Mexican Peso to Colombian Peso - Convert Compare Save
The total cost you are charged by your foreign exchange provider consists of the margin from the mid-rate offered plus any fixed or percentage fees.
These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as exchange rates are the ratio between two currencies.
So it follows that if you are determining the best time to transact, in this case the MXN vs COP, you should pay attention to the forecasts and trends for both Mexican Peso and Colombian Peso:
Mexican Peso (MXN) outlook
At 18.8 per US dollar, the Mexican peso was trading on April-20 close to its strongest level in 6 ½ months, though it was meeting significant resistance (USD/MXN support) at 18.75—a level from which the peso was repelled twice last October, in March, and once already in April.
Boosting the peso has been the thriving oil market. Oil is high on the list of Mexico’s top exports and by April-20 it was up 44 percent for the year to $65 per barrel.
Also supporting the peso has been the dovish turn by the Federal Reserve. With no increase in US interest rates projected this year, the dollar will weaken and the peso should gain value because Mexico holds high levels of dollar-denominated debt, which becomes easier to repay when dollars are cheap and US rates are low.
Earlier this year, ING said that the peso would be among 2019’s best performing emerging market currencies, though newly-formed BlueLine Asset Management said one if its first market bets would be on peso depreciation based on disappointing economic growth.
Colombian Peso (COP) outlook
No recent Colombian Peso market updates.
Why can't I just get the MXN/COP market rate I see online or in the media?
The MXN/COP mid-rate is the rate you will see quoted online or the news, nobody except the largest banks and businesses can get
exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the MXN / COP was traded (bought or sold) in the international markets.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer.
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