If you're traveling to a country like the United States from a country that uses euros, you'll need to convert your money into the local currency. Fortunately, that's pretty easy if you know how financial exchange rates work and where you need to go to exchange your money.
Method 1 of 2: Calculate conversion amounts
Step 1. Check the current exchange rate online
Like stocks, currency values change several times a day. To find out how much euros are worth, you need to look up the current exchange rate between the country your euros come from and the national currency you are converting them into.
- You can look up conversion rates on websites such as http://x-rates.com/ and
- Exchange rates are 6-digit numbers with 1 decimal point. For example, the exchange rate of the Chilean peso to the Canadian dollar could be 0.78866, 18.6855, or 2839.00.
- Economists present the conversion rates as 'COUNTRY 1/COUNTRY 2'. So, if you're looking for the exchange rate of Mexican pesos to US dollars, look for the abbreviation MXN/USD.
Step 2. Multiply your pesos by the exchange rate to get the dollar value
To find out how much dollars your pesos are worth, multiply the total number of pesos by the current exchange rate. Then round the resulting amount.
For example, if you have 40 Mexican pesos and the exchange rate to US dollars is 0.05355, then multiply 40 by 0.05355 to get 2.142. Once you have this number, round it up to get a total of $2.14
Step 3. Use the reverse exchange rate to find the dollar amount value in pesos
In addition to a currency's standard exchange rate, many websites offer a number known as a reverse exchange rate. If you multiply a specific dollar amount by this number, you can find out how many pesos it takes to get that amount by converting the currency.
For example, if you want to get 75 Australian dollars and the reverse exchange rate to Philippine pesos is 40.8709, then multiply 75 by 40.8709 to get 3065,317. After you find this number, round it up to a total of ₱3065.32
Step 4. Use a currency converter to make the process easier
Converting a single peso to a dollar amount is fairly easy. However, if you make a lot of conversions, consider using an online currency converter. This makes the whole process much faster and easier.
You can find currency converters on most conversion rate websites, as well as special calculator-only pages, such as
Step 5. Expect slightly different exchange rates when converting your money
While converting your pesos to dollars gives you a good estimate of how much your money is worth, you will rarely receive that much if you actually exchange it. There are two main reasons for this:
- Exchange rates change so often that high rates often fall within minutes.
- Banks and other organizations that exchange currencies charge a fee for their services.
Method 2 of 2: Converting Pesos to Dollars
Step 1. Use a credit or debit card for easy transactions
If you're visiting a developed country like the United States, the easiest way to exchange your money is to purchase a credit card. When you use one of these cards, your bank will automatically convert your money during the transaction, so you don't have to exchange money.
- Most banks allow you to use your own credit or debit card abroad, although they may charge extra for this.
- Keep in mind that some companies, especially those in less developed countries, may only accept cash from foreign travelers.
- Check with your bank before you leave so they don't block your card during the trip.
Step 2. In the US, exchange money at an ATM
ATMs use your bank's current exchange rate to instantly convert your money, similar to credit or debit card transactions. However, be aware that ATMs charge extra for this service.
If possible, withdraw large amounts to minimize the costs you have to pay
Step 3. Order money from your bank for better exchange rates
Check whether your bank has a currency exchange office. If so, you can exchange euros prior to your trip.
- While it may take some time to get the money, the exchange rates are often slightly better than credit card transactions and cash withdrawals.
- You can order money at most banks in person, online or over the phone.
- Please note that some banks charge a processing fee, and in some cases delivery fees, for this service.
Step 4. Buy traveler's checks if you are going to a rural area
A traveler's check is a type of currency that serves as a substitute for your money. If you're going to an underdeveloped area where there are few ATMs and credit card machines, these checks give you an easy way to exchange money without having to carry around a lot of pesos.
- You can buy travelers checks at your bank. When you arrive at your destination, you can exchange it for dollars at most local financial institutions.
- If the traveler's checks are stolen, call your bank's customer service to request replacement checks.
Step 5. Visit a currency house to exchange money at your destination
In most places, you can exchange your pesos at currency houses operated by companies such as Travelex and the International Currency Exchange. While these organizations often charge higher fees than your bank, they're often much more convenient to use when you're abroad.