Exchanging Money in Peru

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alan
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Exchanging Money in Peru

Postby alan » Thu Feb 16, 2017 6:45 pm

Hi folks.. we have added a short informational article on this subject for newcomers to Peru who are novice to the money exchanging routine.

http://www.expatperu.com/moving-to-peru ... y-in-peru/


woodchuck
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Re: Exchanging Money in Peru

Postby woodchuck » Fri Feb 17, 2017 9:01 am

I have had friends who have been victims of "switched bills" /scams using all three options.
What my friends experienced was hundreds were given to be exchanged & one (or more $100 bill) was declared counterfeit.
The bill was indeed counterfeit, but the provider switched it by slight of hand, under-the-counter, etc.
Having unknowingly accepted a "fake bill"; what are the vendors choices 1) accept the loss which could be a several day's income or 2) pass along to an expat/foreigner?

To protect yourself, I suggest making photo copies of 100's. If you are given back a counterfeit, just show the provider the photo copy of what bills you actually gave them & state emphatically "This is not one of the bills I gave you for exchange as the serial #'s are different!" You should report the incident so others are not scammed & fill out a complaint in the Libro de Reclamaciones.

To your continued health & wealth. :roll:
PS - thanks Alan for a very informative article.
69roadrunner
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Re: Exchanging Money in Peru

Postby 69roadrunner » Fri Feb 17, 2017 10:46 am

What's up with not accepting torn bills even the tiniest rip? I would think a crisp hot off the press bill would be just as suspect if not more.
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alan
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Re: Exchanging Money in Peru

Postby alan » Fri Feb 17, 2017 3:14 pm

Sometimes it really does seem like an exaggeration, but I suppose the money changers fear that they won't be able to pass them down the line, so they take a firm stand.

On the other hand, Soles can be ripped, with up to 50% of the bill missing, and Peruvian financial institutions are obliged by law to accept them. Unfortunately, not all stores or merchants are aware of this and they sometimes refuse to accept Peruvian bills in bad condition.
Danny55
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Re: Exchanging Money in Peru

Postby Danny55 » Sat Feb 18, 2017 2:39 pm

Alan wrote:Sometimes it really does seem like an exaggeration, but I suppose the money changers fear that they won't be able to pass them down the line, so they take a firm stand.

On the other hand, Soles can be ripped, with up to 50% of the bill missing, and Peruvian financial institutions are obliged by law to accept them. Unfortunately, not all stores or merchants are aware of this and they sometimes refuse to accept Peruvian bills in bad condition.


I have had this a few times where the money changer does not wish to change because of a small rip - what I have found however is if you change money frequently (as I do) go to a small selection of money changers and build up a relationship - these folks accept any legal bill I give them with or without small rips and also in one case I can get a slightly better rate.
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Re: Exchanging Money in Peru

Postby Alpineprince » Sat Feb 18, 2017 5:24 pm

In the case of small rips I just deposit them in my bank account using the machines they have for this.
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Re: Exchanging Money in Peru

Postby goalie3443 » Thu May 11, 2017 11:35 pm

I always change large amounts at the casa's de cambio's in Plaza San Martin best rates and you dont have to do it in the middle of the street. Taxi in and Taxi out. Always check your bills going in and when they bring you your stacks. Watermarkings and holograms, 1 fool tried to pass me a falso C-Note in plaza de armas by the pizza place stay away. If their are other people changing its probably a good place. Pregunta quanto es el cambio before reaching for your dough or they will stick you for a few points, if its not the right price move on to the next guy.
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