Send money home
Your first transfer is free and arrives in seconds
You have dollars: you earned them working, you saved them, or you simply have them at home. The question isn't whether to exchange them, but how to do it without losing money in the process. In the U.S., there are several options, and each charges differently—some with a visible fee, others with an exchange rate spread that no one shows you in the ad.
Exchanging dollars in the U.S. seems simple, but the difference between doing it at a bank, a currency exchange office, or an app like Félix Pago can mean losing between 3% and 8% of your money in hidden costs that don't appear on the receipt.
Where can I exchange cash dollars if I am in the United States?
If you have physical bills and want to get another currency, or need to convert them into a format you can send, you have four main routes:
Banks and credit unions: Almost all large banks in the U.S. offer currency exchange services at their branches, but with conditions: generally only for customers with an active account and with a high exchange rate spread. Processing times can vary between one and three business days if the destination requires an international conversion.
Currency exchange offices: These are found in airports, shopping malls, and tourist areas. They are convenient for exchanging cash immediately, but they usually have the highest spreads on the market, especially at airports. If you use a currency exchange office, always compare the exchange rate they offer against the daily reference rate before accepting.
Traditional transfer services: Companies like Western Union or MoneyGram have physical locations throughout the retail network in the U.S. They allow you to send money for cash pickup in the destination country. The fee for a $200 transfer via Western Union varies depending on the payment method and the destination country, but for debit card transfers, it can exceed $8 in fees, plus the spread on the applied exchange rate.
Apps and digital platforms: They do not exchange physical cash, but they convert digital dollars and deposit them directly into a bank account or wallet in the destination country. Transparency in rates and speed are generally superior to physical methods.
What is the difference between exchanging dollars at a bank and doing it at a currency exchange office?
The most important difference is not the fee that appears on the screen, but the exchange rate they apply.
Large banks in the U.S. (such as Bank of America or Wells Fargo) apply an exchange rate spread for teller transactions that can be between 3% and 5% above or below the reference interbank exchange rate. This means that even if the bank does not charge you an explicit fee, you are paying that difference in the conversion value.
Currency exchange offices at airports generally apply even wider spreads, between 5% and 8%, because they have higher operating costs and capture customers who have no immediate alternative.
The exchange margin is the real cost of exchanging currency, and few institutions show it transparently.
The right question when exchanging dollars is not "how much is the fee?", but "what exchange rate do they apply?". A bank that charges no fee can cost you more than an app that charges $2.99 if its exchange rate is 4% below the market.
Exchange rate vs. fee: which one costs you more money when sending dollars
Most people compare services by the fee, but the exchange margin is usually the largest cost. Below is a comparison of the most common methods for sending dollars to Latin America:
| Method | Typical fee | Exchange rate | Where to operate | Speed |
|---|---|---|---|---|
| Traditional bank (international wire) | $25-$45 per transfer | 3%-5% margin | Branch or online banking | 1-3 business days |
| Money order | $1-$2 per instrument | Direct conversion does not apply | Post offices, stores | 3-7 days |
| Traditional service (e.g., Western Union) | Varies: can exceed $8 on $200 | 2%-4% margin | Physical stores or web | Minutes to hours |
| Félix Pago (bank deposit) | $2.99 per transfer | Competitive rate, visible before confirming | Minutes (in most cases) | |
| Félix Pago (cash pickup) | $4.98 per transfer | Competitive rate, visible before confirming | In minutes in most cases |
Note: Competitor fees are based on public ranges verified on their websites. The total cost depends on the amount sent, the payment method, and the destination country. For details on Félix fees by specific corridor, see How much does Félix charge in fees?
A money order is the cheapest method in terms of nominal fees, but it is not a direct international transfer mechanism: the recipient receives a physical instrument that must be cashed and then exchanged for local currency, which adds extra steps and costs.
How to see the real-time dollar exchange rate before sending money
Before using any service, check the reference exchange rate for the day. Two useful resources:
Interbank reference rate: This is the exchange rate at which banks lend to each other. No service for the general public offers exactly this rate, but it serves as a point of comparison. You can check it on sites like Google Finance or XE.com.
Félix real-time rate: You can see the exchange rate Félix applies today, before committing to any transfer, on our live exchange rate page. The rate is updated continuously and reflects what your family member will receive in their account.
The correct process is: first check the market reference rate, then compare it with the one offered by the service you intend to use. If the difference exceeds 2%, the "invisible cost" is already higher than the visible fee.
How to send dollars to Latin America with Félix Pago without losing out on the exchange rate
Félix operates directly via WhatsApp, with no separate app and no physical counters. The process is: you start a conversation with the official number (+1 669 333-3549), enter the amount and the destination country, see exactly how much your family member will receive before confirming, and pay with a debit card or in cash at participating stores (Walmart, 7-Eleven, CVS, Walgreens, among others).
The fee varies depending on the destination country and the delivery method: in several countries, it is $2.99 for a bank deposit or digital wallet and $4.98 for cash pickup. You can see the details by country at How much does Félix charge in fees?. The exchange rate is shown before confirming and does not change between the quote and the transfer. There are no hidden conversion charges or spreads that appear after confirming.
For corridors such as El Salvador, Honduras, Nicaragua, Ecuador, and Peru, additional fees apply, which you can check in detail at How much does Félix charge in fees?.
With Félix Pago, the amount that appears on the screen before confirming is exactly what arrives. The exchange rate and the fee are shown together, with no fine print, so you can compare against any other option before sending.
Frequently asked questions
Can I exchange physical dollars for pesos or another currency in the U.S.?
Yes, you can do so at banks (generally only for customers with an active account), currency exchange offices, and some transfer services. Keep in mind that the exchange rate for cash is usually less favorable than the one applied by digital platforms for electronic transfers.
What is better: exchanging dollars before sending or sending dollars and having the family member exchange them at the destination?
It depends on the corridor. In most cases, sending with a service like Félix that applies the exchange rate at the origin and deposits directly into a local bank account is more convenient than sending dollars for the family member to exchange at a currency exchange office at the destination, where spreads are usually higher.
Is there a limit to how much I can send from the U.S. to Latin America?
Limits vary by service and by the user's verification level. At Félix, unverified users can send up to $1,500 daily and $2,999 monthly; verified users can send up to $2,999 daily and $9,999 monthly.
Sources and references
Competitor rates and fees
- Western Union: fee estimator (Public tool to check fees by corridor and payment method.)
Reference exchange rate
- XE Currency Converter (Real-time interbank reference rate used to compare against rates offered by services.)
Related content
