Whether you’re paying in dollars or pesos, the recent changes have their pros and cons, making it essential for us all to stay financially aware and adapt to the evolving economic landscape. dollar and the Mexican peso significantly affects both residents and visitors in Mexico. The way I see it, the fluctuating exchange rate between the U.S. Maybe they know more about global currency fluctuations than me, but I’m not sure I would make that bet. Of course, by switching the rent to pesos, landlords are making a bet that this weakened dollar is a long-term condition. Some landlords have responded by changing their rent prices to pesos, something I hope my landlord won’t do (fingers crossed!). However, the recent shift in the value of the dollar means now landlords are receiving about 15 percent less rent than before. An interesting phenomenon in Mexico is that some landlords (including mine) charge their tenants in dollars instead of pesos, assuming the dollar’s long-term stability would protect them from peso fluctuations. While I might have historically gone out to eat with reckless abandon and no regrets, lately I’ve been reconsidering the frequency of such excursions. Turns out a 15 percent across the board increase (plus the already increased prices due to inflation) has a significant effect on my bottom line. Now it takes more time to bring up the trusty cell phone calculator and make sure I know the actual price of things.
#1 dollar to pesos plus
Plus it took me a while to break the habit of that 20:1 fast math conversion, which led me to make some expensive purchases based on my faulty calculations. I used to divide prices by two and move the decimal place over to quickly convert from pesos to dollars, but now, with a more complicated 17:1 exchange rate, my on-the-spot conversion has become tricky. Simple calculations for costs have become more challenging. This may sound silly, but one of the biggest challenges for us gringos comes down to math.
The declining value of the dollar does have a noticeable impact on my life. We’ve had it pretty good for a long time. Even though this puts us Americans at a disadvantage, I find it hard to get upset about it. (not taking into consideration inflation, of course). Conversely, those earning in pesos and spending in dollars now find things to be about 15 percent cheaper when traveling to the U.S. dollar’s strength has resulted in an about a 15 percent increase in the cost of everyday goods and services. For those of us who earn in dollars but spend in pesos, the decline in the U.S. Now I’m not an expert in global currency fluctuations, but I am aware of how significant changes in the exchange rate can impact the cost of goods and services, depending on whether you earn dollars or pesos. As of Friday evening, the exchange rate was around 17 pesos to one dollar, up from 16 earlier in the year. Starting in early 2023, those blinking neon signs started to signal a drastic shift in the exchange rate as the dollar lost nearly 20 percent of its value in just a few months. A 20 to 1 ratio stood stable until recently. By 2018, it had more than doubled, taking nearly 20 pesos to match a single dollar and getting up as high as about 24 pesos to the dollar. In the early to mid 2000s, approximately 10 pesos equaled one U.S. Over those 20 years, the exchange rate between the Mexican peso and the U.S. Having lived south of the U.S for 11 years and regularly crossed the border for over 20, it’s rare to find me without a wallet holding both dollars and pesos. Its colorful and imaginative designs are evocative of the vibrant culture and friendly people that make Mexico so unique. Personally, I have always been fascinated by Mexican money. It doesn’t work both ways, unfortunately, which is why I’m usually met with a hearty laugh when I make my favorite joke at U.S. However, it’s worth noting that when you pay in dollars in Mexico, your change is typically returned in pesos. I always thought that the money I might save wasn’t worth the mild inconvenience of an extra stop along the way to Mexico. I’ve never taken the time to calculate the savings afforded to someone who religiously exchanges their dollars to pesos. dollars and Mexican pesos, allowing the convenience of paying with either currency.
I usually drive right past these places because most businesses in Baja California accept both U.S. She lives in Tijuana.ĭriving through Tijuana, the vibrant currency exchange houses adorned with blinking neon signs are hard to miss, each offering slightly better exchange rates than the last or boasting zero commission fees. Cilley is founder and president of Film Consortium San Diego and adjunct professor at San Diego City College.
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