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Has anyone done this? make money on peso/dollar exchange

BOGOTA, Colombia (Reuters) - Here's a good way to make a buck if you're in Colombia. Take some pesos to a money changer and swap them for dollars. Then jump on a plane to Miami, deposit the bucks in a bank, and return to Colombia.

Go to any ATM in Bogota, withdraw the funds in pesos, and .... presto! You've got 5 percent 10 percent more pesos than you had when you started.

For years people and some businesses here have legally exploited the availability of cheap cash dollars for profit.

To see the complete story see below:

http://story.news.yahoo.com/news?tmpl=story&cid=572&ncid=572&e=13&u=/nm/20040914/lf_nm/colombia_hotmoney_dc_1

Can't be that easy.

By caslug on Sep 29, 2004, 14:13 in Friendly Talkzone.

Mr. Hollywood says on Sep 29, 2004, 17:46:

It's not that easy. Even if you exploit the math to the fullest, you're still going to run into the $10,000 limit on carrying cash (unless you really want to spend some time in Miami explaining to the DEA how you came to be carrying $100,000 in cash from Colombia) and that limits your profits to a $500-$1,000, not counting the cost of travel.

Not a terrible deal if you have someone who wants to sell you cheap dollars, but hardly a living.

0 funny, 0 helpful.