Bank opening hours vary
enormously from region to region and from bank
to bank, but as a general rule most open
weekdays from 9am until 5pm and in Lima, in
particular, many of them close for the afternoon
at about 1pm from January to March; the Banco de
Credito has some branches which open on Saturday
mornings, but this isn't the norm. It's also the
most efficient bank, with fast service, a ticket
system, and videos to keep you amused should
there be queues. The Banco de la Nación is the
one that officially deals with foreign currency,
but it's the least efficient of them all. Most
banks will change dollar traveller's cheques and
there are often relatively shorter lines at the
Banco Continental and Banco Latin. Interbanc and
Citibank tend to have air-conditioned offices
and quite an efficient service. Try to avoid
going to the bank on Friday afternoons, and it's
generally better to arrive first thing in the
morning. As the rate of exchange varies daily,
you're better off changing a little at a time,
although there's an enormous amount of paperwork
involved in even the simplest transactions -
some places fill out several copies of each form
- which takes a good deal of time. You'll always
need to show your passport.
Peruvian hotels tend to offer the same rate of
exchange as the banks, though they may fix their
own rate, which is usually slightly worse and
averages some five percent below the black
market rate. For convenience there's a lot to be
said for the casas de cambio which can be found
in just about any town on the tourist circuit.
They are open all day, are rarely crowded, and
the rate of exchange is often better than or the
same as the banks'. Rates on the streets tend to
drop during fiesta and holiday times, so change
enough beforehand to see you through.
The very best exchange rates are found on the
street in what is loosely called the mercado
negro or black market . In Peru the difference
is never as dramatic as it is in some other
South American countries, but it is possible to
gain between five and fifteen percent over the
official rate. "Black market" is a rather
nebulous term, encompassing any buyer from the
official cambistas who wear authorization badges
from the local municipalities, to hotel clerks
and waiters. Official cambistas usually offer
the best rates of all and can be spotted in the
commercial or tourist centre of any large town,
generally around the corners by the main city
banks, and, rather less official ones at all
border crossings.
It is not illegal to buy nuevo soles from street
dealers, but if you do exchange on the black
market, count your change very carefully and
have someone watch your back if you're changing
a large amount of money. Theft of signed or
unsigned traveller's cheques, sometimes under
threat of violence, is always a slight risk,
particularly in Lima: when changing money on the
street, play it safe - and never hand over your
cheques until given the cash. Going into
unfamiliar buildings (with hidden back
staircases) "to negotiate" is also not advisable.
Watch out, too, for forgeries, which are
generally pretty crude.
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