Opening a bank account - soles or dollars?

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mjcole
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Opening a bank account - soles or dollars?

Postby mjcole » Thu Sep 09, 2010 11:05 am

Well, I am on my 3rd day in Lima and settling in. I plan on opening a bank account (Interbank of course) but I am not sure to open the account in USD or soles since the dollar seems to have some instability, the Central Bank is buying USD to control inflation, etc, etc... Any thoughts or knowledgable advice?


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Re: Opening a bank account - soles or dollars?

Postby markr » Thu Sep 09, 2010 11:24 am

When I opened an Interbank account 3 years ago using my passport, they would only allow me to open a Dollar account.
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Re: Opening a bank account - soles or dollars?

Postby mjcole » Thu Sep 09, 2010 11:37 am

Well, according to the bank rep, it could be that way but maybe it is because my wife is Peruvian and we were asking about different types of accounts - joint and single - or, as it always seems to be here, ask 10 Peruvians a question and get 20 different answers, or just go to a different counter - even my wife is often confused :?
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Re: Opening a bank account - soles or dollars?

Postby americorps » Thu Sep 09, 2010 12:03 pm

Many people open both a dollars and a Soles account.

You can do it with only a passport at Interbank, but you are quite correct, you might need to ask more than one person or one branch before you find someone who understands enough of their own rules to proceed.
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Re: Opening a bank account - soles or dollars?

Postby craig » Thu Sep 09, 2010 1:38 pm

mjcole wrote:I am not sure to open the account in USD or soles since the dollar seems to have some instability, the Central Bank is buying USD to control inflation, etc, etc... Any thoughts or knowledgable advice?

When the central bank buys dollars that MAKES (not controls) inflation (of the sol).

Nevertheless, unless you need a dollar account for some purpose, a sol account would probably be better. It would be reasonable to expect that the sol will inflate a bit less than the dollar and gradually rise against it. So the value of your money will probably be lost more slowly if it is in soles. However, the difference will probably not be very significant until they decouple the sol from the dollar (ie. stop buying so many dollars).

On the basis of first hand knowledge: Interbank will open sol accounts for foreigners with only a passport.

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Re: Opening a bank account - soles or dollars?

Postby PTTurboe » Fri Sep 10, 2010 7:56 am

Get both. They are linked.
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Re: Opening a bank account - soles or dollars?

Postby euroman » Sat Sep 11, 2010 8:28 pm

I opened with only my passport an account with INTERBANK.
I have a soles and Euro account.

Dollar account? A sheet of toilet paper has more value than a dollar those days. The dollar nosedives on a daily basis.
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Re: Opening a bank account - soles or dollars?

Postby americorps » Sat Sep 11, 2010 9:33 pm

Hmm, the dollar has been steady against the sole at 2.78-2.8 for some months now, and I saw it jump to 2.82 the other day. I do not have a lot of confidence in the dollar either in the short term, but I base it on economy more than anti American sentiment.

US economic recovery will be slow and I am keeping my money in Soles for the time being, but the people who have counted out a US recovery are basing it mostly on emotional reaction and a certain form of racism much more than economic dynamics.

One should not substitute anger at a country for economic facts.
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Re: Opening a bank account - soles or dollars?

Postby Polaron » Tue Sep 21, 2010 2:13 pm

I earn all my money in dollars, so the "deslizamiento" of the North American currency is troubling for me. Course, it's not as low as it was in 2007 to 2008 - at least in Paraguay, Argentina and Chile. I don't know about Peru for that period, as I didn't arrive here until the end of last year.

Still, I do believe there will be a recovery. Three years ago, the IMF predicted that the dollar would steadily lose value until mid-2011 before rebounding. So I guess I've got about another year's worth of teeth-gnashing.
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Re: Opening a bank account - soles or dollars?

Postby meggyrosey » Tue Sep 21, 2010 2:56 pm

I have an account in both dollars and soles...really it depends on if you are getting paid in dollars or soles and what you are using it for. If you are buying things in soles its a better idea to have your account in soles, the exchange rates in the banks are horrible and you will just end up losing money.
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Re: Opening a bank account - soles or dollars?

Postby euroman » Wed Sep 22, 2010 5:36 pm

Open a euro account. The euro has never been so low.
Interbank also gives you a nice interest on a euro account and there's no minimum opening balance or costs.
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Re: Opening a bank account - soles or dollars?

Postby PTTurboe » Wed Sep 22, 2010 5:55 pm

That is not a bad idea Euroman.....
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Re: Opening a bank account - soles or dollars?

Postby PTTurboe » Wed Sep 22, 2010 6:03 pm

The only problem is the exchange rate the banks charge.

The dollar is toast. So is the US economy. Unemployment is at 20-25%. Both parties have been taken over. Goldman Sachs couped the Treasury 2 years ago. They are propping up the stock market and gaming it. See that 1,000 point drop 6 weeks ago? That was just a beta test.

They are doing the same thing to the USA as they did to Argentina 10 years ago. Peru in the 80's. And countless other countries they have destroyed around the world over the last few centuries.

I think the dollar will fail right after the November elections.

Basically, the corporations have taken over the US government -- especially the Senate and Presidency -- which is by definition fascism....
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Re: Opening a bank account - soles or dollars?

Postby american_in_lima » Fri Sep 24, 2010 6:29 am

PTTurboe wrote:The only problem is the exchange rate the banks charge.

The dollar is toast. So is the US economy. Unemployment is at 20-25%.
Basically, the corporations have taken over the US government -- especially the Senate and Presidency -- which is by definition fascism....


25% percent unemployment according to PTTurboe? You might want to check your facts before assuming. This is the problem with forums and blogs. Lots of misinformation from people. If you want to talk solid numbers, according to the Bureau of Labor Statistics (US Department of Labor), the current employment is roughly 9.6%.. That number is high for us Americans as it usually stays around 4% to 6%.

http://www.bls.gov/news.release/empsit.nr0.htm

It is important to note, that I am a seasoned headhunter that specializes in the US market, and in my opinion, the economy is slowly getting better. I have too many clients to handle the demand and most recruiters that I have spoken to are having the same issue. I am back to the days of turning down business because my team and I can't meet the demand without letting the quality of our work suffer.

25% Unemployment in the US? Check your facts.


To answer the poster's question about which account to open in dollars or soles: Open both.
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Re: Opening a bank account - soles or dollars?

Postby edgeclinger » Sun Sep 26, 2010 9:05 am

We just arrived this week. Went to Interbank on Jose Pardo near Vivanda our first day here and with just a US passport and driver's license, opened both dollar and sol accounts (joint accounts). No problems. Pleasant bank personnel. Signed out names a lot of times. Took about an hour. After the huge, big problematic deal it was to get an account in Costa Rica, this was a total piece of cake. Hope migracion is as easy!
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Re: Opening a bank account - soles or dollars?

Postby Kelly » Sun Sep 26, 2010 11:11 am

Welcome to town. :)
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Re: Opening a bank account - soles or dollars?

Postby american_in_lima » Sun Sep 26, 2010 11:18 am

edgeclinger wrote:We just arrived this week. Went to Interbank on Jose Pardo near Vivanda our first day here and with just a US passport and driver's license, opened both dollar and sol accounts (joint accounts). No problems. Pleasant bank personnel. Signed out names a lot of times. Took about an hour. After the huge, big problematic deal it was to get an account in Costa Rica, this was a total piece of cake. Hope migracion is as easy!
Laurie (Happy in Lima at last)


Laurie: Welcome!! You finally made it! One piece of advice that will save you a lot of time and money:

Trust, but confirm and verify first....then, reconfirm and verify.
Regards,

George
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Re: Opening a bank account - soles or dollars?

Postby Remigius » Sun Sep 26, 2010 11:28 am

One of the biggest headaches in Peru is the quality of bills. Especially with dollar bills you have to make sure they're flawless. According to the bank dollar bills may have up to 3 rips that do not exceed 0.5 mm and the texture should not be degraded. However, if you get bills out of the ATM that are not perfect (even if they're good according to the previously-mentioned bank standards), go straight, with the ticket, to the bank and have it changed for a good bill. Make sure to go the bank that owns that ATM or else they'll give you a lot of fuss ("Those are not our bills!"). When you receive dollars bills, also check if rips haven't been glued or pasted with sticky tape.

Really, if your dollar bills have just the slightest of flaws, you'll have a lot of problems with having them accepted.
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Re: Opening a bank account - soles or dollars?

Postby PTTurboe » Mon Sep 27, 2010 9:12 am

George - those statistics do not include independent contractors. Like real estate agents, computer programmers, etc.

Government stats are a joke.

Here are the real stats:

http://www.shadowstats.com/alternate_da ... ent-charts
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Re: Opening a bank account - soles or dollars?

Postby scott » Mon Sep 27, 2010 11:25 am

Both. We have account in both soles and dollars.
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