A penny saved might not be 1% of dollar.

January 20, 2006

Exchange rates signI have long known that traveler’s checks get less good exchange rates than cash. I have seen people refuse to change old or stained cash, but this is the first time I have seen people reduce the rates by (almost 20%!) for small bills. I have seen this sort of thing tat virtually all currency exchange places in Dar Es Salaam. This is doubly surprising because just 3 weeks ago in Moshi people were very anxious to get small US notes to make change. Sounds like an arbitrage opportunity to me.

None the less, I still like having some small bills because no one ever has any change!

1 Comment »

  1. Can you say rip off?

    Comment by Lori — January 20, 2006 @ 12:00 pm

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