Martin Grosz
08/12/2021 6:01 AM
Clarín.com
Services
Updated 08/12/2021 6:01 AM
Accidents and
oversights
of all kinds often end up with ruined bills that will later be very
difficult to use
to pay.
"This I do not accept", will say who receives it.
It occurs with the national currency and especially with dollars, where any defect - or even that they have a "small face" - is usually an excuse for
rejection
or to apply a
lower price
.
Stains
, burns,
scribbles
, perforations, worn parts,
tears patched up
with tape,
missing pieces
and even rodent bites are just some of the anomalies that can
put
the value of banknotes
in doubt
.
In the case of
weights
, a very frequent cause is
forgetting them in the clothes
that have been
put in the washing machine
.
And another culprit is inflation itself, which accelerates the deterioration of higher-value notes by making them increasingly have to be used for day-to-day payments.
In the case of
dollars
, their great enemies are
bad
home
hiding places
and the
lack of
basic
precautions
so that they do not end up with
dirt
, humidity, rust and
fungi
stains in a
short time
, as experts explained in this note.
Weights tend to get damaged with use.
And the dollars, for hiding them badly.
Photo: Archive.
In any case, the important thing is to know that a bill in trouble, whether in
pesos
or
dollars
, should not always be considered lost.
Since, except in very serious cases, there are ways to
exchange them for new copies
.
In which cases are the broken and damaged weights exchangeable?
In each country, the institution that
issues the
national
currency
is also in charge of regulating the process through which
banknotes in poor condition
are
removed from circulation
, in order to replace them with new ones.
In our country, the Central Bank of the Argentine Republic (BCRA) allows anyone to
exchange for free
the
peso
bills
that are
damaged
or
fragmented
, whatever their value.
This right is
guaranteed as
long as
at least 60%
of the ticket
can be collected and identified
.
Rule that is established to prevent someone from trying to get rich by cutting bills in half and then exchanging both parts for new bills.
The bills can be changed even if they are very stained.
The problem is if they are missing too large a part.
Photo: Archive.
Where can peso bills in bad condition be exchanged?
By order of the BCRA,
all banks in
the country
must accept and exchange
damaged or broken peso bills that people bring them.
They must do so at the request of any citizen,
whether customer or not
, and then send the paper money in poor condition to the BCRA for
destruction
.
They can only reject them if they don't meet the
60% rule
.
If more than 40% of a peso bill was unrecognizable, then is it already lost?
No. There
is
still
a chance
to save him.
It consists of taking all the fragments to the Central Bank (in Reconquista 266), together with
evidence
that the deterioration was
accidental
(for example, a document stating that the house caught fire).
The monetary entity submits these
doubtful cases
to laboratory tests and finally its experts determine whether or not the exchange can
be admitted
.
Can dollars in bad condition also be taken to the Argentine Central Bank?
No
.
All of the above applies only to peso bills.
"The BCRA only changes damaged bills of Argentine legal tender, it
does not change foreign currency,
" the Argentine monetary entity warns on its website.
The Central Bank can take pesos in poor condition to exchange, but they do not receive dollars.
Photo: Marcelo Carroll.
In the United States, can damaged dollars be used to pay or exchange for new ones?
Yes it is
.
Using or exchanging damaged dollars
in the United States
is as much or easier than doing an exchange of damaged pesos here.
Any traveler may notice that, on American soil, dollar bills in poor condition that no one would accept in Argentina can be used without problems to
pay
in
stores
.
Or change them at
any bank
.
And, for the most
serious
deterioration cases
, there is a
free
official program
of "Mutilated Currency Exchange", implemented by an organism of the Treasury Department of that country.
They receive dollars of any value and age, even if they were
cremated
or almost
destroyed
.
And, after subjecting them to the rigorous expertise, they are exchanged for impeccable specimens.
In the United States, even dollars chewed by dogs can be exchanged.
Photo: AP / File.
But of course, not all those who save in dollars in Argentina have the
chance to travel
more than 7 thousand kilometers to change damaged tickets, and perhaps they do not know someone who can do them a favor.
The big question is, then,
what can be done in Argentina
with a handful of dollars fallen from grace.
And the good news is that, although they are not simple,
there are ways
to get the free trade.
Are Argentine banks obliged to receive bad dollars?
To "get rid of" stained or damaged banknotes, many savers first try to go to the bank where they
have a savings account
in dollars and deposit them at the counter or at the cashier, to finally come back another day and extract a good banknote.
Sometimes it works for them.
But more than once they
bounce: they are rejected
.
And, despite the discussions that this brings in the branches, the banks do not give in.
Basically -they propose-, because then
no client will accept to
receive those tickets;
and the entity will only have to take them to the US for their exchange, which has
associated
logistics costs
.
In Argentina, stained dollars are not usually accepted, or they are taken at a lower price.
Photo: Archive.
"If it has
minimal details such
as a slight wear, a spot or a cut we take them. But if they left them in a damp place and they are
all yellow
or stained, no.
In poor condition they are not accepted,
" explained sources from a first-rate bank line.
Even if customers protest, financial institutions can impose their own rules for accepting dollars, since no rule requires them otherwise.
"Banks
can reject broken
foreign currency
bills
," they confirmed to
Clarín
this Wednesday at the Central Bank.
Can banks charge a fee for accepting badly impaired dollars?
Yes it is
.
In fact, there are banks and exchange agents
in Argentina
that
offer
to exchange dollars and other foreign banknotes that are in poor condition.
The
Piano Bank
, for example, has been doing this for years and still has the service available.
There are people who also turn to the informal market -
the
caves
- to solve these problems.
How does it usually work?
The depositor will their damaged notes and receive
on the spot
dollars in perfect condition or deposit them
in your account.
But the entity, which will then have to
export
the paper money to the US to process its exchange, will
charge a part
for taking the job.
These
commissions
, explained in the BCRA,
are not regulated either
.
Currently in the formal market they can ask for
20%
of the amount exchanged.
There are entities that charge commissions for receiving dollars in poor condition and then managing their exchange in the United States.
Photo: AFP.
How to exchange badly damaged dollars from Argentina and without paying commissions?
If a common bank does not accept the dollars for being in
very bad condition
, it is not possible to travel and you do not want to pay any commission, there is one option: to try a
free official exchange
in the United States, but
at a distance
, by
post
.
This chance is available not only for companies in Argentina, but also for private savers, although it can be somewhat complex and
take a long time
.
Depending on the level of deterioration and the skills required, the resolution of the case usually takes between
six months
and
three years
.
How do you do it?
The dollars must be mailed to the United States Bureau of Engraving and Printing, located in
Washington DC
, along with a redemption request form - 5283 - which must be 100% complete, printed, dated and
signed
.
More instructions and details, here.
What bills do they accept there?
Those that have a
very serious
level of deterioration
, to a level such that their value is in serious doubt.
What generally happens due to the effects of
fire
, water, humidity, chemicals, explosives, insects, rodents or because they have been
buried
without adequate protection.
For light stains, tears and wear this channel is not available.
The US Bureau of Engraving and Printing receives 22,000 exchange requests each year, sometimes for incinerated banknotes.
Photo: AP / File.
To what extent can they be deteriorated
?
They analyze all kinds of serious situations.
But if
less than 50%
of a banknote is identifiable,
evidence
capable of convincing the evaluators that the missing part has been destroyed must
be included in the postal item
.
How do you pack them for shipping?
If they were very fragile or prone to cracking, they recommend sending them
wrapped in cotton
.
And if they suffered the damage inside a bag, box or other container, they can be sent in that same container to avoid that when removing the fragments they deteriorate even more or are lost.
What mistakes to avoid?
If the banknotes were damaged while flat, they do not need to be folded for shipping or laminated.
Also, do not put
adhesive tape
, glue or other substances that can alter the paper.
And if the bill deteriorated folded or rolled, you should not try to extend it, as they advise.
They carefully attempt to reconstruct each ticket to determine if it is redeemable.
Photo: AP / File.
If the exchange is approved, how is it charged?
By email, the agency informs the applicant of all the progress of the management.
And if the resolution is favorable, they send the recognized amount with an
electronic
transfer
.
Not a minor detail: the payment can only be received in a US bank account.
And what can be done with a fake bill?
In the event of having an apocryphal bill, whether in pesos or dollars,
there is no possible salvation
since no bank or government entity will ever deliver a real bill in exchange for one that is not.
The only thing that can be done is to
avoid receiving them
, knowing in depth all the signs of authenticity and the security measures of the banknotes that circulate, both in Argentina and in the United States.
In the case of
pesos
, the characteristics of each current issue can be consulted on this BCRA website.
And for
dollars
, all the details to take into account are explained
in Spanish
on the site www.uscurrency.gov/es.
MG
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