ATM's

It's all about the ATM / bank making money off each transaction. I don't know the fee they get, but I'd guess 50 cents to 1 dollar each. By getting you to take multiple transactions, they make more.

300 pesos isn't so bad. I've had ATMs in Indonesia that only give you about $50!

[QUOTE=Thomaso276]there never were fees before for each pull. If so, anyone know who gets the fee - the branch here or the branch where the account is?[/QUOTE]If you have an HSBC account, then you probably don't have a ATM fee. But if you don't, then I guess there is one. So all the non HSBC account holder, get hit with extra fees. I have not tried it out, but I could with my Citi card, on the hsbc bank. Don't like fees, so I us my commerce bank card instead of my Citi card, when using a third party bank.

Yeah, this has been a problem with Visa for more than a year now. Those of use who have had Master Card have not had a problem until recently. I have two different accounts, one with Visa and one with Master Card.

Up until the 1st of February, I have been able to pull 2500 pesos from my Master Card bank account per day, which is the daily limit on my account. I have lived here for a year and a half and had always been able to do so.

Around the first of February (I don't remember the exact date - it was around the time I moved and I thought it was a local limit or something) the machines started limiting me to 1000 pesos a pull, and Tuesday, the 1st of April, they began limiting to 300 pesos for Master Card, the same as Visa.

As in all cases, I can pull 300 pesos until I hit my bank's limit, but of course I will be charged for every transaction. Fortunately, my charge is "only" $1.50 per transaction with no conversion or any other fees, but still.

I don't think it's going to do any good to call your bank. It's not their fault - it's the fault of the banks down here who run the ATM system. Just another example of Argentina trying to do its best to make it a difficult place to live.

BTW - I spoke with my lead programmer here today and he told me he can pull out as much as 2000 pesos in a pull, but of course he is an Argentino with an Argentine bank account and may not be subject to this limitation. He is going to verify his ability to pull money out as well because it has been a few days since he tried to pull anything out.

Greetings everyone,

This is not a big mystery.

Approximately 2 years ago, a number of international ATM networks reduced the fixed fee they were paying to the Argentine ATM networks for each transaction by approximately 5%.

In response, the Argentine ATM networks reduced the amount that one could withdraw on any given transaction to $300 pesos, thus increasing the number of transactions and simultaneously their yield.

Thanks,

Jackson

"[i]In Argentina, the customer is a big pussy waiting to get fucked.[/i]"

Jackson - the difference is that it was ONLY for VISA in the past. The frustration (and surprise, indignant reaction, etc) is that it now, out of the blue, hit Master Card as well. Two years later.

[QUOTE=El Queso]Jackson - the difference is that it was ONLY for VISA in the past. The frustration (and surprise, indignant reaction, etc) is that it now, out of the blue, hit Master Card as well. Two years later.[/QUOTE]I pulled $1,200p using my USAA Mastercard debit card March 28. If I get the 300p treatment next time it's going to be a major aggravation. In addition to the local banks amassing their little fortune with increased fees, this also puts pressure on expats to open an account here. I would guess the banks aren't unaware of that, though I might be giving them too much credit.

[QUOTE=Tessan]If you have an HSBC account, then you probably don't have a ATM fee. But if you don't, then I guess there is one. So all the non HSBC account holder, get hit with extra fees. I have not tried it out, but I could with my Citi card, on the hsbc bank. Don't like fees, so I us my commerce bank card instead of my Citi card, when using a third party bank.[/QUOTE]I have a HSBC ATM card, they charge 3% for int'l transactions even if you go to a HSBC ATM. This started end of last year. Citibank I think charges 2%. I also have PNC which reimburses their fee and the other bank's fee if you have a certain monthly avg balance. Last year they reimbursed me almost 100 in fees. They must hate me since I don't use it ever as a check card lol.

With MasterCard and VISA its 3% for int'l transactions. But there are some out there that give you bonus points or % cash back for restaurants. My Chase card gives 3% back at restaurants so it offsets the 3% fee whenever I eat at a restaurant abroad. It works out especially well at clubs since they mostly bill under as a restaurant.

Amex charges 2% for international transactions and gives 1-5% as cash back or points depending on the type of transaction.

These are some of the ways I avoid fees lol.

If you guys are going to complain, at least you should complain about the right things, and take action on them. Why are you complaining about the measly part of 1% the Argentine banks are getting for maintaining an operating machine full of cash, while at the same time you are paying a 2% or 3% International Transaction Fee to the US bank which is actually SAVING money on this deal instead of a check or teller transaction? And not complaining about it? The US bank fee is a horrible ripoff, the amount that Visa or MC pays the Argentine banks is probably barely enough to cover their costs.

I made a post about all of these fees in this thread a while ago: [post]377953[/post]. Obviously, nobody paid much attention, and nobody actually read their Terms and Conditions.

Incidently, the Argentine bank has to be paid out of the 1% currency conversion fee that Visa or MC charges. So it isn't likely to be more than 25 cents or so for a 300 peso withdrawal, where Visa or MC gets $1. By the way, there is some confusion over this 1% charge. If you read the terms and conditions, they talk about the credit card company using an average WHOLESALE rate for the exchange, and then adding 1% to that. That often is close to the RETAIL rate that you see in the exchange houses, so it can look like the charge is not there.

Also, I was wrong when I said you could avoid the 1% fee by bringing cash. You actually can't avoid it completely, because there is always a spread of about 1% to change the $ to pesos. There is no way to change one currency to another without paying on the order of 1% on the spread between buy / sell, and paying retail.

So why not post some useful info on US banks that don't charge the theiving International Transaction Fees and Foreign ATM Fees, so people can switch accounts? Both are fees for which the bank does absolutely NOTHING, and in fact saves money.

National Penn Bank in Pennsylvania charges me no ATM fees.

Also, we are lucky with this small fee. I suspect there is a technical reason that the Arg networks don't charge an ATM fee. This may change at any time. As I said in the post, in Paraguay there is only one network and they now charge GS25000($5.80 currently) on every withdrawal AT EVERY BANK. The fee for locals is about GS3700($.86) which is actually very high, considering the amount they withdraw. But you can withdraw at least $500 on one pull, so it is about 1+% then. This should give you some idea of what is in our future in Argentina.

Interesting info. I checked my statement and althought the three pulls showed up without any extra fees, the exchange rate was 3.07 pesos to the dollar. They are taking the charge in a hidden foreign transaction fee.

[QUOTE=Thomaso276]Interesting info. I checked my statement and althought the three pulls showed up without any extra fees, the exchange rate was 3.07 pesos to the dollar. They are taking the charge in a hidden foreign transaction fee.[/QUOTE]Looks likes a 2-3% surcharge.

What's wrong with bringing cash with you?

I always bring enough pesos to get me through the first few days. However, the exchange rate that I get in Canada is not nearly as good as the ATM rate here.

Next year I will bring more or change banks as the RBC is charging me $5 per withdrawal or approximately 5% service charge for essentially providing no service.

Yep-my limit now with the mastercard debit card from USAA is 300p. Regardless of which assholes are to blame, this is a nasty inconvenience for expats who are in BA for more than a vacation.

You have my sympathy Dogg; I think it’s a nasty inconvenience even if you are on vacation.

Just another BsAs negative, for me the list is growing.

[QUOTE=Punter 127]You have my sympathy Dogg; I think it's a nasty inconvenience even if you are on vacation. Just another BsAs negative, for me the list is growing.[/QUOTE]Agreed Punter. Maybe I am being a little irrational but this kind of bullshit REALLY gets under my skin. Clearly this fee harvesting (as I have heard it termed) is aimed at the tourist crowd. An inconvenience for them, but even more so for those of us who are here pretty much year round. I'll be exploring ways of coping with it, but you are right. Another point on the negative list added to the near hyperinflation.