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Changing dollars to pesosThis forum post has messages dated from 10/03/09 through 03/07/12, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Changing dollars to pesos We read somewhere that there is a charge of up to 3% to exchange money in Uruguay.If that is true, are we better off using the dollar and not doing the exchange or are there only certain places that do this? If we do exchange money, are we better off with small bills? I read that sometimes there is a problem with change from a purchase. Enlighten us please. Thanks Jane |
| Sometimes, for restaurant, hotel and car rental you get a significant automatic sales tax rebate for using your credit card. Some credit cards have 1 or 3% foreign exchange fees. Some ATM cards have various transaction fees. Different credit cards and different ATM cards may offer different exchange rates. So try a couple different options and see what is best. You are probably better changing your dollars at the corner exchange than at a grocery store, restaurant or other business. |
| "Small Bills and Change"
Sometimes changing large bills can be a problem like on the bus, taxi or small business. When I take out pesos from the ATM, I take out for example, $4, 900 pesos not $5, 000 pesos. That gives me a variety of bills not just 5 one grand bills.The I always present a $1, 000 note when making a purchase. If it's in a big grocery store or the mall and they ask for something smaller, I say that is all I have. Expert Page: Quick Tips for Getting Settled in Uruguay |
Comment #302/05/12 10:46Rural east Colonia departmento | "Money changing"
I live in the campo and lack ATMs. I do have a peso income but not enough for my needs so I usually change cash dollars into cash pesos in one or more of the exchange houses in the Ciudad Vieja. There is a cluster of them near the stock exchange where Rincon crosses Missiones. I find the optimum sum to change is 2, 000 U$S. Its enough to ensure a better than published rate but not enough to spark demands for ID and form filling. When dealing in unusual cash currencies, you usually get a poor rate of exchange. On UK pounds I've been offered absurdly bad rates here and none of the exchange houses will take Thai baht at all. In the UK, commercial amounts of Uru pesos cannot be obtained at all and for small amounts, the rates are dreadful. I strongly suspect that you'll get more pesos for your dollars here than in the US. When I first moved here I brought 1, 200 U$S in one dollar bills which resulted in everybody loving me as 100 U$S bills are the most common ones here and dollar change can be hard to find. When paying for things in dollars (most things in agriculture, the swimming pool chlorine tabs, most US machinery etc) I often end up getting the change in pesos. |
| "Various options"
Changing Dollars to Peso's is very easy and like everywhere you lose some % in the conversion. The Cambio's are commercial vendors and publish a rate for buying and selling. If I am changing $100 USD or more I ask for a better rate than is shown on the sign. Most recently I got 19.35 Peso rather than the 19.05 they were offering.For living here there are a couple of different strategies to use. If you open an account at BROU, the Governmental Bank you will get the best rate and use their ATM for no (or minimal) fee. So you can transfer money to your BROU account and use their ATM and the only fee is the transfer fee. In this case you'd want to transfer enough to make it worth. You can also take larger sums out at the branches and they have always beaten the rates others would give. You can open accounts in Peso's, Dollars or Both if you want. The other easy option is to use a US Bank card that refunds your ATM fees. The only ones I know that do this are Charles Schwab and Fidelity both which offer bank services and ATM cards. The local ATM charge is 77 peso's but this gets refunded by Schwab. |
| "US Bank Cards"
Most US bank cards charge a foreign exchange fee in addition to ATM fees. A few don't, and some banks offer a choice of cards, some with and some without the extra fee. Capital One has a no-foreign-exhange-fee card, and I think Discover has one, too. |
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