Black market or a store front business! Both, gives a better exchange then banks by a bunch if you have cash! Depending on the business and location, you can arrange a transfer/exchange WITHOUT carrying any cash! Been there, done that for a LARGE sum getting out of the dollar, some years ago.
B-Ray
Last year when the dollar was low I was walking through Manila, alone - near the street with all the money changers.... ooh... nevermind.. thats 1/2 of some areas!
Anyhow... walking past these money changers a few offered to change my \"dollars\" for a good rate.
I ignored most of them but one offered something in the range of 48:1 when it was only trading around 43:1 at the time so I entered their storefront....
The \"caller\" was a woman about 50 years old and plain looking with dingy clothing... the woman behind the security window was about 60+ and appeared to be the \"boss\" she explained they can give a good rate because they deal in large volumes...
She then stated she will give me 48:1 so I put a $20 bill on the table.
Then she said the MINIMUM for that rate is $1000 !!!
I exclaimed that NO ONE carries $1,000 in their pocket (well.. except our previous poster -

)
SHe then said.. ok.. same rate for $500
I again exclaimed WOW !!! WHO HAS THAT MUCH MONEY !!!
now she says $200 (this is after about 3 minutes of talking)
So I produce two $100 bills which was all I had in my wallet.
She counted out the peso and I watched... all was fine... she then asked me to count it to check... I did... all was fine....
NOW THE TRICKERY !!!!
She held my hand as I was about to leave the window and said something like
OOH _ I WILL WIGE YOU LARGER BILLS SO YOUR WALLET DOES NOT LOOK TOO BIG - and she took the stack of money to a back room without waiting fo rme to say NO
Thenj she came back and counted all 500 notes... she asked me to give a token of thanks to her friend for referring me here.. I turned around to see her friend and when I turned back i got a feeling the money was short...
So I recounted.... with my hands through the window under the little opening - so I dont get accused of \"trickery\" - I never moved my hands from her view under the window....and counted twice... yes... it was short by P1000
She said ok I will count again... IT WAS CORRECT NOW!!! Hmmm...
So now I counted again and it was STILL SHORT 1000 !!!
SHe then snatched the money from my hands, cursed at me and threw my two $100 bills at me telling me to get out of her store !!!
WOW !!!
Catch a robber... and they can get mad !!!
Well.. I guess thats the black market..... they want you to exchange larger amounts to make it easier to slip a bill or 2 out while they are counting....
I was used to 3 card monty tricks from Fishermans Wharf in San Francisco.... I have seen the slight of hand many times before... it was not new to me... and she was pissed for wasting her time on a person who could not be scammed by her slight of hand.