If you are traveling to a country like the United States from a country that uses the peso currency, you will need to convert your money into the local currency. Luckily, doing this is fairly easy once you know how financial conversion rates work and where to go to a money changer.
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Method 1 of 2: Calculating Number of Conversions
Step 1. Find out the current currency conversion rate online
Like stocks, currency values change many times each day. In other words, to find the sum of your peso values, you need to find out the most recent currency conversion rate between the country of origin of your pesos and the currency of the country you wish to exchange your money for.
- You can view conversion rates on websites like https://x-rates.com/ and
- The currency conversion rate is a 6-digit number containing 1 decimal place. For example, the current conversion value of the Chilean peso to Canadian dollar might be 0.78866, 18, 6855, or 2839.00.
- Economists write down the conversion value in the format “COUNTRY 1/COUNTRY 2.” So if you're looking for a Mexican peso to US dollar conversion rate, look for the initials MXN/USD.
Step 2. Multiply your peso by the conversion rate to find the dollar value
To find out what the dollar value of your pesos is, multiply the peso amount by the current conversion rate. Then, round the result value.
For example: If you have 40 Mexican pesos and the conversion rate to US dollars is 0.05355, then you would multiply 40 by 0.05355 to get 2.142. Once you get this number, round to $2.14
Step 3. Use the reverse conversion rate to find the peso value of the dollar
In addition to standard currency conversion rates, many websites offer a number known as the reverse conversion rate. If you multiply a certain dollar amount by this number, you'll find out how many pesos it would take to get that amount at a money changer.
For example: If you want to get 75 Australian dollars and the reverse conversion rate to Philippine pesos is 40,8709, then you would multiply 75 by 40,8709 to get 3065,317. After getting this number, round to 3065.32
Step 4. Use a currency calculator to simplify the process
Converting one peso to dollars is quite easy. However, if you're converting a lot of money, consider using an online currency calculator. That way, the whole process will be faster and simpler.
You can find currency calculators on most conversion rate websites, as well as specialized calculator pages like
Step 5. Estimate a slightly different value when exchanging your money
While converting pesos to dollars can give you an estimate of how much your money is worth, it's rare that you'll receive that much once you've exchanged it. This is due to 2 things:
- Exchange rates change so fast that a high value can drop in a matter of minutes.
- Banks and other money changers usually have an additional service fee.
Method 2 of 2: Converting Dollars to Pesos
Step 1. Use a credit or debit card to make transactions easier
If you are visiting a relatively developed country, such as the United States, the easiest way to exchange your money is to obtain a travel card or debit card. When using one of these cards, your bank will convert your money automatically during the transaction, without the hassle of having to exchange money.
- Most banks allow you to use a standard credit or debit card when abroad, although there may be additional fees for this convenience.
- Keep in mind that some stores, especially those in underdeveloped countries, may only accept cash payments from overseas travelers.
- Be sure to contact your bank before leaving so the bank doesn't freeze your card during the trip.
Step 2. Exchange money at ATM to get money fast
As with credit and debit card transactions, ATMs use your bank's exchange rate to exchange money quickly. However, keep in mind that many ATMs charge extra for this service.
If possible, withdraw large amounts of money to minimize the costs
Step 3. Order money from a bank to get a better exchange rate
If you have an account with a large bank or international bank, find out if the bank provides a money exchange service. If so, you can order dollars from the bank before your scheduled trip.
- While it can take some time to receive the money, the exchange rate is usually slightly better than the exchange rate for credit card transactions and ATM withdrawals.
- Most banks allow you to order money in person, online, or over the phone.
- Keep in mind that some banks charge a processing fee and, in some situations, a delivery fee for this service.
Step 4. Purchase traveler's checks if you plan to go to a rural area
Traveler's checks are a form of prepaid cash that serves as a substitute for cash. If you're going to an undeveloped area where ATMs and credit card machines are rare, this check will make it easier for you to exchange money without having to carry a lot of pesos.
- You can buy travelers checks at your bank. When you arrive at your destination country, you can exchange it for dollars at most local financial institutions.
- If your traveler's check is stolen, call your bank's customer service number to request a replacement.
Step 5. Visit a money changer to exchange money in your destination country
In most places, you can exchange your pesos at money exchanges run by Travelex and International Currency Exchange. While they usually have higher fees than banks, these places are often much more convenient to use when abroad.
