
Originally Posted by
thecatsmeow
I just got back from Lima and the most convenient place to exchange money is right on the street in areas like Miraflores and San Isidro. The street money changers are licensed and easily identifiable by their bright green jackets with dollar signs on them.
Currently, they are giving you anywhere between 2.90 to 2.93 soles to the US dollar. This is far less than the 3.20 soles I was getting just a couple of years ago. Meanwhile, a Euro will buy you anywhere between 4.10 to 4.13 soles.
I know a couple of guys who live down there and are on US dollar fixed incomes. The decline in the value of the dollar is hurting them.
Avoid changing money at the airport which gives you a poor rate and charges commission besides. You can usually pay for a taxi ride into Lima with USD ($10-15 should be sufficient to Miraflores).
For a while, back in October 2007, the best rate to be had anywhere was in the Majestic casino (It is co-located with the Marriot hotel in Miraflores). They were paying 3 soles to the dollar while the street was offering 2.97 tops. However, they have sinced changed their rates and are now offering 2.90 soles per USD. This makes them a little worse than the street changers.
You can also usually get a good exhange rate if you withdraw soles using your US ATM card. However, you need to be aware of cash advance fees and ATM fees as these can quickly eat up any exchange rate benefit.
The Cat