My experience with converting Dollars to Pesos

These are my experiences and might not be sound advice. 

Over the years I’ve bought pesos in many ways.  In the very beginning I bought pesos at the conversion station before crossing the border from Texas into Mexico.  That rate is probably as bad as the exchange huts in the airport.  I don’t recommend this.

When we started traveling in Mexico we found that using ATM machines at Mexican banks was reliable and gave us a pretty good exchange rate.  I would also purchase pesos through my bank in the States which was probably the best rate.  It would take a couple of days for them to transfer the money to my local branch for pickup.

Once we purchased our first property in Mexico we started using Western Union to send money to our new Mexican bank account.

Now that we’re established and constantly need to send money, we use on-line exchange companies. 

Western union

I expect sending dollars to Mexico is the large majority of Western Unions business.  They give a pretty decent rate but they do have limits and are required by governments to ask questions about your financial transfer.

I have used them to send money to our Mexican bank account.  Whether you are in Mexico, the United States or Canada you can go on-line and send yourself pesos.  Shortly after you can pick them up at many Oxxo’s and other places.  I’m not sure how much money the Oxxo can handle so it might need to be smaller amounts.  Be sure the name on your passport is identical to the name to which you send the money.

On-line transfer

If you have a bank account in Mexico then you will likely want to use an on-line transfer company.  I’ve used a few and you just want to see who gives the best rate after fees.  Search for “foreign currency transfer.”

ATM’s

The most simple method and a decent rate is to use a respectable ATM.  These exist in the Mexican banks, grocery stores, and at the airport so you can get pesos as soon as you arrive.  They will give you a decent exchange rate and probably charge a small flat fee.  You can check with your local bank to see if they have a partnership with any of the Mexican banks to give a better rate or waive fees.

Your Bank

Depending on how much cash you need it may be best to purchase the Pesos before you leave home.  Check with your bank to see what rate they offer and how long it takes to get them to your local branch.