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cathycjones

Jan 11, 2016, 12:37 PM

Post #1 of 5 (7836 views)

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Selling dollars for pesos

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When I change dollars for pesos, am I selling the dollars (selling rate) or buying psos (buying pesos)???



roberth

Jan 11, 2016, 1:41 PM

Post #2 of 5 (7829 views)

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Re: [cathycjones] Selling dollars for pesos

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You're looking at the USD exchange rate poster, which tells you the price to either use pesos to buy dollars, or sell dollars to aquire pesos. Basically, the lower rate, which will be below the current market exchange rate, will tell you how many pesos they'll give you for each dollar sold.


YucaLandia


Jan 11, 2016, 3:59 PM

Post #3 of 5 (7805 views)

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Re: [cathycjones] Selling dollars for pesos

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Both you and roberth are correct.

You are selling US Dollars to buy MXN pesos.

roberth explains that the rate to buy MXN pesos (by selling USD) is a smaller number than the posted/published mid-market rates.

At today's mid-market rates, you would get roughly $17.70 pesos for every USD exchanged, for a mid-market rate of $17.95. Mexicans who sell MXN pesos to buy US Dollars today will have to spend roughly $18.20 pesos to buy $1 USD.


steve
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Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jan 11, 2016, 4:00 PM)


Maesonna

Jan 13, 2016, 6:37 PM

Post #4 of 5 (7660 views)

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Re: [cathycjones] Selling dollars for pesos

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I can never remember which is which either. The easy way is to consider that it’s the number that gives you the least return – that’s always the one that applies, because the money traders have to make a profit or they wouldn’t do it.


playaboy

Jan 14, 2016, 5:45 AM

Post #5 of 5 (7608 views)

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Re: [cathycjones] Selling dollars for pesos

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On the Banco Azteca homepage there is a ticker at the bottom showing the hourly exchange rate to change cash at their branches nationwide. They will change USD, CND, EURO's to pesos. They also buy and sell 1 ounce silver rounds.

http://www.bancoazteca.com
 
 
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