Exchanging Currency

[QUOTE=Sleeper;433540]I apologize profusely in advance if this has been answered already, but I haven't found a post with a clear-cut answer yet.

I'm extending my trip to Buenos Aires by six months, and I need to get dollars from my US account. Since I will be going to Colonia to renew my visa, I plan on picking up dollars there.

The problem is that my credit union severely limits what I can take out of an ATM daily.

Is it possible to wire dollars to a bank and withdraw them? Or use something Western Union? Or will the money automatically be converted to Uruguayan Pesos?

There's some talk about using xoom in the forums, but I'd rather stick to traditional methods and companies with a solid reputation. However if xoom turns out to be the best option, I would open to using it.

And if anyone has any other ideas on how to get dollars from my account to Uruguay, I would like to hear them. Thanks.[/QUOTE]Have you asked your credit union for special treatment? Once upon a time my bank allowed me to take out $2000/ day.

Don B.

[QUOTE=Sleeper;433540]I apologize profusely in advance if this has been answered already, but I haven't found a post with a clear-cut answer yet.

I'm extending my trip to Buenos Aires by six months, and I need to get dollars from my US account. Since I will be going to Colonia to renew my visa, I plan on picking up dollars there.

The problem is that my credit union severely limits what I can take out of an ATM daily.

Is it possible to wire dollars to a bank and withdraw them? Or use something Western Union? Or will the money automatically be converted to Uruguayan Pesos?

There's some talk about using xoom in the forums, but I'd rather stick to traditional methods and companies with a solid reputation. However if xoom turns out to be the best option, I would open to using it.

And if anyone has any other ideas on how to get dollars from my account to Uruguay, I would like to hear them. Thanks.[/QUOTE]Just go into the bank and take out a cash advance on your card from a teller.

I just got 9.0 there. I was going to exchange USD 1,000, but ended up changing only 200 as I figure one might do better elsewhere.

Looks like Moreno shook these guys up a little; recently I got 9.1 when the published rate was lower. I'm guessing this will all change soon, though.

[URL]http://www.dolarblue.net[/URL]

Quotation on [URL]dolarblue.net[/URL] is still 10.03 on the ask, unchanged since Friday afternoon although the liquidacion (for international money transfer via ADRs) dropped 11 centavos.

Looks like the cuevas are cooperating with the government and holding back a little, therefore street spreads may widen until volume comes back.

Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.

[QUOTE=DonB;433566]Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.[/QUOTE]No ideal whether this is true or not.

They stopped issuing US dollars in the Uruguayan ATMs about two weeks ago.

Had this confirmed at HSBC Uruguay.

[QUOTE=Jackson;433344]I've been studying the varoius websites that publish unofficial blue dollar rates.

Some of these published rates just don't make any sense to me.

Specifically, yesterday La Nacion published the blue dollar rates as:

DÓLAR BLUE COMPRA = 9,260.

DÓLAR BLUE VENTA = 9,300.

That's only a .5% margin.

Also, [URL]ambito.com[/URL] lists the rate as:

COMPRA = 9,300.

VENTA = 9,340.

That's only a .45% margin.

So my question is: How do these rates make any sense?

For example, if a money exchange was to utilize these rates, how could they possible stay in business on a 1/2% margin?

Thanks,

Jackson[/QUOTE]This piece kind of addresses your question. Rough translation:

If we accept the idea that the free dollar market moves $30 USD million a day this would generate some $102,000 USD per day in commissions (the average spread buying / selling since January 2012 is 0.34% or income before costs $34 USD for each of those intermediaries. This figure ($714 USD per month) is clearly insufficient to maintain brokerage simpler structure, so that the volume should be significantly larger market (a market of $75 million per day USD mean income before expenses $1,761 USD per month per agent).

[URL]http://www.cronista.com/economiapolitica/El-origen-del-blanqueo-el-mercado-del-blue-es-mayor-a-lo-estimado-20130513-0027.html[/URL]

[URL]http://translate.google.com/translate?u=http%3A//www.cronista.com/economiapolitica/El-origen-del-blanqueo-el-mercado-del-blue-es-mayor-a-lo-estimado-20130513-0027.html&hl=en&langpair=auto|en&tbb=1&ie=UTF-8[/URL]

Bear in mind that this is an "informal" transaction.

Maybe the types of razor thin spreads quoted are representative of million dollar transactions between dealers but in practice, for typical transactions the spreads are rather higher.

The excellent article posted by Damman shows, for me, the danger of using unreliable source data and drawing unwarranted conclusions therefrom.

Cannot help but believe the Government and / or its cronies are the big purchasers in this blue market. They sure as hell cannot print US dollars, but pesos they can print. Easy swap if your in the inner circle. No questions ever asked.

Dollar blue has it down to 9.3.

[QUOTE=DaddyRulz;433588]Dollar blue has it down to 9.3.[/QUOTE]Could be the latest Federal Reserve Report.

I could find the site I read about the change from the previous one but the gist is there were only six words changed.

Essentially the Fed has now admitted in writing that fiscal policy hampers growth. Who would have thought that?

Don B.

[QUOTE=DaddyRulz;433588]Dollar blue has it down to 9.3.[/QUOTE]The blue market is almost frozen because Guillermo Moreno put pressure on two of the most influential executives in the exchange market, according to the BA Herald. The official rate moved up half a centavo today.

Seems that the government wants to keep the blue within twice the official and this has so far worked for two days, but we still have to see if it can continue.

Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.

[QUOTE=MataHari;433632]Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.[/QUOTE]I'll take them.

[QUOTE=DaddyRulz;433640]I'll take them.[/QUOTE]Sorry guys, Thomaso shot the first so he got the deal...

Are we going to end up with yet a third market?

There is the "official" rate 5. Whatever.

Now due, I understand to Gov pressure (though I wonder if somebody didn't release some dollars into the market to create a glut) the blue rate is in free fall, based on Dollar Blue I expect to get around 8.1-8.2 today but haven't changed so I don't know what it will be.

Will there now emerge a "Puce", or maybe "Vermillion" market to again trade freely.

I for one am taking my lumps, trading a couple hundred today at whatever I can get then hunkering down and hording the rest until the silly season passes.

I got 8.7 for 200 at my chino.

[QUOTE=DaddyRulz;433649]I got 8.7 for 200 at my chino.[/QUOTE]8.6 for 40 USD (yes, forty) on Florida w / Lavalle.

10.6 for 10 EUR.

I don't pretend to understand...

[QUOTE=DaddyRulz;433649]I got 8.7 for 200 at my chino.[/QUOTE]

$8.70 today at the place next door to La Mad.

Told me the peso is freaking out!

You did well.

10 to 1 yesterday was awful unless he's thinking long.

Very Long!

Realize that Chicas that were 940 yesterday are not going to be 870 now . And worse !

TL.

Carlos Pellegrini 787.

Turismo Dalman.

Drop Tejano Libre's name for best rate.

I hope! I Think?

It's close enough and easy to find but it's closed on Sat. And Sun. And closes at 5:30 pm on the other days.

FAKE PESO ALLERT :

A counterfeit ring was busted in BA today with 172k in fake bills , new and old hundreds .

1 counterfeiter and 3 buyers that bought them for .23 and sold them on the "Street" for ?

23 peso hundreds.

TL

[QUOTE=TejanoLibre;433652]

10 to 1 yesterday was awful unless he's thinking long.

Very Long!

Realize that Chicas that were 940 yesterday are not going to be 870 now . And worse !

TL.
[/QUOTE]I m not investing, TL, I m leaving the country for a few month and cashing out. Bought the pesos at 9.80 last week and didn't want to make a lame 20 dollars profit on a forum member. Didn't want to bother with small notes as well so rounded it up to 10. Cold temperatures in a big town always remind me of Christmas time; o).

Thanks for the café and the interesting informations, Tomaso!

PS : meanwhile take care with dollar calls in the microcentro, there are some police officers in disguise in the lot. Only trade with verified sources. My home delivery guy got caught yesterday and lost a serious bunch of dollars. The sneaky pressure should last for two weeks in order to discourage speculation and control the bubble.

[QUOTE=MataHari;433656]I m not investing, TL, I m leaving the country for a few month and cashing out. Bought the pesos at 9.80 last week and didn't want to make a lame 20 dollars profit on a forum member. Didn't want to bother with small notes as well so rounded it up to 10. Cold temperatures in a big town always remind me of Christmas time; o).

Thanks for the café and the interesting informations, Tomaso!

PS : meanwhile take care with dollar calls in the microcentro, there are some police officers in disguise in the lot. Only trade with verified sources. My home delivery guy got caught yesterday and lost a serious bunch of dollars. The sneaky pressure should last for two weeks in order to discourage speculation and control the bubble.[/QUOTE]How did he get caught? And wad he arrested and booked?

[QUOTE=SilverStar;433680] And wad he arrested and booked?[/QUOTE]They caught the network (5 people) after an investigation and he got his colleage got trapped by an inspector in disguise. 60 k dollars were confiscated and the fine represents 3 times the dollars found (180 k). We didn't ask too many details to respect his privacy and pain.

This is just an illustration of the pressure the government is putting on the market.

[QUOTE=MataHari;433682]They caught the network (5 people) after an investigation and he got his colleage got trapped by an inspector in disguise. 60 k dollars were confiscated and the fine represents 3 times the dollars found (180 k). We didn't ask too many details to respect his privacy and pain.

This is just an illustration of the pressure the government is putting on the market.[/QUOTE]Our statists, WT69, et al, who always change at the official rate, are certainly applauding the government doing its job.

Get rid of the free market, state control over all.

Don B.

How about these guys who operate out in the open (like Scalabrini Ortiz why Cerviño)? Are they being hassled? (Let me guess. The answer is that you have a choice. You can pay the bribes or you can pay the fines. Right?

Bob.

[QUOTE=AllIWantIsLove;433687]How about these guys who operate out in the open (like Scalabrini Ortiz why Cerviño)? Are they being hassled? (Let me guess. The answer is that you have a choice. You can pay the bribes or you can pay the fines. Right?

Bob.[/QUOTE]I just went there and exchanged at 8.6. There was a cop (PFA) on the corner, and I didn't realize that he followed me in until I was making the transaction. My 'oh fuck' meter shot up, but then I suppose I should have been more concerned about AFIP agents. As it turns out, he just started chatting with the guy behind the other window. I'll let you draw your own conclusions from that.

[QUOTE=Sleeper;433696]I just went there and exchanged at 8.6. There was a cop (PFA) on the corner, and I didn't realize that he followed me in until I was making the transaction. My 'oh fuck' meter shot up, but then I suppose I should have been more concerned about AFIP agents. As it turns out, he just started chatting with the guy behind the other window. I'll let you draw your own conclusions from that.[/QUOTE]Someone told me on the street that the "arbolitos" were down to 8.40 and I know that Xoom is catching up at 8.10 !

Is it still a good idea to stuff your mattresses?

Keep the green?

TL.

[QUOTE=TejanoLibre;433736]Someone told me on the street that the "arbolitos" were down to 8.40 and I know that Xoom is catching up at 8.10 !

Is it still a good idea to stuff your mattresses?

Keep the green?

TL.[/QUOTE]8.4 today at Dalman, he was quite apologetic.

Don be.

[QUOTE=TejanoLibre;433736]Someone told me on the street that the "arbolitos" were down to 8.40 and I know that Xoom is catching up at 8.10 !

Is it still a good idea to stuff your mattresses?

Keep the green?

TL.[/QUOTE]More then a few people I have talked to think this will last from 2 to 4 weeks and then it is expected to continue upwards. So yes, if you can afford to hold out for a while it is probably a good idea. Several economists are predicting some where between 11 and 13 to 1 unless the government changes its policies.

I went to Colonia yesterday (Tuesday) to get dollars from an ATM machine. There are two REDS (Networks), REDBROU and BANRED. I found three banks on the main street of Colonia (the same street as city hall). Two banks use BANRED for their ATMs. They are BBVA and Banco Comercial. The bank using REDBROU is Banco de La Nacion.

Regardless of the network that you use, there is a $1000.00 per day limit on withdrawals using FOREIGN ATM cards. BANRED has a $300.00 per transaction limit and a $6.00 per transaction ATM fee. Unless you use an ATM card that is fee less or rebates the fees, the fees add up pretty fast. I use a Schwab card, so I do not care about the fees. I got all of my dollars at BBVA, as they had the shortest line. Banco Comercial had a very long line, but also had a nice Ice Cream shop next door.

REDBROU appears to not have the $300.00 per transaction limit, but the ATM machine was not working. I went twice, about two hours apart and got the same "Bajo Mantainamiento" message.

Colonia is a nice, small town, but if you have a good source of "blue" currency, Argentina, is cheaper. The ferry, with taxes and fees cost $354 pesos, plus the taxi to and from the ferry terminal.

Tres3.

[QUOTE=Tres3;433742] Banco Comercial had a very long line, but also had a nice Ice Cream shop next door.


Tres3.[/QUOTE]Thanks for a very informative post in general but the part I picked must be the post of the month! Hahahahahahahahahahahahahah I loved it!

Greetings Everyone,

Today at approximately 1 pm I exchanged $1,000 USD for pesos at $8.70.

Just before I left to exchange my cash, the popular local exchange rate websites were reporting the following Blue Dollar exchange rates:

[url=http://www.lanacion.com.ar/dolar-hoy-t1369]La Nacion[/url] = $8.78 venta

[url=http://www.ambito.com/economia/mercados/monedas/dolar/]Ambito.com[/url] = $8.89 venta

[url=http://www.dolarpeso.com/index.php?c=AR]DolarPeso.com[/url] = $8.87 venta

[url=http://dolarblue.net/]DolarBlue.net[/url] = $8.87 venta

----------------------------------------------------------

Average Rate = $8.85

Rate Actually Received = $8.70

Discount from Average Rate = -1.70% (x .983)

You're welcome.

Jackson

Damnit!

Have to pay my rent today (6 months) so had no choice but to change yesterday. I'd called late on Friday and been quoted 8.7, but it had dropped again by midday yesterday and I got 8.56 (changing USD3000). I checked a couple of places on Florida on the way and was offered 8.3/8.4. The old Western Union place at Lavalle / Florida offered 8.5.

Really shouldn't complain, but it smarts a bit to be 4,500 pesos down from the peak of a couple of weeks ago!

[QUOTE=DavieW;433975]Damnit!

Have to pay my rent today (6 months) so had no choice but to change yesterday. I'd called late on Friday and been quoted 8.7, but it had dropped again by midday yesterday and I got 8.56 (changing USD3000). I checked a couple of places on Florida on the way and was offered 8.3/8.4. The old Western Union place at Lavalle / Florida offered 8.5.

Really shouldn't complain, but it smarts a bit to be 4,500 pesos down from the peak of a couple of weeks ago![/QUOTE]I wouldn't be surprised if this continues for a while. My tinfoil hat guess is that the real value of the dollar is much higher, and Moreno and Co. are paying that rate for dollars, if not higher, with an accord with the cuevistas that they don't dish out too many pesos for the dollars coming in. It's would be a short-term win-win for the cuevas and the K regime, who have proven time and again not to think beyond a couple of months.

Does anyone know of a good exchange place (good rate, reliable), close (walking) to the Hilton Puerto Madero?

Thanks a bunch.

[QUOTE=Kurty;433993]Does anyone know of a good exchange place (good rate, reliable), close (walking) to the Hilton Puerto Madero?

Thanks a bunch.[/QUOTE]You really want to walk with a pocket full of cash?

I personally don't know of anything near The Hilton but there are about 25 of them on Lavalle and Florida or on Lavalle between Carlos Pellegrini and florida.

About 16 uphill blocks from you, give or take.

Corner of Carlos Pellegrini and Cordoba right next door to La Madelein. (Pellegrini 787).

Tourist Trap Shop and Long Distance Travel Bus Company called Turismo Dalman has been a good enough rate lately for a bunch of us.

Call them:

5. 031. 8008 and ask for "Cambio", tell them El Tejano Loco sent you and let's us know what the rate is .

Thanks,

TL.

Across the street from Excedra.

Greetings Everyone,

Today at approximately 4 pm I exchanged $1,000 USD for pesos at $8.35.

Just before I left to exchange my cash, the popular local exchange rate websites were reporting the following Blue Dollar exchange rates:

[url=http://www.lanacion.com.ar/dolar-hoy-t1369]La Nacion[/url] = $8.55 venta

[url=http://www.ambito.com/economia/mercados/monedas/dolar/]Ambito.com[/url] = $8.55 venta

[url=http://www.dolarpeso.com/index.php?c=AR]DolarPeso.com[/url] = $8.55 venta

[url=http://dolarblue.net/]DolarBlue.net[/url] = $8.52 venta

----------------------------------------------------------

Average Rate = $8.54

Rate Actually Received = $8.35

Discount from Average Rate = -2.20% (x .978)

You're welcome.

Jackson

Jackson,

Everyone has to make a living, even a black marketeer! It has been my experience that the established houses pay 20-25 peso-cents less than the published rate.

So if you exchanged $1000 they made on you 200 pesos, for which they had to pay rent and for the cop that is in front of the store all day long.

Only in Argentina you can find a cop securing a so called "illegal joint" for the safety of the costumers that are actually breaking the law.

By the way, to demonstrate how fair the charge is in comparing it to the legal fees elsewhere. I just went by an exchange booth in Europe.

The rate on the newspaper was 1.29 for the Dollar against the Euro. The asking price at the booth 1.45Dollar per Euro, that would have been a cost of US$160 to exchange a $1000 that you exchanged today. Or like 1300 pesos in the exchange rate you got today. That is 650% more than you paid. by the way before I left to Europe I changed my Dollars at a store in NYC the exchange rate was 1.31 Dollar for Euro.

[quote]Today at approximately 4 pm I exchanged $1,000 USD for pesos at $8.35.

Just before I left to exchange my cash, the popular local exchange rate websites were reporting the following Blue Dollar exchange rates:

[url=http://www.lanacion.com.ar/dolar-hoy-t1369]La Nacion[/url] = $8.55 venta

[url=http://www.ambito.com/economia/mercados/monedas/dolar/]Ambito.com[/url] = $8.55 venta

[url=http://www.dolarpeso.com/index.php?c=AR]DolarPeso.com[/url] = $8.55 venta

[url=http://dolarblue.net/]DolarBlue.net[/url] = $8.52 venta

----------------------------------------------------------

Average Rate = $8.54

Rate Actually Received = $8.35

Discount from Average Rate = -2.20% (x .978)

You're welcome.

Jackson[/QUOTE]

[QUOTE=Poker;433997]Jackson,

Everyone has to make a living, even a black marketeer! It has been my experience that the established houses pay 20-25 peso-cents less than the published rate.

So if you exchanged $1000 they made on you 20 pesos, for which they had to pay rent and for the cop that is in front of the store all day long.

Only in Argentina you can find a cop securing a so called "illegal joint" for the safety of the costumers that are actually breaking the law.[/QUOTE]Hey Poker,

I'm not complaining about the difference between the published rates and the actual rates. Of course the exchange houses need to make a profit.

I'm only interested in establishing the average difference between the published rates and the actual "over-the-counter" rates because I find myself constantly a position wherein I am exchanging cash as a favor for friends who sometimes they think that I should be giving them the published rate because that's what they saw on the websites.

In other words, I get tired of having to explain to them that if I do them a favor and agree to sell them some of my pesos (for example, to get them through the weekend until the exchanges are open) that I can't give them the published rate because the next day when I go to the exchange house to replace the pesos I sold to them, that I'm not going to get the published rate either.

Now, back to the research.

Thanks,

Jackson.

P.S.: I would appreciate anyone else who is willing to assist in this endeavor.

[QUOTE=Jackson;433998]Hey Poker,
I'm not complaining about the difference between the published rates and the actual rates. Of course the exchange houses need to make a profit.
I am exchanging cash as a favor for friends who sometimes they think that I should be giving them the published rate because that's what they saw on the websites.[/QUOTE]

My take is that Jackson, or anyone else that is exchanging money, is not only doing a "friend" a favor, but in so doing is breaking the law twice. The first time was when he changed the money with the cueva, and the second time was when he did the "friend" a favor. If the "friend" does not like the exchange rate received, the "friend" is free to find an open cueva and make the exchange himself. If he does not like that alternative, the "friend" can pound sand, and take the "official rate".

Tres3.

For the past 9 months the blue houses paid about 20-25 peso-cents less than the published rates, sometimes if you change over US $3,000 you can get 5 or 10 cents better.

The blue rate is subject to abrupt movements and if someone changes Dollars over the weekend, he might see 15 or even 30 cents difference by the time the store opens on Monday.

The government of Argentina plays a major role in this blue market and for example; two, or three weeks ago shut it down for several days. Once it reached 10 pesos per Dollar, they sold millions of Government Dollars to bring it back down to the 8.5 area.