Help me convert Mexican pesos (paper cash) into USD
July 31, 2013 7:56 AM Subscribe
I have about 6000 USD worth of Mexican Pesos in paper cash money, what are my best options to converting this to USD? I am in USA and don't plan on travelling to Mexico within a year. Also, I have an xe.com account but I don't think that helps in this situation because they said I'd have to deposit it into their account in Mexico. Obviously I'd like to pay minimal fees.
I would take the time to go to an airport.
They do high volume currency trading in those exchange kiosks at airports.
You will get a better rate there.
Unless you know someone with an Amex Gold Card -
I believe Amex waives transaction fees on currency exchange for Gold Card members.
posted by Flood at 8:22 AM on July 31, 2013
They do high volume currency trading in those exchange kiosks at airports.
You will get a better rate there.
Unless you know someone with an Amex Gold Card -
I believe Amex waives transaction fees on currency exchange for Gold Card members.
posted by Flood at 8:22 AM on July 31, 2013
You will get a worse rate at the airport than in the city, for the same reason everything costs more at an airport. If it's the only option where you are then fair enough, but otherwise the airport is almost the worst possible place you could do this.
If you're in a reasonably large city, you should have a bureau de change downtown. For example.
posted by caek at 8:46 AM on July 31, 2013 [2 favorites]
If you're in a reasonably large city, you should have a bureau de change downtown. For example.
posted by caek at 8:46 AM on July 31, 2013 [2 favorites]
What did your bank offer?
posted by humboldt32 at 9:52 AM on July 31, 2013
posted by humboldt32 at 9:52 AM on July 31, 2013
AAA will do currency exchanges if you're a member. They do have fees.
posted by lysimache at 10:32 AM on July 31, 2013
posted by lysimache at 10:32 AM on July 31, 2013
Do not do not go to the airport. They have atrocious rates and typically hefty commissions on top of that.
Let your fingers do the walking. Call a few currency exchange places near you or in nearby big cities and ask, "What would I receive right now in US dollars for X pesos, after all fees and commissions?" Some will quote a great rate but then tack on an absurd commission. A reputable place will give you an immediate, all-inclusive quote over the phone. Exchange rates are constantly fluctuating, so it's likely you will get a slightly different amount by the time you show up.
I called several places, including banks and standalone bureaux de change and was surprised to find that Bank of America provided the best exchange. (I know. I just about choked when I found out. The same company that charges $50 plus a currency conversion fee for the same transfer that xe.com did for $5, also paid the best price for my Euros.) It's worth your trouble to ask around, since even one percentage point is $60.
posted by wnissen at 10:42 AM on July 31, 2013 [1 favorite]
Let your fingers do the walking. Call a few currency exchange places near you or in nearby big cities and ask, "What would I receive right now in US dollars for X pesos, after all fees and commissions?" Some will quote a great rate but then tack on an absurd commission. A reputable place will give you an immediate, all-inclusive quote over the phone. Exchange rates are constantly fluctuating, so it's likely you will get a slightly different amount by the time you show up.
I called several places, including banks and standalone bureaux de change and was surprised to find that Bank of America provided the best exchange. (I know. I just about choked when I found out. The same company that charges $50 plus a currency conversion fee for the same transfer that xe.com did for $5, also paid the best price for my Euros.) It's worth your trouble to ask around, since even one percentage point is $60.
posted by wnissen at 10:42 AM on July 31, 2013 [1 favorite]
I just exchange Japanese Yen into USD a week or so ago. My credit union wouldn't do it, and Bank of America only does it at some branches, and some branches only do certain currencies. Bank of America also required you to be a BofA account holder.
Wells Fargo did it for me as a walk-up, non-customer, with a decent rate (better than the airport) and only a $5.00 fee (much better than the airport.) I've heard US Bank is good, too.
posted by ctmf at 11:03 AM on July 31, 2013
Wells Fargo did it for me as a walk-up, non-customer, with a decent rate (better than the airport) and only a $5.00 fee (much better than the airport.) I've heard US Bank is good, too.
posted by ctmf at 11:03 AM on July 31, 2013
I believe AAA just uses wells Fargo for the currency exchange. No idea if the rates are different than wells Fargo has directly. So if you aren't a AAA member, don't join solely for the currency service.
posted by TheAdamist at 11:57 AM on July 31, 2013
posted by TheAdamist at 11:57 AM on July 31, 2013
This thread is closed to new comments.
You're options are American Express or your bank (if they facilitate exchange). Check the prices to see what your best option is.
I'd do Amex, they specialize in this stuff and it's pretty straight forward. Call ahead.
posted by Ruthless Bunny at 8:07 AM on July 31, 2013