Changing money to soles before trip?

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nitrochese
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Changing money to soles before trip?

Postby nitrochese » Wed Apr 20, 2016 8:45 pm

Hi,

I will be living in Lima for a few months starting in three weeks. I will have to pay my rent and all expenses in soles, and so I'm going to need to convert $1,000+ to soles for the whole trip.

I am noticing that the usd - soles exchange rate is tipping in favor of the sole quickly, and so I am wondering if there is a way I could change a large amount of money to soles right now, without having to hold it physically in cash (so I don't get robbed and lose it all). Could I change the money in my bank account to soles at the current exchange rate, and then withdraw it from the atm as soles?

Is there a better way to do this? I am just worried that if I "convert as I go" while I am down there, I will miss out on saving some money due to the exchange rate changing even more.

Thanks,

John


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gringolandia
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Re: Changing money to soles before trip?

Postby gringolandia » Thu Apr 21, 2016 1:20 am

IMO, probably not worth the trouble for only $1000 USD.

Even if the current trend continues and the exchange rate falls from 3.25 to to 3.10 by the time you arrive, so what? That's only 150 soles... less than $50. And that's the worst case. Most likely it'll bounce around 3.20 for a while.

If you were converting $10K or more then maybe it'd be worth your time to figure out a way to convert the money right away. But for $50? Relax... forget about it. Not worth the stress. And the exchange rate could always reverse again anyway.

Just sucks for you that Mendoza didn't make it to the second round... the exchange rate would probably be rocketing up near 4 to 1 by now if she had... :lol:
RICHARDandNORA
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Re: Changing money to soles before trip?

Postby RICHARDandNORA » Thu Apr 21, 2016 8:04 am

John, I will add a few not yet mentioned issues regarding changing dollars to soles. First, the US dollars that you bring with you must be near perfect. That means, they cannot be old or worn bills, no tears or severe fold lines and no writing upon the bill. Small stamp marks are accepted. Although I do not know them, there are some bill numbers that will not be accepted in Peru (due to past use on counterfeit bills). You can always receive a better exchange rate at a legitimate "Casa de Combio" than in a bank or at the airport and according to the amount that you are changing, you may be able to negotiate a better rate (always try). Casas de Cambios are everywhere in Lima and other Peruvian cities. Hope this helps..........Richard
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Re: Changing money to soles before trip?

Postby woodchuck » Thu Apr 21, 2016 11:03 am

I am curious why Mendoza as president would cause the dollar to gain strength?
If I am correct, her platform was extreme leftist as in Brazil & Venezuela.
Thanks in advance for some insight into this. :roll:
ironchefchris
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Re: Changing money to soles before trip?

Postby ironchefchris » Thu Apr 21, 2016 11:14 am

Any suggestions on what to do with those bills not accepted at casa de cambio because of minute tears, pen marks, etc.? I've accumulated a bunch that I wish I changed for newer bills on my last visit to the states. I've been offered opportunities to sell them, but for a discount, but if they won't change it for full value for me, why should I give them a discount so they can get a better rate? Probably will suck it up and wait in line at Banco de la Nación.

Bills starting with CB are at least one of the series not accepted because of counterfeiting, so before coming to Perú make sure you don't bring those. Banks should be able to read those using a counterfeit detector to see if they're genuine or not. Though accepted, I wouldn't bring old bills; only the newest and crispest.
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fanning
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Re: Changing money to soles before trip?

Postby fanning » Thu Apr 21, 2016 1:38 pm

ironchefchris wrote:Any suggestions on what to do with those bills not accepted at casa de cambio because of minute tears, pen marks, etc.? I've accumulated a bunch that I wish I changed for newer bills on my last visit to the states. I've been offered opportunities to sell them, but for a discount, but if they won't change it for full value for me, why should I give them a discount so they can get a better rate? Probably will suck it up and wait in line at Banco de la Nación.

If you have a dollar bank account in Banco Continental you can deposit them in the automatic deposit machine. I never had any problem to deposit any type of worn out US bill in those machines.
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gringolandia
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Re: Changing money to soles before trip?

Postby gringolandia » Thu Apr 21, 2016 4:05 pm

woodchuck wrote:I am curious why Mendoza as president would cause the dollar to gain strength?
If I am correct, her platform was extreme leftist as in Brazil & Venezuela.
Thanks in advance for some insight into this. :roll:


It was a joke, but to give an answer anyway, the US dollar would *not* gain strength. The Peruvian nuevo sole would instead *lose* strength.

And the reason would be a mass exodus of money out of Peru as everyone with money would fear that Peru would be going the way of Venezuela.

In reality it probably wouldn't be a very sudden thing, because she would not have had much support in Congress, so most of her plans would probably go nowhere. At least for five years. Who knows how bad things could have gotten by the next election. But on the other hand, she might have had enough power as President to stop the mines, which would pretty much immediately kill Peru.
ironchefchris
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Re: Changing money to soles before trip?

Postby ironchefchris » Thu Apr 21, 2016 4:51 pm

Thanks for the tip, fanning.

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