Chile Forum

Thanks for the responses. Things were hardly transparent, but it looks like an intermediary bank converted the US$ to pesos at 455 to the dollar (on a day when the exchange rate was 485) and then presumably back to dollars, which is what the Chilean bank says they received. The Chilean bank then converted the dollars to pesos for deposit into a peso account, remarkably charging only 2,000 CPL for the conversion.

Jim S wrote:Thanks for the responses. Things were hardly transparent, but it looks like an intermediary bank converted the US$ to pesos at 455 to the dollar (on a day when the exchange rate was 485) and then presumably back to dollars, which is what the Chilean bank says they received. The Chilean bank then converted the dollars to pesos for deposit into a peso account, remarkably charging only 2,000 CPL for the conversion.

Think this way...

$US to CLP in chile is a day to day conversion, therefore the fees and rate for conversion by theory should be cheap, no third party is involved as the chances are the local bank would be doing the sales between there own customers, they have there own market for the $$$

$US to CLP in the USA is a rear occurrence, therefore the fees and rate for conversion would be expensive, (they have to find someone to buy/sell the clp)

based on this simple theory, i would always let the US to CLP conversion take place at the chilean end!