Exchanging Currency

[QUOTE=SnakeOilSales;425786]This is actually slightly inaccurate. The "arbolitos" have a much larger buy / sell spread than the "cuevas" in Capital Federal have, meaning that they might buy dollars at 6. 0 and sell them at 6. 57, whereas a "cueva" would typically have a buy / sell spread of 6. 2/6. 4.[/QUOTE]Yes, they have higher spreads because they deal in smaller amounts, from locations with less competition, and with individuals who have fewer options.

However, I'm not sure what part of my prior comments were "slightly inaccurate".

Thanks,

Jackson

I got here yesterday and went to Florida street. I talked to a couple "cambio" guys on the street. The first told me 6. 15 the second told me 6. 20. I went to the Western Union Gato Hunter mentioned and waited in line. They were pretty busy. When it was my turn I asked what the rate was and the guy said 6. 15. I said no thanks and started to leave and he asked me how much. I said on the street it was 6. 20 and he said ok 6. 20. I checked all the bills for the invisible face in the white part that is visible when you hold it up to the light. I figure that would be the hardest part to fake. They were all good so I left pretty happy about the whole thing. Thanks to everyone for all the good information.

Always something new it seems. In light speed recap, so far my xp over last couple weeks has been:

1. Sent before left the states, got confirmation ready for cash pickup less than 5 min. A+ I'm thinking.

2. Quick send but Xoom puts hold, asks for photo ID, bank or utility statement. Half day road block hassle to send in and have hold lifted. Cash pickup was same as before. Just double sign receipt and go.

3. This time More Casa guy hassles me for occupation and other misc info, makes a call, fills out form.

4. Lady cashier has me fill out personal info form again, also adds request for my business website. Plus phone call, more red tape time block.

Brings me to today. Sent xfer last night that put me over the $2999 per 30 day standard limit. Was at $2950 and sent myself $1k to test process of going over.

Xoom website automatically has me fill in additional occupation and driver license info. Got usual email confirmation of in process. Took bit longer than usual but from sending late night yesterday, got confirmed ready for pickup this morning. Xoom site now shows me new limit of $6k per 30 days and current remaining portion (and I assume capped at $19, 950 per 180 days from their FAQ but will test that when come to it)

Of course, More Casa can't make it that easy. This time the lady cashier asks me what my buenos aires cell number is. I tell her but she gets all red tape about how my recipient info says my local bs. As apt info but for cell number lists my US phone number. She seemed to want to insist that my recipient phone number must be my bs. As cell (which they collected as personal info on prior transactions). All prior transactions I'd sent. And profile for recipient I have setup in Xoom. Lists myself as recipient with my local bs. As apt address plus my contact number which is my US cell number and with intl roaming, works just fine down here.

I kept telling cashier my local recipient number is accurate because that's the phone I have as permanent number and works fine here in bs. As. Showed her my iPhone to reinforce the point and made a call showing my iPhone number. She still just couldn't handle that 'discrepancy' and made a few more calls.

25min later somebody at More office waived this obstruction long as I promised for my next transaction I correct this. So said yes and she moved on to next step. Thought last time recording my business website was just formality but turns out this time they really looked at it. The More office she called looked up my business website, had all sorts of confused reactions and had to spend 15 min defending my own business.

Finally after lot of frustration and explaining my source of income, their back office signed off and cashier lady went to counting cash and double receipt mode. Which contradicted what she herself had told me was need to fill out the personal info form each time. Oh well, wasn't going to complain.

Overall, I like having Xoom as additional dollars to peso source along with USD I brought. But hassles so far seem to be one non-stop new roadblock after another.

[QUOTE=Mpexy; 425661]So did my 4th and final pre-going-over-standard-limit transfer today. Sent myself $950 to make my 30-day period total $2950. Just under the $2999 limit before further Xoom side verification stuff supposedly occurs (will report on that when I try that later in week)

For this one, I thought would be smooth sailing given my prior reports (already sent in extra verification docs to Xoom, including passport photo, DL photo, and bank statement confirming US address. Plus the More Casa requested form filled out with my name, occupation etc last time I picked up cash)

However, this time the cashier lady had me fill out form again. Last time guy filled out for me but looks like same form. But this time she asked for additional info the guy who filled out for me last time didn't.

Form wanted my name and address in states, and same for here in Argentina. Marital staus, some other misc junk. But on top of occupation title the cashier had me also fill in company name and web page. No idea what would have happened if I said my company didn't have a web URL but she was very insistent and had me fill it out twice on both top and bottom end of form.

Basically with that plus phone call she made, added about 25 min. The last 5 min was the usual double recipt sign and count out of money. I asked her if I had to do this each time because already filled out form last time and she said yes each time. So not giving up on Xoom given other ways to get dollars in are even more hassle but I'm just preparing myself for a 30-60min session each time now given line of people ahead of me[/QUOTE]

What you describe would have drove me nuts! But then I'm not known for having a lot of patience! LOL.

Went to the place on Arenales today. Was 6. 20, but they deducted a 3% fee (never had that before). Asked the girl why the new fee and she pretended she didn't know what I was talking about. Ended up being 6. 02. Anyone else having to put up with this B. S. ?

[QUOTE=Stinger;425910]Went to the place on Arenales today. Was 6. 20, but they deducted a 3% fee (never had that before). Asked the girl why the new fee and she pretended she didn't know what I was talking about. Ended up being 6. 02. Anyone else having to put up with this B. S. ?[/QUOTE]I went to the cambio at 3205 Scalabrini Ortiz on Thursday and got 6. 15 pesos to the dollar on a $1000 exchange. No fee, no hassle.

GV

[QUOTE=Stinger;425910]Went to the place on Arenales today. Was 6. 20, but they deducted a 3% fee (never had that before). Asked the girl why the new fee and she pretended she didn't know what I was talking about. Ended up being 6. 02. Anyone else having to put up with this B. S. ?[/QUOTE]I was at Arenales yesterday around 2:00 pm and got 6.20. Large bills and small bills have different exchange rates at this place. $100 and $50 bills get the best rate. Anything smaller gets lower rate.

Iavehad very off and on results with Xoom, I filled out all the forms I have a real job and good income. E but I have Ben cutoff then a few weeks later I could send about 1k$ then I was off again with no reason, fuck that shit.

Next trip it's cash ans cash onLy when I run out party's over. Will have AMEX card just incase jejejejejejee budget for early 2012 is 4k$ for 2 weeks magic pocket is back! I will have no p roblems changing money and if my wingman is with me I have very little to worry about, besides the western eunion office is easy as pie. I have done many runs to cervionos on the bus with 3 months salary aim my pockets and jock.

Plus cash on hand only is my SAFTEY valve I got out of hand last trip.

[QUOTE=Gato Hunter; 425983]Iavehad very off and on results with Xoom, I filled out all the forms I have a real job and good income. E but I have Ben cutoff then a few weeks later I could send about 1k$ then I was off again with no reason, fuck that shit.

Next trip it's cash ans cash onLy when I run out party's over. Will have AMEX card just incase jejejejejejee budget for early 2012 is 4k$ for 2 weeks magic pocket is back! I will have no p roblems changing money and if my wingman is with me I have very little to worry about, besides the western eunion office is easy as pie. I have done many runs to cervionos on the bus with 3 months salary aim my pockets and jock.

Plus cash on hand only is my SAFTEY valve I got out of hand last trip.[/QUOTE]I know a guy this week that got 4 trucho 100 P notes there. He didn't know to check them but none had the watermark so be carefull when exchanging. Not just there but anywhere. For the most part I am 100% comfortable changing money at cambios but there is an element of buyer beware involved.

[QUOTE=Daddy Rulz;425985]I know a guy this week that got 4 trucho 100 P notes there. He didn't know to check them but none had the watermark so be carefull when exchanging. Not just there but anywhere. For the most part I am 100% comfortable changing money at cambios but there is an element of buyer beware involved.[/QUOTE]I have heard of fakes from cambios too, but usually they have a shoddy watermark, and the silver strip is pretty good.

[QUOTE=Silver Star;426003]I have heard of fakes from cambios too, but usually they have a shoddy watermark, and the silver strip is pretty good.[/QUOTE]These that I saw had none. The paper felt normal but when held up to the light there was none.

If you see a decent rate, or don't care that much, either way I've found there actually is a max cap to the fee they charge for single transfer.

Up to $1000, the xfer fee scales up. Example for bank source xfers, $6.75 for $200 converted to pesos cash pickup, $15.75 for $500, and max capped at $30 for $1000.

Thought it just kept scaling, but after $1000, it just stays flat at $30. Just did a $1500 xfer and paid the same $30 fee. So basically, it added 0.06 to my exchange rate, e.g. offered rate 6.05, but effective rate with fee if I had done $1000 would have been 5.87 to 1. With $1500 it effectively made it 5.93 to 1.

Not as good as a cueva with cash but so far I've found the delta small enough I've been mostly using Xoom while only going couple times to do USD cash exchanges at cueva on Scalabrini Ortiz.

Walking down Lavalle today at 4:44 I see all the Arbolitas, but nobody is saying a word. At 4:45 on the dot it was like the director yelled action and they all started saying,"cambio, cambio, cambio, dolleras, reales, cambio, cambio, cambio." kind of creepy.

Just helpful update for whomever may end up using Xoom.

1. Standard limit is $2999 within 30 day window, but can upgrade yourself with more verification docs to $6000 per 30 day window (turns out there's actually another third tier level that with more docs gets you to something like $20k / mo and $90k I think over 6 months. There may even be another custom level but this third tier hits after you've been approved for tier2 6k and when you get close to it the website points out with a helpful link tip how to get approved for tier3.

2. For whatever tier you are on, turns out the per 30 day window is a rolling period, not a blanket reset. So if you sent your first transaction on Aug 1, your entire 'limit balance' does not reset to 0 on Aug 31.

-it just removes whatever transactions are older than 30 days from the limit balance you are able to send.

-so if you sent $1 on Aug 1, then $2998 on Aug 30, and are on the tier1 (max $2999 plan). You will only have $1 of your limit reset on Aug 31. You'd have to in fact wait close to another month on Sep 29 to be able to have the Aug 30 txn wiped clean.

3. In short. If you plan to use Xoom consistently, it's best to send at even intervals, say once a week on the dot so you always have a txn from your limit balance being reset every week. Or upgrade to tier2 or 3, but even then the principle is the same.

In the 'cuevas' on Calle Florida, do you get a better exchange rate for large amounts?

Also, how safe is the area around Calle Florida? Would it be advisable to exchange max 1000 USD per visit?

And finally: Do you think QE3 will have any negative impact on the strength of the USD in Argentina?