Now suppose you returned to London with the MX$9,170 pesos you bought there and exchanged them back into British pounds. If you made the exchange in Mexico City, you would have MX$10,750 pesos in your pocket for the same £500. In London, your £500 would be reduced to £497 by the commission, which would convert into MX$9,170 pesos. Let’s suppose you are leaving London and have £500 in cash to trade for Mexican pesos. To grasp the significant difference between the rates offered in London and Mexico City, it’s helpful to cite an example. Traders here were selling British pounds for MX$23.09 pesos, and buying British pounds for MX$21.50 pesos. The image above illustrates the rates being offered for British pounds and other major currencies on the same day at Mexico City’s Benito Juarez airport. There’s also a £3.00 commission added to each transaction. If you sold pesos to the agency you needed to hand over MX$25.73 pesos to buy a British pound. If you bought Mexican pesos at London’s Heathrow airport this weekend, you would have received MX$18.45 pesos for each British pound. Having just taken note of the exchange rates offered at two airports, our advice remains the same. Seasoned readers of these pages may know that we have often extolled the virtues of exchanging your foreign currency in cash when you get to Mexico, and not before.
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