What is the best way of exchanging money in Peru?
One of the things that probably surprised you the most when you moved to Peru was the ‘crazy’ way in which people exchange money on the streets. In several corners in Miraflores, San Isidro and Barranco, you could meet an old man with a vest and several dozens of bills in their hands waiting patiently for you to come by with your dollars to get soles to pay your expenses here.
Nobody doubts that it is an interesting thing to watch, but we bet you feel a little unsafe doing it, despite everyone else doing it that way. What if he just runs away with your bills? What if someone is watching and you get robbed a couple of blocks away? What if the soles you are getting are fake bills?
Nevertheless, the difference between the exchange rates from the money exchange on the streets, compared to the major banks, just push most people to overlook those risks.
For most of the month of July, for instance, the four main Peruvian banks would give you 3.21 soles for each dollar you gave them, a very inconvenient rate that could make you lose as much as S/ 20 every time you exchange US$ 300.
And that is why online money exchange platforms like Midpoint FX exist. They offer all the security of a big bank, the great rate of a street money exchanger and the convenience of a sharing economy app such as Uber or Airbnb.
Sharing economy applied to money exchange
Over the past two years, online money exchange services have flooded the market. There are currently over 20 companies in Peru that allow you to exchange dollars and soles online in a convenient, safe and fast way.
But Midpoint FX is different than the rest. This sharing economy based platform allows you to exchange money with other people, startups and SMEs, so you can save on rates and fees.
How do we operate
Unlike other money exchange online platforms, Midpoint FX doesn’t use its own money to sell you dollars or soles, but works as a link between people and companies that need money in another currency.
So if you need soles, you can place an exchange order with us and we will match you with a person that needs dollars. We will always act as an intermediary between you and a counterpart securing the operation, so all your data is safe and the details of the operation (your name, bank account, the amount of the transaction) are not shared with anyone, not even your counterpart.
The process of finding a counterpart usually takes 10 minutes and when we do, we will send you an e-mail with the details of a bank account for Midpoint FX to transfer your dollars to. Once the transfer to Midpoint FX’s account is done, you will receive your soles in an account you will have previously provided.
The time the operation will take depends on the bank you have your accounts in. We do immediate transactions with BCP and deferred operations with the rest of the banks that operate in Peru.
We are a Peruvian company and we are devoted to making the lives of those who need to exchange money, easier.
For example, if you had US$ 300 and wanted to get the most soles out of them, a bank would only pay you 963 soles, while Midpoint FX would pay 982.5
Ready to exchange dollars? Register as a client at: MidPointFX Clients