If you are traveling to the United States from a country that uses pesos, you will need to convert your cash into local currency.Once you know how financial conversion rates work, it's fairly easy to do this.
Step 1: The current currency conversion rate is online.
Currency values change multiple times a day.To find out how much your pesos are worth, you need to know the current currency conversion rate between the country you are from and the national currency.You can find the conversion rates on websites.Currency conversion rates have 1 decimal point.The current Chilean peso to Canadian dollar conversion rate may be 0.78866, 18.6855, or 2839.00.If you were looking for a Mexican pesos to US dollars conversion rate, you would look for the initialism MXN/USD.
Step 2: Use the conversion rate to find the dollar value.
If you want to find out how much your pesos are worth, take your total amount and divide it by the currency's current conversion rate.Round the number.If you have 40 Mexican pesos and their conversion rate to US dollars is 0.05355, you would divide it by 40 to get 2.142.Round it down for a total of $2.14 if you have this number.
Step 3: The inverse conversion rate can be used to find the pesos value.
A number known as an inverse conversion rate is offered by many websites.If you take the dollar amount and divide it by the number, you can see how many pesos it will take to get it.If you want to get 75 Australian dollars and their inverse conversion rate to Philippine pesos is 40.8709, you have to take 75 and divide it by 4.Round up the total for 3025.32 after finding this number.
Step 4: To make the process simpler, use a currency calculator.
It's fairly easy to convert a single peso amount into dollars.If you are making a lot of conversions, consider using an online currency calculator.Doing so will make the process much simpler.Most conversion rate websites have currency calculators on them, as well as specialty calculator-only pages.
Step 5: When exchanging money, expect rates to be slightly different.
If you convert your pesos into dollars, you will get an estimate of how much your money is worth, but you won't get that much when exchanging it for real.Currency conversion rates change so frequently that high rates often come down in a matter of minutes.Fees are usually charged for the services at banks and other places that exchange currencies.
Step 6: You can use a credit or debit card.
If you are traveling to the United States, the easiest way to exchange money is with a travel credit or debit card.The hassle of currency exchange is eliminated when you use 1 of these cards.While abroad, most banks will allow you to use your standard credit or debit card, though they may charge additional fees.Some businesses in less-developed countries may only accept cash from foreign travelers.Make sure to get in touch with your bank before you leave so they don't freeze your card.
Step 7: You can exchange money at an ATM.
Similar to credit and debit card transactions, ATMs use your bank's current conversion rate to exchange money.An additional fee is charged by many ATMs for this service.To minimize the amount of fees you have to pay, withdraw money in large amounts.
Step 8: You can get better exchange rates by ordering money from your bank.
If you have an account with a large or international bank, check to see if they offer a currency exchange service.You can order dollars from them if they do.Exchange rates are usually a little better than those used for credit card transactions and ATM withdrawals, though the money may take some time to get to you.You can order money by phone, online or in person.Some banks charge a processing fee and a delivery fee for this service.
Step 9: If you are going to a rural area, purchase traveler's checks.
A traveler's check is a form of currency that can be used for cash.These checks will allow you to exchange money without having to carry a lot of pesos if you are going to an underdeveloped area.At your bank, you can purchase traveler's checks.You can exchange them for dollars at most local financial institutions when you arrive.Call your bank's customer service hotline to request replacements if your checks are stolen.
Step 10: You can exchange money at a currency house.
Currency houses like Travelex and the International Currency Exchange are where you can exchange your pesos.When you are in a foreign country, these organizations are often more convenient than your bank.Currency exchange services are offered by many hotels and public transit stations.