How to Convert Pesos to Dollars

PDF download Download Article
PDF download Download Article

If you’re traveling to a nation like the United States from a country that uses pesos, you’ll need to convert your cash into the local currency. Thankfully, doing this is fairly easy once you know how financial conversion rates work and where you need to go to exchange your money.

Method 1
Method 1 of 2:

Calculating Conversion Amounts

PDF download Download Article
  1. Like stocks, currency values change multiple times every day. As such, to find out how much your pesos are worth, you’ll need to look up the current currency conversion rate between the country your pesos are from and the national currency you’re converting them to. [1]
    • You can look up conversion rates on websites like http://x-rates.com/ and http://xe.com/ .
    • Currency conversion rates are 6-digit numbers that contain 1 decimal point. For example, the current Chilean peso to Canadian dollar conversion rate may be 0.78866, 18.6855, or 2839.00.
    • Economists list conversion rates in the format “COUNTRY 1/COUNTRY 2.” So, if you were searching for the Mexican pesos to US dollars conversion rate, you’d look for the initialism MXN/USD.
  2. To find out how many dollars your pesos are worth, multiply your total peso amount by the currency’s current conversion rate. Then, round the resulting number. [2]
    • For example: If you have 40 Mexican pesos and their conversion rate to US dollars is 0.05355, then you’d multiply 40 by 0.05355 to get 2.142. Once you have this number, round it down for a total of $2.14.
    Advertisement
  3. In addition to a currency’s standard conversion rate, many websites offer a number known as an inverse conversion rate. If you multiply a specific dollar amount by this number, you can find out how many pesos it will take to get that amount via currency exchange.
    • For example: If you want to get 75 Australian dollars and their inverse conversion rate to Philippine pesos is 40.8709, then you’d multiply 75 by 40.8709 to get 3065.317. After finding this number, round up for a total of ₱3065.32.
  4. Converting a single peso amount into dollars is fairly straightforward. However, if you’re making lots of conversions, consider using an online currency calculator. Doing so will make the entire process far quicker and simpler.
    • You can find currency calculators on most conversion rate websites, as well as specialty calculator-only pages like https://coinmill.com/ .
  5. Though converting your pesos into dollars will give you a solid estimate of how much your money is worth, you will rarely receive that much when exchanging it for real. This is for 2 major reasons: [3]
    • Currency conversion rates change so frequently that high rates often come down in a matter of minutes.
    • Banks and other places that exchange currencies usually charge a fee for the services.
    6. Advertisement
Method 2
Method 2 of 2:

Exchanging Pesos for Dollars

PDF download Download Article
  1. If you’re visiting a fairly developed country, such as the United States, the easiest way to exchange your money is by acquiring a travel credit or debit card. When using 1 of these cards, your bank will automatically convert your funds during the transaction, taking the hassle out of currency exchange. [4]
    • Most banks will let you use your standard credit or debit card while abroad, though they may charge additional fees for the privilege.
    • Keep in mind that some businesses, especially those in less-developed countries, may only accept cash from foreign travelers.
    • Make sure to contact your bank before leaving so they don’t freeze your card during the trip.
  2. Similar to credit and debit card transactions, ATMs use your bank’s current conversion rate to exchange your money instantaneously. However, be aware that many ATMs charge an additional fee for this service. [5]
    • When possible, withdraw money in large amounts to minimize the amount of fees you have to pay.
  3. If you have an account with a large or international bank, check to see if they offer a currency exchange service. If they do, you can order dollars from them prior to your trip. [6]
    • Though the money may take some time to get to you, the exchange rates are usually a little better than those used for things like credit card transactions and ATM withdrawals.
    • Most banks will let you order money in person, online, or by phone.
    • Be aware that some banks charge a processing and, in some cases, delivery fee for this service.
    • Keep in mind that time zones, banking hours, and processing times can introduce delays in currency conversions, exposing you to the risk of unfavorable rate movements during the waiting period.
  4. A traveler’s check is a form of prepaid currency that serves as a stand-in for your cash. If you’re going to an underdeveloped area where ATMs and credit card machines are scarce, these checks will give you an easy way to exchange money without having to carry lots of pesos. [7]
    • You can purchase traveler’s checks at your bank. When you arrive at your destination, you can exchange them for dollars at most local financial institutions.
    • If your traveler’s checks are stolen, call your bank’s customer service hotline to request replacements.
  5. In most places, you can exchange your pesos at currency houses run by businesses like Travelex and the International Currency Exchange. Though these organizations typically charge higher fees than your bank, they’re often far more convenient to use when you’re in a foreign country. [8]
    • Many hotels and public transit stations also offer currency exchange services, though keep in mind that their fees may be even higher.
    6. Advertisement

Community Q&A

Search
Add New Question
  • Question
    Is it better to tip in USD or pesos?
    wikiHow Staff Editor
    Staff Answer
    This answer was written by one of our trained team of researchers who validated it for accuracy and comprehensiveness.
    wikiHow Staff Editor
    Staff Answer
    You can do either, but if you tip in dollars, use paper rather than coins. In general, it’s easier for the recipient of the tip if you use their local currency, so that they don’t have to go get it exchanged.
    Thanks! We're glad this was helpful.
    Thank you for your feedback.
    If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
    Yes No
    Not Helpful 2 Helpful 4
  • Question
    Is $100 a lot of money in Mexico?
    wikiHow Staff Editor
    Staff Answer
    This answer was written by one of our trained team of researchers who validated it for accuracy and comprehensiveness.
    wikiHow Staff Editor
    Staff Answer
    $100 USD is worth about a week’s wages for an average worker in Mexico. You can stretch $100 pretty far as a tourist—for example, it’s enough to pay for a night at many all-inclusive resorts.
    Thanks! We're glad this was helpful.
    Thank you for your feedback.
    If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
    Yes No
    Not Helpful 0 Helpful 3
  • Question
    Is 3000 pesos a lot of money in Mexico?
    wikiHow Staff Editor
    Staff Answer
    This answer was written by one of our trained team of researchers who validated it for accuracy and comprehensiveness.
    wikiHow Staff Editor
    Staff Answer
    As of June 2020, 3000 Mexican pesos is worth a little over $130 USD. You can buy a fair bit for that amount of money in Mexico. For instance, as a tourist, you could purchase a night at a resort, buy a round of drinks for the whole bar, or dine out with a few friends at a nice restaurant.
    Thanks! We're glad this was helpful.
    Thank you for your feedback.
    If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
    Yes No
    Not Helpful 5 Helpful 5
See more answers
Ask a Question
200 characters left
Include your email address to get a message when this question is answered.
Submit
      Advertisement

      Video

      Tips

      • Before exchanging your money, track the currency conversion rate for a couple days. If pesos start to rise in value, wait to exchange your funds.
        Thanks
        Helpful 1 Not Helpful 0
      Submit a Tip
      All tip submissions are carefully reviewed before being published
      Name
      Please provide your name and last initial
      Submit
      Thanks for submitting a tip for review!
      Advertisement

      You Might Also Like

      How to
      Trade Forex
      How to
      Calculate Exchange Rate
      How to
      Exchange Currency
      How to
      Convert Pounds to Euros
      How to
      Read Forex Charts
      How to
      Calculate Arbitrage in Forex
      Advertisement

      References

      1. ↑ https://www.investopedia.com/articles/forex/090314/how-calculate-exchange-rate.asp
      2. ↑ https://www.mathsisfun.com/activity/currencies.html
      3. ↑ https://www.investopedia.com/articles/forex/090314/how-calculate-exchange-rate.asp
      4. ↑ https://www.cntraveler.com/story/where-to-exchange-currencyand-how-to-be-smart-about-it
      5. ↑ https://www.cntraveler.com/story/where-to-exchange-currencyand-how-to-be-smart-about-it
      6. ↑ http://www.nbcnews.com/id/41282577/ns/travel-travel_tips/t/traveling-abroad-how-exchange-currency/#.WpSpUudMFhF
      7. ↑ http://www.nbcnews.com/id/41282577/ns/travel-travel_tips/t/traveling-abroad-how-exchange-currency/#.WpSpUudMFhF
      8. ↑ https://www.cntraveler.com/story/where-to-exchange-currencyand-how-to-be-smart-about-it

      About This Article

      Article Summary X

      To convert pesos into dollars, first look up the currency conversion rate between the country your pesos are from and the national currency you’re converting them to. Then, multiply your peso amount by this conversion rate and round the result to get your conversion total. If you want to find out how many pesos it would take to get a predetermined dollar amount, multiply the dollar total by your currency’s inverse conversion rate and round the result. To learn how to exchange your pesos at banks, currency houses, and other places, scroll down!

      Did this summary help you?
      In other languages
      Thanks to all authors for creating a page that has been read 152,368 times.

      Did this article help you?

      Advertisement