Suncoast
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Registered: 12-21-2023
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Exchanging pesos for USD ?
We're heading back to Canada this week and have ended up with about 7 or 8 thousand pesos left over from our trip. Should we try and change it to USD
in La Paz or use one of the money traders in Caliexico when we cross? I see there a few exchanges in Caliexico. or should we wait til we're in Canada
and swap it for CDN? What advice can you folks offer? Trying to avoid fees and get the best exchange rate as well obviously.
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AKgringo
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I would hang on to the pesos at least until you get to Calexico, you may need them somewhere along the way. Aside from the cambios in Calexico,
places like Walmart will take them if you have need of merchandise, automotive items or fuel.
If you do decide to exchange them, you may not have a choice of Canadian dollars, but you would probably be able to use up US currency on the way
north.
Personally, I don't mind having a few thousand pesos on hand for my next trip, so I don't bother with exchanging anything when I cross the border.
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"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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wilderone
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Check with your bank in Canada. They might have a hefty premium for their exchange rate, but you can compare that rate with what's offered in
Mexicali or Calexico as you're passing through so you'll know if it's worthwhile. If you can readily spend dollars in Canada get dollars, worth more
than Canadian.
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mtgoat666
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The USD/peso rates at the cambios by border are always better than the rates at brick/mortar banks.
Here in san diego, my local bank offers “no fee” cash exchanges, but at a rate 5 percent worse than the border cambios.
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will do for you, but what together we can do for the freedom of man.”
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JDCanuck
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We just keep the pesos til we get home and offer to swap with someone heading down at the midpoint exchange rate at the time. We both get a savings of
close to 4% that way from what the Canadian banks would charge us. 8,000 pesos is the minimum I like to arrive in Mexico with until I can get to my
bank ATM in La Paz.
If that doesn't work for you, the USD/MXN rates are far better than the CAD/MXN rates, so if you are driving through the US, exchanging it to USD at
Calexico as suggested above makes good sense and using the USD cash as you drive home to Canada for gas, food and lodgings on the way.
[Edited on 3-29-2025 by JDCanuck]
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JDCanuck
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If you have ever done currency trades on Forex, you will likely notice swapping CAD to Pesos is a two-step process: CAD to USD first, then USD to MXN
second. This may be why the CAD/MXN currency exchanges become so expensive at banks or credit unions in Canada. That is definitely the last choice to
use. Here are today's posted rates at a cambio in El Centro. The rates seem pretty tight to me at less than 1.5%, but others might have better sites:
https://www.cwcambioexpress.com/usa/
[Edited on 3-29-2025 by JDCanuck]
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Glidergeek
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I'd hang onto it for next trip. Unless you really need the cash it's about $400 USD.
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