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Problem in Dollar Exchange

Last activity 07 February 2017 by izzazil

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aashutosh21

Does anyone has idea how to get a good dollar exchange rate in Maldives... Banks don't exchange local currency into dollars for Expat workers and in black market they quote very high dollar rate...currently they are quoting 17MVR for 1 dollar to exchange and the bank rate is 15.42.

Dr Harihar

Its increased to 17.3

Sulsena

what to do then? can anyone help in resolve this issue? i would appreciate any helpful information in this question.

aashutosh21

Try to make some direct contacts with people working in Resorts as they get their salary in Dollars or if you can wait for 3-4 months then its ok... Most likely the prices in the black market would come down.

Sulsena

yes, thxz.  wait you mean for what?

aashutosh21

For wait I mean... This is a tourist and holiday season so demand for Dollar is higher in black market because government is not very supportive for expats. Let this time goes by and hopefully you can get decent rate to exchange.

izzazil

Story does not end here. You buy dollar at high RATE. THEN ONCE YOU TO BANK/ WESTERN UNION they take a lot of money for transfer too. i am putting a comparison for Pakistan. Hope you can share for your countries too.
Dollars purchase:
Male: 17.25
Sending:
Western Union: rate 101.9- 3 tax - 1 charges:
Actual value 98 pkr/ dollar
Bank: 102.5-3 tax- .5 charges:
Actual value: 99
while the original bank rate is 104

Sulsena

I'm sorry
i don't get clear.
"Sending:
Western Union: rate 101.9- 3 tax - 1 charges:
Actual value 98 pkr/ dollar
Bank: 102.5-3 tax- .5 charges:
Actual value: 99
while the original bank rate is 104"
that mean one dollar costs 102 ruffee?????

izzazil

Nope in PKR the pakistani currency rate

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