Why would anyone buy with higher currency exchange from the black market?
April 5th, 2009
Sharp.Pencil asked:
I know there’s the whole hard currency vs. weak currency issue. I can also understand how the sellers of these currencies earn money throught the black market trading.
I know there’s the whole hard currency vs. weak currency issue. I can also understand how the sellers of these currencies earn money throught the black market trading.
But what is really confusing me is that why would anyone be willing to exchange up to or even more than double the official exchange rate in black market for a stronger currency (say wanting to buy USD with Zimbabwe dollars)? Why can’t they just exchange it at a cheaper exchange rate at the legal exchange places?
CURRY
For money laundering purposes.
I found a list of US foreign currency exchanges. Try calling one of them and see if they have a representative that can help you.