4/15/2023 0 Comments Currency rates in mexico![]() ![]() If the exchange rate given is determined purely by supply and demand, then you will end up with a price that is close to what is being quoted in the foreign exchange market globally (“market price”). The rates given at local banks are usually decent, although keep in mind that one of two things can happen. Also, you can buy foreign currency there to return home without Mexican pesos, that is, you give them pesos, and you will get the desired currency. The other alternative to exchange money is through the bureau de change offices, you can locate them in malls and small plazas, they offer a decent exchange rate. Generally experts advise avoiding exchanging money at a hotel or airports unless you have no other choice. While hotel and airport exchange may seem convenient, beware of high transaction charges. You also can report your bank which countries and cities you’ll be visiting to avoid that your card be blocked. The other point to note is that your bank may freeze your card if out-of-the-ordinary transactions (such as withdrawals in 4 different countries over the course of a week) appear, so keep a copy of your bank’s contact information on hand. Keep in mind that your withdrawal may be subject to a fee, so check with your bank before leaving home. If you would rather not carry large sums of cash, ATMs are a convenient way to obtain local currency at a reasonable exchange rate. Be careful when using the credit card if your home currency is falling-since the transactions are not converted instantly, there is a possibility that you will end up with a less favorable conversion rate a few days later. Generally credit cards offer the most favorable exchange rates for changing money, since credit card companies have access to better rates than individuals. The obvious risk with services like these is fraud and the safety of your funds while they are in transit. Other services you can use at home include online money exchange services, which will take American funds and send the converted money to your home. Experts suggest only changing enough to cover travel and transportation costs until you are settled at your destination, as the costs of exchanging money at home can be prohibitive. While still at home, you can exchange currency at your local bank. Experts agree that travelers will be best off looking for a place that will change money inexpensively. The major currencies tend to move +/- 1% in a given day, which is a relatively minor move unless you are changing thousands at a time. A commonly asked question is: should I convert now, or will my money be worth more when I go abroad? Unless your trip is months away, the answer is that it probably will not make much of a difference. As a traveler, your main concern will be getting the most favorable rate possible when travel abroad. ![]()
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