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Your guide to ordering Mexican Pesos at RBC
Before boarding the plane to Mexico, it's time to get organized. Having local currency in your wallet allows you to cover immediate expenses like transportation, meals, and tips without the hassle of finding an exchange service upon arrival. It also allows you to avoid unfavorable exchange rates at airport kiosks and foreign exchange counters. In this article, we’ll cover how to order Mexican pesos through the Royal Bank of Canada and also review Wise as an alternative for converting money into over 40 currencies at the mid-market exchange rate. Vámonos 💸
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How to order Mexican pesos in cash at the Royal Bank of Canada
RBC allows customers to order foreign currency through its online banking platform. The process is simple and can be completed in a few steps:
- Sign in to RBC Online Banking.1
- Once logged in, select Account Services under Account Management.1
- Select Foreign Currency, then choose Mexican pesos (MXN) and specify the amount you want. .1
- Select the RBC branch where you'd like to collect your cash.1
What exchange rate does RBC use for ordering Mexican pesos in cash?
RBC states they offer competitive exchange rates for foreign currency purchases.2 However, RBC doesn't disclose the exact rate and can only be viewed during the ordering process. So, this means you must initiate an order to see the current exchange rate for Mexican pesos.
Convert your money on the go at the mid-market rate with Wise
Wise provides a flexible solution for managing multiple currencies through its multi-currency account, which is free to set up. A Wise account holds and converts over 40 currencies at the mid-market exchange rate—free from hidden markups—for a fair and transparent exchange.
Wise fees start at 0.48% of the converted amount, making it a cost-effective option for currency exchange. Additionally, with the free Wise multi-currency card, you can withdraw cash abroad in Mexico, or make payments directly in MXN for flexibility during your travels.
How to convert money with Wise
Converting money with Wise is nice and straightforward. Here’s how:
- Log in to your Wise account via the website or mobile app.
- If you don’t have one already, you can get your Wise account in a few clicks!
- Select the balance to convert and choose the currency you wish to convert.
- Click convert and enter the amount and the currency you want to convert.
- Check the conversion details, including the exchange rate and fees, then confirm the transaction.
Conversions are usually instant and appear in your account immediately. Personal customers can perform up to 15 conversions within 24 hours, while business customers have a limit of 75 conversions in the same timeframe.
How long does it take to get Mexican pesos in cash from RBC?
After ordering Mexican pesos through RBC’s online banking, it can take up to three business days for the cash to be available for pickup.3 RBC will notify you when the money is ready.
Does RBC have limits on ordering foreign currency in cash?
Yes, RBC has daily limits on foreign currency orders. Personal banking customers can order up to CAD 2,500 of foreign cash daily, while business banking customers can order up to CAD 5,000 daily.3 Should you require a larger amount, you may need to visit an RBC branch.3
Conclusion
Ordering pesos before traveling helps you avoid high exchange rates and lets you relax.. RBC lets you order pesos online, but its lack of exchange rate transparency and order limits are factors to consider. For those seeking a flexible, cost-effective alternative, Wise’s multi-currency account—offering mid-market rate conversions, minimal fees, and a debit card—is an excellent option for easy access to funds abroad. Ready to open your Wise account?Start today!
Sources:
- Order Foreign Cash Online - RBC Royal Bank
- RBC FAQ | Foreign Exchange Rate
- Purchase Foreign Cash in RBC Online Banking
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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