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If you are planning to travel to the United States soon, you may need to exchange some of your cash into U. S. dollars, the country’s official currency. The foreign currency symbol is USD.
This article comprises everything you want to know about converting MXN to USD, adding where to get the most productive exchange rates and how to pay the highest fees on your conversion.
Calculating a conversion from pesos to dollars is simple. You can do the conversion using a calculator or do it by hand.
Using a currency conversion calculator is the simplest way to get an estimate when converting currencies. Since exchange rates vary daily, using a calculator can ensure that your calculations are correct.
Keep in mind that currency exchange comes with additional payments that a conversion calculator may not be able to predict. For example, credit card companies and ATM networks generally rate a 1% conversion payment on all foreign transactions. Individual merchants would also likely qualify for more payments if you ask them to convert the value of an item to their local currency at checkout.
The other option is to perform the calculation manually with an undeniable mathematical formula. To do this, you want to know the existing exchange rate. At the time of writing, MXN 1 is worth $0. 05.
Once you know this information, multiply the amount you have in pesos by the existing exchange rate. The resulting number will tell you how much in dollars you’ll want to spend on your trip.
Let’s say you have $5,000 MXN and you want to know how much you have in US dollars for a trip to the US. U. S. Using the existing exchange rate, your conversion formula would look like this:
MXN 5,000 x 0. 05 = USD 250
When you’re in a position to buy U. S. dollars, it’s a smart idea to plan ahead to make sure you pay the minimum fee. Here are 3 tactics to get the currency you want and minimize the fees you will be charged:
Next step: