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Pesos to Dollars


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I have a substantial number of pesos that I will want to exchange for dollars, either before leaving Mexico or upon my return to the US.  

Where will I get the best rate?

I have an account at BBVA if that is a good option, but I would hesitate to exchange it all at one time for security reasons.

If two of us as a couple have more than $10,000usd or the peso equivalent,  do we need to declare that at the border?

Thanks for any help 🙂

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2 hours ago, chapalence said:

I have a substantial number of pesos that I will want to exchange for dollars, either before leaving Mexico or upon my return to the US.  

Where will I get the best rate?

I have an account at BBVA if that is a good option, but I would hesitate to exchange it all at one time for security reasons.

If two of us as a couple have more than $10,000usd or the peso equivalent,  do we need to declare that at the border?

Thanks for any help 🙂

I will say again. I use Dolarapp. Right now...17.32 buy  17.30 sell. Easy to change pesos into dollars. You get a Master card and just take dollars out of ATM in the US. So no worries crossing and having to declare. 

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Wire transfer or Zelle etc., to an account in the U.S.  Transfer a little less than 10,000each time.  

1 hour ago, chapalence said:

I have a substantial number of pesos that I will want to exchange for dollars, either before leaving Mexico or upon my return to the US.  

Where will I get the best rate?

I have an account at BBVA if that is a good option, but I would hesitate to exchange it all at one time for security reasons.

If two of us as a couple have more than $10,000usd or the peso equivalent,  do we need to declare that at the border?

Thanks for any help 🙂

No one knows what is in your purse. 25 years crossing border by land from 2 different MX States and no one has ever asked to see what is in my purse.

I would hesitate to let any employee at the border know you have that much money with you, especially two women in the car.  Not prudent.

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If you have a debit/ATM card on your BBVA account here, does it have any of the symbols on it that allow you to access it from any ATM in the U.S.? I can't believe that Mexicans vacationing in the U.S. convert their pesos to cash here and travel with that cash. Yes, there will be a charge for each withdrawal but at least your money will be safe.

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4 hours ago, Ferret said:

If you have a debit/ATM card on your BBVA account here, does it have any of the symbols on it that allow you to access it from any ATM in the U.S.? I can't believe that Mexicans vacationing in the U.S. convert their pesos to cash here and travel with that cash. Yes, there will be a charge for each withdrawal but at least your money will be safe.

A BBVA debit card is a Visa card. It will work at almost any ATM in the world. 

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5 hours ago, ibarra said:

Wire transfer or Zelle etc., to an account in the U.S.  Transfer a little less than 10,000each time.  

No one knows what is in your purse. 25 years crossing border by land from 2 different MX States and no one has ever asked to see what is in my purse.

I would hesitate to let any employee at the border know you have that much money with you, especially two women in the car.  Not prudent.

Federal law requires that you report money of over $10,000US when entering the USA, by land, marine, or air. It is a reporting requirement. Failure to do so can cause forfeiture of the money if you are caught.

 "Money" means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers' checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

The same $10,000US applies when entering Mexico. 

The report does not trigger any tax.

https://www.cbp.gov/travel/international-visitors/kbyg/money

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Very few people get caught...by land carrying over 10,000 usd or any currency worth 10,000 usd or more...but why chance it....I have had my car sent for xray at the us/ mex border but never asked about currency and no form is needed to cross back into the usa by land for a us passport carrier....so you probably won't be asked to declare or not declare......with few us border agents at the border probably nothing will happen.

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I cross the border frequently.  I am asked all the time about currency.  I have been stopped by CBP going south, asked about money (last month Eagle Pass) and had them count my money. 

There are 2 sets of laws in play.  You must declare to Mexico and you must declare to the USA.  Mexico has confiscated money at airports, Cancun, for not reporting.

Why take the chance?  It takes 5 minutes to comply.

BTW, if you are traveling as a "couple" once you hit $10,000 you must report it.  It is not $10,000 each person

 

 

 

 

 

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5 hours ago, Toyhauler 4u said:

Why take the chance?  It takes 5 minutes to comply.

To scoffers and non-scoffers.  They are  on watch for money movements as one small way to stop cartel dollars flowing ( never mind simple tax cheats).  And don't be dumb enough to think you won't be suspect becasue of your appearance.   Bad guys know this, and hire mules of all sorts to carry cash.

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