with it. Save it for future trips, or go ahead and convert to USD

B: If I do convert to USD, is it better to go through a money exchange, the airport, or directly through my bank at home?

Thank you in advance!

Sibley

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Re: MXN Pesos to USD
« Reply #1 on: June 09, 2018, 07:36:29 PM »
Try to spend the cash before you get back to the US. Pay cash for everything you can so you don't need to worry about it.

Rustychase

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Re: MXN Pesos to USD
« Reply #2 on: June 09, 2018, 09:11:17 PM »
Try to spend the cash before you get back to the US. Pay cash for everything you can so you don't need to worry about it.

I have like 4,000 left and nothing else to spend it on hahaha
Already have my souvenir gifts

Kwill

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Re: MXN Pesos to USD
« Reply #3 on: June 10, 2018, 02:16:57 AM »
I was going to recommend Transferwise, but it looks like they don't support Mexican Pesos. Do look up other online currency transfer sites, though, especially if the money is currently in a local bank that allows you to transfer money electronically. I think ofx.com and xe.com are similar. The rates should be better than your bank and certainly better than the airport.

I'm a red panda

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Re: MXN Pesos to USD
« Reply #4 on: June 10, 2018, 07:08:42 AM »
4000 pesos is only like $200 right now.
I'd just save it for future trips.

I would not exchange at the airport. The rates and fees are generally awful. A US bank probably wont get you a great rate, if they'd take it at all. So if you really want to exchange do so before leaving.

The best bet is probably to deposit it in a Mexican bank account, if you have one, and withdraw from a US ATM. That is going to get best exchange.

Source: I have about 5000 pesos and $300 Canadian in my sock drawer.

Catbert

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Re: MXN Pesos to USD
« Reply #5 on: June 10, 2018, 10:51:35 AM »
Are you in an expat neighborhood or otherwise have friends who could exchange for you.?

Rustychase

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Re: MXN Pesos to USD
« Reply #6 on: June 10, 2018, 01:09:46 PM »
Thanks for all the replies!

4000 pesos is only like $200 right now.
I'd just save it for future trips.

I would not exchange at the airport. The rates and fees are generally awful. A US bank probably wont get you a great rate, if they'd take it at all. So if you really want to exchange do so before leaving.

The best bet is probably to deposit it in a Mexican bank account, if you have one, and withdraw from a US ATM. That is going to get best exchange.

Source: I have about 5000 pesos and $300 Canadian in my sock drawer.

I don't have a bank account here, never thought to open one. Teaching didn't make me enough and I'm not in an expat community. Probably will stick them in my sock drawer!

Are you in an expat neighborhood or otherwise have friends who could exchange for you.?

I'm in a small town hours away from the city in Mexico state.
I like my friends here, but as you live off a dollar a day here I don't think I'll hand them over that kind of money aha

Sibley

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Re: MXN Pesos to USD
« Reply #7 on: June 10, 2018, 02:41:47 PM »
Try to spend the cash before you get back to the US. Pay cash for everything you can so you don't need to worry about it.

I have like 4,000 left and nothing else to spend it on hahaha
Already have my souvenir gifts

Ok, but unless you're leaving today, you might need to eat. You can probably use at least some of it.

jlcnuke

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Re: MXN Pesos to USD
« Reply #8 on: June 11, 2018, 09:02:23 AM »
Airport will probably have the worst exchange rate FYI. It was like 15 or 16 to 1 at the airport in Cozumel last week. Shops in town were 18-19 to 1. Spot of over 19 to 1. If you're going back, if just keep it m if you're not, your bank may be a decent option depending on the bank (Google to see how they do with FX, some are good, some suck).

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meghan88

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Re: MXN Pesos to USD
« Reply #9 on: June 11, 2018, 12:56:39 PM »
You could exchange it on Craigslist at mid-market rates to people who are going to MX on vacation and don't want to purchase foreign currency at the ridiculous rates charged by the banks etc.

I use https://www.xe.com/currencyconverter/ to get the midmarket rates.

I've bought euros this way (I live in Canada).

Hirondelle

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Re: MXN Pesos to USD
« Reply #10 on: June 11, 2018, 01:25:15 PM »
What I did when living abroad was actively posting in travelers facebook groups for other people from my country who were there for vacation and exchange the money with them. I was worried about traveling with too much cash, so I exclusively exchanged with people from my own country whom would be able to do an immediate bank transfer while I handed them the cash. If you're willing to travel with cash (we're talking $200 here so that's not too scary to carry along) you could just exchange with any tourist that carries some USD (like, everyone).

Now you don't seem to be in a very touristy area, but if you'd have a few days in a major airport city before you're leaving this could work easily.

I exchanged >$2000 worth of local currency that way.

Kwill

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Re: MXN Pesos to USD
« Reply #11 on: June 11, 2018, 03:28:58 PM »
Saving it for another trip or for when a friend or family member is planning a trip to Mexico may not be a bad idea. Also, that way you know you'll have as much as you may need in the last day or two of your trip.

I travel a lot, and I've found it helpful to keep plastic sandwich bags of currencies labelled by country / currency. I also put in things like store loyalty cards or public transportation cards or other things that are only useful in that country. Then I put the bag in my carry-on and swap out the contents of my wallet at the right time. Everything stays together neatly, and I keep an international plug adaptor in the same drawer.

Rustychase

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Re: MXN Pesos to USD
« Reply #12 on: June 14, 2018, 08:53:56 PM »
Thank you everyone for your input!

I decided I would just keep it, as I do plan to return in December (:
Like was mentioned, it wasn't that much money. But for future reference I now have information on what to do next time and/or with a larger quantity.