Exchanging Currency

[QUOTE=Gato Hunter; 424276]In Uruguay I was able to get up to daily 1k$ limit with a schwab card, at 300$ a pull, crispy franklins.

NEVER let your chica see you pulling ben Franklin from an ATM this was a chica management failure on my part it fucked shit up, I'm going to have to gently cut her loose now.

Two cambio places I asked only did the hair cut aproach dollars to Uruguay Pesos the to Ars. No gracias![/QUOTE]In Uruguay certain key banks will exchange any major currency for any other major currency without first exchanging for Uruguayan Pesos. For example, the spread on USD-Euro exchange at said bank is $1. 20/$1. 23 and USD-GBP is $1. 55/$1. 59 which are very competitive rates and ironically FAR better than you could ever get from an exchange place within the US itself. The rate for exchanging AR pesos directly to USD is a whopping 7. 33 AR/$1 USD.

[QUOTE=SnakeOilSales;424278]In Uruguay certain key banks will exchange any major currency for any other major currency without first exchanging for Uruguayan Pesos. For example, the spread on USD-Euro exchange at said bank is $1. 20/$1. 23 and USD-GBP is $1. 55/$1. 59 which are very competitive rates and ironically FAR better than you could ever get from an exchange place within the US itself. The rate for exchanging AR pesos directly to USD is a whopping 7. 33 AR/$1 USD.[/QUOTE]Wish I could of found a place like that, I asked twice in casa de cambios, did not think of asking a bank, and had better things to do. When I won 5 million guarani in paraguay last year playing poker they gave me a really good rate at the time to pay me in ARS, and I took it.

I got 6. 25 after some negotiation. For 2 franklins, the catch was I got it in 50 peso notes, I don't care they are accepted everywhere.

[QUOTE=Gato Hunter;424290]I got 6. 25 after some negotiation. For 2 franklins, the catch was I got it in 50 peso notes, I don't care they are accepted everywhere.[/QUOTE]Just get in touch with me!

TL

Not sure why others are having problems. I did a transfer last night and got the email this morning saying it was ready. I went to the money store at Libertad 1057 and had no problem. Less than 10 minutes I walked out with my money. As almost all of you guys have more cash than I do the issue may be in the amounts. I sent U$S 700 which cost me 20 bucks and I walked out with 4400 and change. I told the lady behind the counter that other people I knew were having issues with the service. I asked her if it might be the amount because all my "friends" are rich. She said it shouldn't be an issue but you never know in practice. Considering that I would have had to spend almost 1000 bucks for a like amount from an ATM I was most happy crappy.

[QUOTE=Daddy Rulz;423897]I've talked to other people who had the same problem in BsAs with Xoom. Here in Corrientes it just couldn't be easier. First time there I filled out a few sheets of paper, after that just sign for the money and go. Have you been using a bank or money store? I'm using a money store here.[/QUOTE]

[QUOTE=Daddy Rulz;424402]Not sure why others are having problems. I did a transfer last night and got the email this morning saying it was ready. I went to the money store at Libertad 1057 and had no problem. Less than 10 minutes I walked out with my money. As almost all of you guys have more cash than I do the issue may be in the amounts. I sent U$S 700 which cost me 20 bucks and I walked out with 4400 and change. I told the lady behind the counter that other people I knew were having issues with the service. I asked her if it might be the amount because all my "friends" are rich. She said it shouldn't be an issue but you never know in practice. Considering that I would have had to spend almost 1000 bucks for a like amount from an ATM I was most happy crappy.[/QUOTE]Hey DR! Xoom, cash, or a day trip to Colonia rule! Get on the buquebus! My bank is probably wondering if I am still alive as I haven't used the ATM in so long! LOL

Xoom is now at 6. 31 I will need to get some pesos this week and I will post what the cambio on Cervino gives me.

[QUOTE=SunSeeker;424415]Xoom is now at 6. 31 I will need to get some pesos this week and I will post what the cambio on Cervino gives me.[/QUOTE]If I get over there before you do, I'll post as well.

Xoom is down to 6. 26 this morning. The cambio gave me 6. 1 for 100x5 which is what I had expected.

I have a good Cambio as well in Galaria del Sol. What I don't have is dollars in my pocket. I have to move them from my bank in the US to here so cambios do me no good. I just wanted to let everybody know I had no problem at the place I went to.

[QUOTE=SunSeeker;424424]Xoom is down to 6. 26 this morning. The cambio gave me 6. 1 for 100x5 which is what I had expected.[/QUOTE]

6. 10 today at the Cervino cueva, for $500US. This strikes me as little light given the blue rate is just short of 6. 50. I'm going to do a little research and see if I can find a better rate elsewhere.

[QUOTE=Doggboy;424470]6. 10 today at the Cervino cueva, for $500US. This strikes me as little light given the blue rate is just short of 6. 50. I'm going to do a little research and see if I can find a better rate elsewhere.[/QUOTE]Hey BD let us know what you find out. I could always use a little more cash (big grin).

Xoom is still 6. 26, after adding in their fees the place on cervino is pretty close to the same. And it is a very short walk from my apt.

I'll check out the lavalle place mañana

I always got a pretty good rate at a cambio in Galeria del Sol. It's at the corner of Florida and Paraguay. If you walk in the Paraguay entrance you will see a little leather shop at the first hallway intersection after you enter a little to the right. Inside should be a pretty fat guy with white hair. Behind a little wooden half wall is where they change the money. I haven't used him in years but back in the day the rates were good and I never got a single fake bill.

[QUOTE=Doggboy;424470]6. 10 today at the Cervino cueva, for $500US. This strikes me as little light given the blue rate is just short of 6. 50. I'm going to do a little research and see if I can find a better rate elsewhere.[/QUOTE]

I gt 6. 1 for 200$ tonigh on lavalle.

Guy would not budge. I needed pesos for tonih so I took it I betters ATM.

[QUOTE=Gato Hunter; 424489]I gt 6. 1 for 200$ tonigh on lavalle.

Guy would not budge. I needed pesos for tonih so I took it I betters ATM.[/QUOTE]AP is letting me post today. Lately, there are days where I can log in as many times as I want to, the program thanks me for logging in, but I am still not logged in.

The USD reached the end of a technical pattern late Wednesday / early Thursday and broke down sharply from over 84 to under 83. Because the markets have had a tremendous amount of false breakouts / breakdowns in the markets over the last year, I am still not convinced that the move is real. But for now, the USD has stopped its uptrend.

[url]http://latimesblogs.latimes.com/world_now/2012/07/evita-argentina-peso-note.html[/url]

Roca must be sad.

Because I've been talking about this place I took a quick run by it today. Whatever is in the local is different from the fake leather place that used to be there. I'll go back and poke around the Galaria next week and see if he's still there but for the nonce consider it closed.

[QUOTE=Daddy Rulz;424484]I always got a pretty good rate at a cambio in Galeria del Sol. It's at the corner of Florida and Paraguay. If you walk in the Paraguay entrance you will see a little leather shop at the first hallway intersection after you enter a little to the right. Inside should be a pretty fat guy with white hair. Behind a little wooden half wall is where they change the money. I haven't used him in years but back in the day the rates were good and I never got a single fake bill.[/QUOTE]

Back of the Western union place at Florida why lavalle, ot 6. 2 for 200$ tonight all the way in the back on the right side there is a door go through money booth behind!

Heard the Government got involved with the blue market when it it peaked last week. Used *a third party / friend to dump some bucks when it approached seven. Something happened the way it retreated.

[QUOTE=Damman;424565]Heard the Government got involved with the blue market when it it peaked last week. Used *a third party / friend to dump some bucks when it approached seven. Something happened the way it retreated.[/QUOTE]La Nacion supports your statement in this article published today:

[url]http://www.lanacion.com.ar/1494348-kicillof-vigila-a-los-privados-para-evitar-los-despidos[/url]

When I lived in bs. As before, used my US based Citibank account as primary source of drawing pesos, with advantage not paying any withdrawal fees due to my bank status. So other than some dollars brought in for initial apartment rent, did everything in ATM supplied pesos.

However, reading board here and finding out about the whole blue dollar situation couple weeks ago, there's obviously new dynamic of blue rates and various methods of exchange exceeding the 1:4.5 official bank rate.

Basically looking to confirm and get additional how-to kinda primer on exchanging cash dollar to pesos now:

As I understand it, there are official cambios. Walk in currency exchange places that provide better than ATM withdrawal but worse than blue dollar rate exchange pegged by blue chip bond swap rates? Or did I read this wrong, not quite sure about this.

Followed by arboletos or highly unofficial individuals giving whatever black market rate of the day that is higher than the cambios and close to or better than bond pegged blue rate?

Read about Xoom so may try it but not really interested in that option at moment. Partly because even cash pickup seems to have couple days delay, and not sure but read various claims only allow $3k / mo which would be far too small. Also not interested in random arboleto, exchanging with guy on corner or back of t-shirt shop just not my thing.

Are there actual walk in cambios that provide close to 6:1? Read here something about western union. Is that WU actually providing exchange services or some random guy that walks into the WU with you?

Somewhat of a consideration is also budget. No matter how great the rate I can't exchange couple hundred bucks at a time. Looking for a reliable, reasonably safe cambio type place I can exchange large sums every day if needed. Basically, ATM version of a cambio place that's higher than bank rate but ok to be lower than blue rate pegged to bonds.

Anything like that exist? I recall a cambio called Metropolis in recoleta next to cafe la biela. Anyone know if they exchange only at bank rates or do they follow the unofficial rates?

No I'm not a paid shill for these guys but my experience is different. Every transfer I've done has taken less than 24 hours. I highly recomend the pick up place at Libertad 1057 (I think that's the number, it's between M T de Alvear why Santa Fe). As far as any blue market rate with bank cards I don't know of any. To my understanding you're taking it up the ass on the cambio everytime you stick that card in a machine or use it at a store because you're going to get the "official" rate. With the cap on Xoom I guess it could be part of getting cash and just live with Christina fucking you for the others. If anybody knows a way to get dollars with a bank card at a better rate I'm all ears.

[QUOTE=Mpexy; 424837]When I lived in bs. As before, used my US based Citibank account as primary source of drawing pesos, with advantage not paying any withdrawal fees due to my bank status. So other than some dollars brought in for initial apartment rent, did everything in ATM supplied pesos.

However, reading board here and finding out about the whole blue dollar situation couple weeks ago, there's obviously new dynamic of blue rates and various methods of exchange exceeding the 1:4. 5 official bank rate.

Basically looking to confirm and get additional how-to kinda primer on exchanging cash dollar to pesos now:

As I understand it, there are official cambios. Walk in currency exchange places that provide better than ATM withdrawal but worse than blue dollar rate exchange pegged by blue chip bond swap rates? Or did I read this wrong, not quite sure about this.

Followed by arboletos or highly unofficial individuals giving whatever black market rate of the day that is higher than the cambios and close to or better than bond pegged blue rate?

Read about Xoom so may try it but not really interested in that option at moment. Partly because even cash pickup seems to have couple days delay, and not sure but read various claims only allow $3k / mo which would be far too small. Also not interested in random arboleto, exchanging with guy on corner or back of t-shirt shop just not my thing.

Are there actual walk in cambios that provide close to 6:1? Read here something about western union. Is that WU actually providing exchange services or some random guy that walks into the WU with you?

Somewhat of a consideration is also budget. No matter how great the rate I can't exchange couple hundred bucks at a time. Looking for a reliable, reasonably safe cambio type place I can exchange large sums every day if needed. Basically, ATM version of a cambio place that's higher than bank rate but ok to be lower than blue rate pegged to bonds.

Anything like that exist? I recall a cambio called Metropolis in recoleta next to cafe la biela. Anyone know if they exchange only at bank rates or do they follow the unofficial rates?[/QUOTE]

Xoom has the rate at 6. 11 this morning. Lower than last weeks 6. 26

[QUOTE=Mpexy; 424837]When I lived in bs. As before, used my US based Citibank account as primary source of drawing pesos, with advantage not paying any withdrawal fees due to my bank status. So other than some dollars brought in for initial apartment rent, did everything in ATM supplied pesos.

However, reading board here and finding out about the whole blue dollar situation couple weeks ago, there's obviously new dynamic of blue rates and various methods of exchange exceeding the 1:4. 5 official bank rate.

Basically looking to confirm and get additional how-to kinda primer on exchanging cash dollar to pesos now:

As I understand it, there are official cambios. Walk in currency exchange places that provide better than ATM withdrawal but worse than blue dollar rate exchange pegged by blue chip bond swap rates? Or did I read this wrong, not quite sure about this.

Followed by arboletos or highly unofficial individuals giving whatever black market rate of the day that is higher than the cambios and close to or better than bond pegged blue rate?

Read about Xoom so may try it but not really interested in that option at moment. Partly because even cash pickup seems to have couple days delay, and not sure but read various claims only allow $3k / mo which would be far too small. Also not interested in random arboleto, exchanging with guy on corner or back of t-shirt shop just not my thing.

Are there actual walk in cambios that provide close to 6:1? Read here something about western union. Is that WU actually providing exchange services or some random guy that walks into the WU with you?

Somewhat of a consideration is also budget. No matter how great the rate I can't exchange couple hundred bucks at a time. Looking for a reliable, reasonably safe cambio type place I can exchange large sums every day if needed. Basically, ATM version of a cambio place that's higher than bank rate but ok to be lower than blue rate pegged to bonds.

Anything like that exist? I recall a cambio called Metropolis in recoleta next to cafe la biela. Anyone know if they exchange only at bank rates or do they follow the unofficial rates?[/QUOTE]There are no places legally buying and selling currency higher than the official rate; the blue rate and blue exchange houses (the proper term for these establishments is "cueva") are 100% ILLEGAL yet are allowed to exist and operate (like so many other things in Argentina). The "bond" linked rate you refer to is the "contado con liquidacion" which means you buy bonds in Argentina in pesos that can be cashed in for dollars in the US. The "blue" rate available at cuevas is what you need to reference in terms of what you can get by walking into one of these places with USD cash. This website is a good reference for the current price of the various exchange rates.

[url]http://dolarblue.net[/url]

[QUOTE=SnakeOilSales; 424862]There are no places legally buying and selling currency higher than the official rate; the blue rate and blue exchange houses (the proper term for these establishments is "cueva") are 100% ILLEGAL yet are allowed to exist and operate (like so many other things in Argentina). The "bond" linked rate you refer to is the "contado con liquidacion" which means you buy bonds in Argentina in pesos that can be cashed in for dollars in the US. The "blue" rate available at cuevas is what you need to reference in terms of what you can get by walking into one of these places with USD cash. This website is a good reference for the current price of the various exchange rates.

[url]http://dolarblue.net[/url][/QUOTE]Thanks very much.

Are these cuevas basically guy on street / back of t-shirt shop informal or are there ones that look like standard exchange houses? (e. G. Walk in secured location similar to a cambio Metropolis)

Been reading up more on Xoom and apparently if extra info / verification is provided can get $6k in 30 days transferred so will be looking into that option as a secondary source in addition to bringing US dollars.

[QUOTE=Mpexy; 424873]Thanks very much.

Are these cuevas basically guy on street / back of t-shirt shop informal or are there ones that look like standard exchange houses? (e. G. Walk in secured location similar to a cambio Metropolis)

Been reading up more on Xoom and apparently if extra info / verification is provided can get $6k in 30 days transferred so will be looking into that option as a secondary source in addition to bringing US dollars.[/QUOTE]They are secured locations in that you will have to be buzzed in and then will either do the transaction at a bank-like window, or, if the amount permits, buzzed though an additional door and do the transaction in a back room where they have counting machines, etc. The place will have a name in English such as Exchange and Jewelry, Exchange and Antiques, etc etc.

[QUOTE=Mpexy; 424873]Thanks very much.

Are these cuevas basically guy on street / back of t-shirt shop informal or are there ones that look like standard exchange houses? (e. G. Walk in secured location similar to a cambio Metropolis)

Been reading up more on Xoom and apparently if extra info / verification is provided can get $6k in 30 days transferred so will be looking into that option as a secondary source in addition to bringing US dollars.[/QUOTE]I use an Asian grocery store near 517 Esmeralda.

The Cambio places are paying $4. 57 to 1 if that's good enough for you.

The Asian woman is between $5. 20 and $5. 50.

Yes, she has her Carnival Barkers on Lavalle near the rip-off exchange shops.

Just grab your cash and go straight home!

TL.

No I. D required and no minimums!

[QUOTE=TejanoLibre; 424882]I use an Asian grocery store near 517 Esmeralda.

The Cambio places are paying $4. 57 to 1 if that's good enough for you.

The Asian woman is between $5. 20 and $5. 50.

Yes, she has her Carnival Barkers on Lavalle near the rip-off exchange shops.

Just grab your cash and go straight home!

TL.

No I. D required and no minimums![/QUOTE]5. 2 to 5. 5? That low?

Thought the unofficial exchangers were fairly close to the blue rate? (e. G. Close to 6 or higher)

If true then seems like Xoom 6. 1 current rate far surpasses even USD cash exchange at a cueva

[QUOTE=Mpexy; 424892]5. 2 to 5. 5? That low?

Thought the unofficial exchangers were fairly close to the blue rate? (e. G. Close to 6 or higher)

If true then seems like Xoom 6. 1 current rate far surpasses even USD cash exchange at a cueva[/QUOTE]25/26 July it was posted the "cueva" in Cervino why Scalabrini exchanged at 6. 1. With xoom now at 6. 11 the cueva is probably around 5. 9-6 area. It has a locked front door, you get buzzed in, and the guy doing the exchange is behind glass.

[QUOTE=SunSeeker;424895]25/26 July it was posted the "cueva" in Cervino why Scalabrini exchanged at 6. 1. With xoom now at 6. 11 the cueva is probably around 5. 9-6 area. It has a locked front door, you get buzzed in, and the guy doing the exchange is behind glass.[/QUOTE]6. 25 as I type this. I would expect 6 at a cueva, and wouldn't accept much less than that.

If you need to buy pesos let me know I will take your dollars and give you my pesos 6 pesos per 1 of your dollars pm me.

I am curious about how Xoom does it. I'll look into it and see what I can come up with. By doing "it" I mean, who do they get all those cheap pesos? I am guessing that they are using off-setting forward-forward swaps, but I am not sure. Even with F-F swaps, I am thinking that they are playing the continued devaluation, with some degree of un-hedged risk. There needs to be a 'gap' or significant leverage to get the discount that is baked into their numbers. I know that they can go into the spot market and get those rates. If they could, every hedge fund in the world would be taking advantage of the arbitrage opportunity. There is no such thing as a risk-less arbitrage. If such an opportunity (anomaly) begins to present itself, money chases it and makes it disappear. If it seems like such an opportunity is present, there is something unseen that is causing the alleged mis-pricing. That 'something' is usually risk.

That said, I am all over xoom or hooking up a senior member (regardless of political orientation) with greenbacks, for my upcoming trip.

[QUOTE=Wild Walleye; 424902]I am curious about how Xoom does it. I'll look into it and see what I can come up with. By doing "it" I mean, who do they get all those cheap pesos? I am guessing that they are using off-setting forward-forward swaps, but I am not sure. Even with F-F swaps, I am thinking that they are playing the continued devaluation, with some degree of un-hedged risk. There needs to be a 'gap' or significant leverage to get the discount that is baked into their numbers. I know that they can go into the spot market and get those rates. If they could, every hedge fund in the world would be taking advantage of the arbitrage opportunity. There is no such thing as a risk-less arbitrage. If such an opportunity (anomaly) begins to present itself, money chases it and makes it disappear. If it seems like such an opportunity is present, there is something unseen that is causing the alleged mis-pricing. That 'something' is usually risk.

That said, I am all over xoom or hooking up a senior member (regardless of political orientation) with greenbacks, for my upcoming trip.[/QUOTE]I wonder what will happen with xoom once they have their IPO in the US in the fall, you will be able to see their financial statements so less funny business will occur.

Some additional Xoom info. Please note this is what I was merely TOLD, I will confirm actual experience once I arrive in Argentina end of week.

Called Xoom customer service number to confirm what they have on their site and ask additional questions. Their site states that:

Sending limit by default is:

$2999 per 30 day period.

$9999 per 180 day period.

Time is measured from date of first transaction sent. 31 days after, the first limit is reset. 181 days after, the second limit is reset. Their site also stated that you could get bumped up to the next pre-set limit tier automatically "by supplying additional information".

$6000 per 30 day period.

$19500 per 180 day period.

I asked if I could pre-verify or get started now before I left the states, to make use of my time before I arrived in Argentina. The agent told me there was no way to pre-verify, but I could send a transaction now so that it would likely be waiting for me by the time I arrived end of this week. She stated pickup could be made (15) days after date of arrival at cash pickup office, and if needed, could contact them to hold the pickup their for another (15) days before it auto-refunded for lack of pickup.

I inquired about potential delays to first transactions and she told me there was no built in "first transaction" delay. Could be be. S. And will report what I experience in reality but what she told me was that:

A) 98% of all transactions, including first send transactions, are delivered within a day. Stated that Xoom fronts the funds based on detecting bank transfer in process, not waiting till actual full transfer process complete.

Be) 2% of all transactions are randomly selected for audit. Closer scrutiny of the sender, info, and wait until actual full bank transfer is complete. Given most banks take 3 days to fully complete direct debit transfers, she said this was why for a few percent of unlucky people would take more than a day. Again, no idea whether this is just customer service be. S. Or real. Will have to relay my experience when done.

Re: upgrading to next limit level. She stated the upgrade from default to next level tier above happened automatically as follows:

1. After 1 or more transactions, at whatever point the transaction you are trying to send at that moment exceeds your $2999 within 30 day limit, she said their website would automatically ask you for some additional info. Specifically occupation and driver license.

2. She stated sometimes their system would reject the DL entered, and if so, to just enter social security number instead.

3. Said that their system would auto verify this information. I assume like auto insurance companies, they must tie into the DMV systems to verify legit DL and matching name against your bank name / info. Not sure why even include occupation since I don't know of a way that can easily be auto verified without a deep background check.

4. Did not say and forgot to ask how long for this getting verified to next limit level transaction would take. But after that one goes through, then you're at the $6k per 30 day, $19, 500 per 180 day limits automatically.

5. I asked a bit regarding their custom limit above these two standard defaults. She said it had to be handled case by case basis by their "compliance" team. There is a separate number on their website to call and go through that and for now have put that aside, will cross that bridge later. If it was $19, 500 per 90 days would be lot better than every 180 days.

[QUOTE=Mpexy; 424892]5. 2 to 5. 5? That low?

Thought the unofficial exchangers were fairly close to the blue rate? (e. G. Close to 6 or higher)

If true then seems like Xoom 6. 1 current rate far surpasses even USD cash exchange at a cueva[/QUOTE]My mistake!

It is 6. 2 to 6. 5 to 1.

I should stick to chicas instead of finance!

I have used this Asian woman many, many times!

Asians are NOTORIOUS for being excellent business minded individuals!

Thanks for your help!

TL

Anyone know if the Xoom cash pickup location in Bs. As on Libertad 1057 (More. Casa Central) is open on Saturdays?

No but I'm only 2 blocks away, I'll check and post their hours.

[QUOTE=Mpexy;424965]Anyone know if the Xoom cash pickup location in Bs. As on Libertad 1057 (More. Casa Central) is open on Saturdays?[/QUOTE]

Got 6 today at the Cervino / Scalabrini cueva.

[QUOTE=Doggboy;424970]Got 6 today at the Cervino / Scalabrini cueva.[/QUOTE]Looking at xoom it is good you cashed some today. Xoom is at 6. 02 right now, down from 6. 11