Planning a trip to Mexico or need to send money to someone there? Obtaining Mexican Pesos (MXN) can seem like a daunting task, but with a clear guide, it's quite manageable. Wells Fargo offers several avenues for acquiring foreign currency, including Mexican Pesos, whether you need physical cash for your travels or want to send money to an account in Mexico. This comprehensive guide will walk you through the process step-by-step, ensuring you're well-equipped for your financial needs.
Navigating Foreign Currency with Wells Fargo: Your Guide to Pesos
Alright, let's get you those pesos! The first thing to understand is that Wells Fargo offers different services for foreign currency: ordering cash for travel and sending money via wire transfers or their ExpressSend service. Each has its own process, and we'll cover both.
Step 1: Determine Your Peso Needs and Preferred Method
Before you even think about placing an order, it's crucial to clarify what you need pesos for. Are you traveling to Mexico and want some cash for immediate expenses upon arrival? Or do you need to send funds to a beneficiary in Mexico? Your purpose will dictate the best method.
Sub-heading: Cash for Travel vs. Sending Money
- For Travel (Physical Cash): If you're going to Mexico and want physical pesos in hand, you'll be ordering foreign currency cash. Wells Fargo allows account holders to order over 70 currencies, including Mexican Pesos.
- For Sending Money (Transfers): If you're sending money to someone in Mexico, you'll likely use a wire transfer or Wells Fargo's dedicated ExpressSend service. This is for sending funds digitally, either for cash pickup by the recipient or direct deposit into their Mexican bank account.
Step 2: Ordering Mexican Pesos for Travel (Physical Cash)
If you're looking to have physical pesos for your trip, here's how you can order them from Wells Fargo. It's important to note that Wells Fargo branches no longer have foreign currency cash on-hand for same-day purchase. All orders are for delivery.
Sub-heading: Online Ordering (Recommended for Convenience)
- Log in to Wells Fargo Online®: This is generally the easiest and most convenient way to order foreign currency. Simply sign into your online banking account.
- Navigate to Foreign Currency Cash: Once logged in, look for a section related to "Accounts" or "Account Services." You should find an option for "Foreign Currency Cash."
- Select Mexican Pesos (MXN): Choose "Mexican Pesos" from the list of available currencies. You'll likely see a currency calculator that shows the current exchange rate and helps you determine how many pesos you'll receive for a given USD amount.
- Enter Amount and Review: Input the amount of USD you wish to convert to pesos. The system will then display the peso equivalent. Pay close attention to the exchange rate displayed, as it will include Wells Fargo's markup.
- Confirm Delivery Details: You'll need to specify your delivery address. Foreign currency cash is typically delivered within 2-7 business days. There might be a shipping and handling fee, which can vary based on the USD amount of your order.
- Complete the Order: Review all the details, including the total cost and delivery timeframe. Once you're satisfied, confirm and place your order. You should receive an email confirmation when your order ships.
Sub-heading: Ordering at a Wells Fargo Branch
- Visit Your Local Branch: While you can't get same-day pesos at a branch, you can place an order for foreign currency cash there. Use the Wells Fargo ATM and Branch Locator tool to find a branch near you.
- Speak with a Banker: Inform the banker that you wish to order Mexican Pesos for travel. They will guide you through the process on their system.
- Provide Order Details: You'll provide the amount of USD you want to exchange and confirm your delivery details. The banker will inform you of the exchange rate and any associated fees.
- Await Delivery: Similar to online orders, your pesos will be delivered to your specified address within 2-7 business days.
Step 3: Sending Money to Mexico (Wire Transfers & ExpressSend)
If your goal is to send money to someone in Mexico, Wells Fargo offers a couple of distinct services. These are designed for digital transfers, not for you to receive physical cash.
Sub-heading: Utilizing Wells Fargo ExpressSend (for individuals sending to Mexico)
- What is ExpressSend? ExpressSend is Wells Fargo's dedicated remittance service for sending money to family and friends in specific countries, including Mexico. It's often an economical and convenient option.
- Enrollment is Key: To use ExpressSend, you first need to enroll in the service.
- Contact Wells Fargo: You can start by talking to a Wells Fargo banker in person or by calling their ExpressSend customer service line.
- Provide Beneficiary Information: You'll need to provide detailed information about your beneficiary in Mexico, including their full physical address (no P.O. boxes), telephone number, and the Remittance Network Member (the bank or agent in Mexico where they will receive the money).
- Initiate First Transfer (In-Person or Phone): The first remittance under each ExpressSend service agreement generally needs to be initiated in person at a Wells Fargo branch. In some cases, existing checking/savings account holders might be able to initiate the first transfer by phone, subject to verification.
- Subsequent Transfers: Once enrolled and your first transfer is complete, subsequent ExpressSend remittances can often be initiated:
- Online via Wells Fargo Online®: Log in and navigate to the ExpressSend section. Note: ExpressSend is generally not available on the Wells Fargo Mobile® app, so use a desktop or laptop.
- By Phone: Call the ExpressSend customer service line.
- At a Branch: Visit any Wells Fargo branch.
- Recipient Options: Your beneficiary in Mexico can typically receive the money either via cash pickup at a designated Remittance Network Member (like a specific bank) or as a direct deposit to their PNB Peso account (or other supported bank accounts).
- Fees and Exchange Rates: Fees and exchange rates for ExpressSend vary by the remittance network member and the amount sent. Wells Fargo does make money on the currency conversion, as their exchange rate includes a markup. You can use their ExpressSend Remittance Cost Estimator to get an idea of the costs.
Sub-heading: International Wire Transfers (for larger or less frequent transfers)
- Versatile but Potentially Pricier: Wells Fargo offers international wire transfers, which can be a good option for sending larger amounts or if ExpressSend isn't suitable for your specific needs.
- Initiating a Wire Transfer:
- Online (Digital Wires): You can initiate international wire transfers through Wells Fargo Online®. Log in and look for "Wires" or "Send Money" options.
- In-Person at a Branch: Visit a Wells Fargo branch and speak with a banker to send an international wire transfer.
- By Phone: You can also send wire transfers over the phone.
- Required Information: For an international wire transfer, you'll need comprehensive details about the recipient and their bank, including:
- Full beneficiary name and address
- Beneficiary bank name and address
- SWIFT/BIC code of the beneficiary bank
- Beneficiary account number
- Reason for the transfer
- Limits and Fees: Wells Fargo doesn't publicly disclose standard international wire transfer limits; you'll need to check your specific limits within online banking or by speaking with a representative. There are fees associated with international wire transfers, and Wells Fargo will also make money on the exchange rate, which includes a markup. The exchange rate you get may differ from what you see elsewhere.
- Cut-off Times: Be aware of daily cut-off times for international wires. For Wells Fargo, this is typically 2:20 PM Pacific Time. Transfers initiated after this time may be processed the next business day.
- Potential Delays: Large transfers, especially international ones, may trigger additional security reviews, which could delay the transfer.
Step 4: Understanding Exchange Rates and Fees
This is a critical step to ensure you get the most out of your money. Wells Fargo, like most financial institutions, makes money on currency exchange through a markup on the exchange rate.
Sub-heading: The "Markup" Explained
When you see an exchange rate quoted by Wells Fargo (or any bank), it's typically a "sell rate" (what they sell foreign currency to you for) or a "buy rate" (what they buy it back from you for). The difference between these two rates is called the "spread," and it includes a markup designed to compensate the bank for various factors, including costs, market risks, and their desired return. This means the rate you get from Wells Fargo might be different, and often less favorable, than the "mid-market rate" you see on online currency converters like Google or XE.com.
Sub-heading: Shipping and Handling Fees (for Cash Orders)
For foreign currency cash orders, there may be a shipping and handling fee, which is added to your total order amount. The exact fee can vary based on the USD amount of your order.
Sub-heading: Transfer Fees (for Wire Transfers and ExpressSend)
- ExpressSend: Fees for ExpressSend are generally lower and vary based on the remittance network member and the amount sent.
- Wire Transfers: International wire transfers typically incur a higher fee per transaction, in addition to the exchange rate markup.
Always review the total cost, including all fees and the effective exchange rate, before confirming your order or transfer. You can often use Wells Fargo's online tools (like the ExpressSend Remittance Cost Estimator or their currency calculator for cash orders) to get an estimate.
Step 5: Tips for a Smooth Transaction
- Plan Ahead: Especially for foreign currency cash, order well in advance of your trip (at least 7 business days) to ensure your pesos arrive on time.
- Verify Information: Double-check all beneficiary details for wire transfers and ExpressSend. Incorrect information can lead to delays or even lost funds.
- Understand Limits: Be aware of any daily or monthly limits for transfers, especially for ExpressSend or online wire transfers. If you need to send a larger amount, you may need to visit a branch or split the transaction over several days.
- Track Your Order/Transfer: Keep an eye on your email for confirmation of foreign currency cash shipment, and track your wire or ExpressSend transfers if a tracking number is provided.
- Consider Alternatives (for comparison): While this guide focuses on Wells Fargo, it's always a good idea to compare rates and fees with other currency exchange services or international money transfer providers (like Wise, formerly TransferWise) to ensure you're getting the best value. Some alternative services may offer more competitive exchange rates with lower overall fees.
10 Related FAQ Questions
Here are some quick answers to common questions about ordering pesos from Wells Fargo:
How to check the current exchange rate for USD to MXN at Wells Fargo?
You can check the current exchange rates for ordering foreign currency cash directly on the Wells Fargo foreign exchange website or within their online banking platform when initiating an order. Be aware that the rate you see includes a markup.
How to find a Wells Fargo branch that handles foreign currency?
While Wells Fargo branches don't keep foreign currency on hand for same-day purchase, you can use the Wells Fargo ATM and Branch Locator tool online to find a branch near you to place an order for delivery or to discuss international transfer options.
How to track my foreign currency cash order from Wells Fargo?
Wells Fargo typically sends an email confirmation when your foreign currency cash order ships. This email may contain tracking information or instructions on how to track your delivery.
How to cancel a foreign currency order with Wells Fargo?
You would need to contact Wells Fargo customer service or visit a branch as soon as possible after placing an order to inquire about cancellation. Cancellation policies and feasibility may vary.
How to increase my daily transfer limit for sending pesos via Wells Fargo ExpressSend?
ExpressSend limits generally depend on the destination country and receiving institution. While you can't typically increase ExpressSend limits, for wire transfers, you might be able to request higher limits by visiting a Wells Fargo branch in person.
How to receive pesos into my Wells Fargo account?
You cannot directly receive Mexican Pesos into a standard Wells Fargo U.S. dollar account. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. dollars
How to avoid foreign transaction fees when using my Wells Fargo card in Mexico?
Some Wells Fargo credit cards, like the Hotels.com Rewards Visa or the Bilt World Elite Mastercard, have no foreign transaction fees. Using such a card can help you avoid the typical 3% foreign transaction fee on purchases made in Mexican Pesos.
How to contact Wells Fargo for foreign exchange assistance?
For general foreign exchange questions or to order foreign currency cash by phone, you can call 1-800-626-9430. For ExpressSend customer service, call 1-800-556-0605.
How to send pesos to a mobile wallet in Mexico with Wells Fargo?
Wells Fargo's ExpressSend service primarily supports cash pickup or direct deposit to bank accounts in Mexico. It typically does not support sending funds directly to mobile wallets.
How to get the best exchange rate when ordering pesos from Wells Fargo?
The exchange rate offered by Wells Fargo includes a markup. To potentially get a better effective rate, consider ordering a larger amount as the shipping/handling fee for cash orders might be proportionally lower, or compare Wells Fargo's rates with specialized online currency exchange services before committing.
