Incorrect info?

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woodchuck
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Incorrect info?

Postby woodchuck » Fri Jun 03, 2016 10:16 am

This past Wednesday & Thursday, the exchange rate to sell $'s on this site was -3.38.
I went to my local money changer expecting to receive 3.36, as 2 soles is his commission.
I only received 3.34, which is not going to ruin me financially - but usually the rate is accurate. I was embarrassed & wasted my time as I didn't really need soles except for the seemingly good rate.
So in summary, is there a better site to use for exchange rates? :roll:
PS - this morning it is showing 3.33, yet the Sunat site is showing 3.375? I am confused...


ironchefchris
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Re: Incorrect info?

Postby ironchefchris » Fri Jun 03, 2016 11:11 am

A Google search comes up with this site as it's first hit:

http://www.xe.com/currencyconverter/

It's always done well by me when I want to get a GENERAL IDEA of what to expect, but I find it's never reflected exactly on the street or in financial institutions. XE also has a smart phone app so you can use it on the street. You do realize that exchange rates can vary from bank to bank and between casas de cambio and they also fluctuate constantly throughout the day, even minute to minute? I couldn't say for sure, but I'm guessing the business operates on strictly free market principals of competition and there's no govt. regulation that says money changers must adhere to a certain price or source when it comes to setting exchange rates. Competition (and perhaps some collusion?) likely keeps the street rate as close as possible to the rates posted online. I find when I'm changing a decent quantity that if I walk up and down the block where the money changers are mainly located I can find a couple that offer a slightly better rate than the rest. You just gotta poke around.

You really should check out http://www.Google.com one of these days. It's a great first go to website when you're looking for answers to life's less puzzling questions. Was it really an embarrassing experience and a waste of time? If you didn't need to change into Soles, why not just say thanks and walk away without changing if you thought the rate was bad?
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Alan
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Re: Incorrect info?

Postby Alan » Fri Jun 03, 2016 12:22 pm

woodchuck wrote:This past Wednesday & Thursday, the exchange rate to sell $'s on this site was -3.38.
I went to my local money changer expecting to receive 3.36, as 2 soles is his commission.
I only received 3.34, which is not going to ruin me financially - but usually the rate is accurate. I was embarrassed & wasted my time as I didn't really need soles except for the seemingly good rate.
So in summary, is there a better site to use for exchange rates? :roll:
PS - this morning it is showing 3.33, yet the Sunat site is showing 3.375? I am confused...



Thanks for pointing this out. The web page draws info from one of the many free services on the net, and this one used to be quite accurate. I'll monitor for the next little while and change it if needed.
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"Hay que distanciarnos hoy para luego abrazarnos más fuerte".
-Guiseppe Conte, primer ministro italiano.
woodchuck
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Re: Incorrect info?

Postby woodchuck » Fri Jun 03, 2016 3:38 pm

Thanks Alan.
If there is a more reliable site, we all will appreciate the info. :roll:
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Alan
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Re: Incorrect info?

Postby Alan » Fri Jun 03, 2016 5:17 pm

The SUNAT - which you know about - is a good alternative. Or, try the BCRP.
-----
"Hay que distanciarnos hoy para luego abrazarnos más fuerte".
-Guiseppe Conte, primer ministro italiano.

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