March 16, by The Runaway Guide 6 Comments.

BSP moves to starve black market of dollars | Inquirer Business

When a countries currency is overvalued, it leads to a much lower exchange rate for the foreign buyer. And national banks and cash machines, if available, are the robbers.

However, not to worry my fellow backpackers and runaways, there is a way to beat the system. And it lies within the black market currency exchange. Often, just a few miles after a border crossing, black market bankers will appear at your sides. They are usually just teenage boys, but can be devious, so make sure you know the exchange rate.

If you are within a city, finding a BMB may prove a little trickier. Since they are usually disguised in the form of small markets or restaurants, you will need to ask around to find them. The best way to begin is by simply asking your hotel or hostel reception. However, since many reception workers have prearranged commission agreements with black market bankers or just take a cut for themselves, you may not always get the best price. The best way to find a good banker is to ask other tourists.

If none are around, try locals and shop owners. Once you find your local black market branch, you must try and be discreet. To get the best rate possible, you need to know what the current rate is. This can sometimes be found on the internet, but due the illegal nature of the black market, rates can change drastically in just a few days. A police crack down could make the market more risky and thus drive the price up.

To find out the current rate, it is best to ask other tourists. Another factor to consider in trying negotiating the best rate is your bill size.

Since bankers generally deal in larger transactions, ones, fives, and tens, will get the worst rates. Although the black market is, as its name suggests, illegal, it is a relatively safe way to exchange your currency.

This is mainly because local police are often corrupt and in cahoots with black market bankers. August 29, at The Runaway Guide says. August 31, at March 16, at I am sure that it must be banned in some countries, because the government does nees to be able to tax this kind of transaction. Perhaps if this kid is blatantly doing business in this way, I assume. Not trying to argue the validity of your points, just curious!

Maybe I could save some change by using this method instead of changing at the airport. March 18, at Hey Christian, Glad you found it helpful! It is devious, and technically illegal at least in any governments eyes.

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The government wants to prevent black markets because it defeats their currency strategy. The airpot is definitely the worst place to exchange money wherever you are.

In my experience, the best places to exchange money are 1 black market banks 2 Small non-franchise shops because they usually give the best rate and take the smallest commission 3 With your bank card at atms. June 12, at 4: Good article, albeit granted..

Unless you have a tip from someone you know that can direct you to a BMB, I would say it nearly impossible, if not plain dangerous! June 27, at 3: Most locals know and will tell you where to find one. At least, this was my experience in Sudan.

Wetinberate| Realtime Naira Exchange Rates - Black Market, Official & BDC |

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If you're interested in working with The Runaway Guide in any travel related capacity, please view the Partnerships page or email me at TheRunawayGuide at yahoo. Duration On The Road: How to Change Money on the Black Market March 16, by The Runaway Guide 6 Comments When a countries currency is overvalued, it leads to a much lower exchange rate for the foreign buyer. Finding A Black Market Bank: Getting The Best Rate: READ MORE Ultimate Guide To Flying On Budget Airlines Sudanese Arabic Making Small Talk Number 1 Food in Sudan: Let Me Know What You Think!

Jay says August 29, at Just in Sudan, or many other places? Hey Jay, in Sudan and a lot of of land borders in Central America and Southeast Asia. Leave a Reply Cancel reply Your email address will not be published. Who Is The Runaway Guide? Over 10 years later and I'm still "on the run," surviving in style, thriving off adventure, searching for that elusive road to enlightenment, and cultivating the life of travel that I want to live.

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