Currency Exchange Controversy at Santiago Airport Sparks Criticism Over Exploitative Rates
The incident raised concerns over abusive exchange rates and sparked calls for tighter regulation of airport currency services.
A recent currency exchange incident at Santiago’s Arturo Merino Benítez International Airport has triggered backlash from business associations and travelers, after it was revealed that a tourist received only 64,000 Chilean pesos for US$100—a rate of $640 per dollar, significantly below the official market rate of around $940.
The case was made public by Juan Pablo Swett, president of the National Multi-Guild of Entrepreneurs, who shared the receipt and transaction details involving a Chinese national. The exchange was carried out by Grupo Global Exchange, a currency exchange service operating within Chile’s main airport. The exchange rate applied reflected a discrepancy of over 30% compared to the observed dollar rate, which closed on Monday, May 12, at $939.26.
The transaction also included a 4,000-peso commission, though the company later reversed the operation and refunded the original US$100 following a complaint. Still, the Multigremial warned that such practices can harm the country's image and appear to exploit the lack of information among foreign visitors arriving at the airport.
Reported by Emol.com, the incident has reignited debate over the need for greater oversight and regulation of currency exchange services in airports, where offered rates often deviate significantly from official market values.
Arturo Merino Benítez Airport, Chile’s primary international gateway, welcomes tens of thousands of passengers weekly during peak seasons. Unfavorable exchange rates and opaque fees can negatively impact tourist experiences and undermine the country’s reputation as a travel destination.
There are now calls for the Directorate General of Civil Aviation (DGAC) or the Ministry of Transport and Telecommunications to step in and review the contracts and operating conditions of exchange services at the airport.
Swett concluded his statement by emphasizing that although the transaction was reversed, the mere fact that such incidents occur at the country’s main airport “damages Chile’s reputation among first-time visitors.”
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