ATM's

How do you get the best rates, is it cheaper to exchange in cash, or better to use ATM, how do I save the most dollars. I hope the currency rate is good, looking for atleast 3-1 to pay those little heinas.

KOS

I'd say bring dollars in 20's and 10's for the chicas then a little extra for cabs misc. etc. Use your credit card for the rest.* Visa would be the wisest choice.

I found ATMS to be a hit or miss and travelers checks are a real hassle if you can get them cashed at all.

I must of tried at least 10 different banks and their max out put was 300p. Banks are not stupid they know what they are doing. Most banks here are North American banks and the travelling public from the USA have to pay at least 2usd for every transaction. So do the math then multiply by 100k and you will see why they lowered the max out put on pesos.

After some detective work I found a bank that will put out 500p on ALEN as soon as you exit from subte be ALEM. Just before you reach Lavalle.

Good luck.

Tiger

The ATM on the corner of Pellegrini and Paraguay lets me withdraw 1000 pesos every time (choosing Cirrus network) I have not tried the other networks available in this bank.

I have also found that choosing Cirrus gives me a better exchange rate than Banelco.

[QUOTE=Teddybear]The ATM on the corner of Pellegrini and Paraguay lets me withdraw 1000 pesos every time (choosing Cirrus network) I have not tried the other networks available in this bank.

I have also found that choosing Cirrus gives me a better exchange rate than Banelco.[/QUOTE]Thanks for the info.

Tiger

I used my Visa / Debit card at "Banco Ciudad" (Cirrus) at Esmeralda 660, for a $1000 peso withdrawal yesterday.

[blue]Greetings everyone,

Let me bring some clarity to this subject.

First, many of you will be surprised to find when you examine your bank statements that you will have been charged more in the area of $5.00 per ATM withdrawal in BA, not the $2.00 charge you expect when using an ATM in the USA.

Second, this is suspected to be the primary motivation for Banelco having reduced the amount you can withdraw to $300 pesos at any one time. A $5.00 USD charge on a $97.00 USD withdrawal nets them more than 5%.

Third, the "secret" to avoiding this problem is relatively simple: Don't use the Banelco system. Yes, I know that 80% of the ATM's in BA are on the Banelco system, so you need to be a little dilligent and look for the ATM's with logos for other systems.

I personally use the ATM's on the LINK system, which allows me to withdraw $1,000 pesos at a time with no problems.

Thanks,

Jackson[/blue]

Thank you for clearing it up.

Chase bank charges me an average of $7/8 for every $200 u$ dollars that I take out anywhere in the world.

Chase takes a cut and so does whatever logo that appears on your debit card mastercard / visa. I've never really calculated what a local bank would take on top of it.

All in all its just another way to make life difficult for people. Who would have thought that taking out your own money from a bank would be big business.

Its a shame because if I had more access to my money I'd use alot more of it when I'm away.

Bring your Citibank ATM card and use it at a Citibank in BsAs. No fee for withdrawals and 3,000 pesos per day. Exchange rates vary with the dollar but in the past month have received 3.08 to 3.10 pesos per dollar.

Make sure you're using the Citibank ATM and not the Banelco ATM machine which can also be in the same room and may give the impression of a Citibank ATM. Use the blue ATM booths built into the wall.

[QUOTE=Jackson][blue]Greetings everyone,

Let me bring some clarity to this subject.

First, many of you will be surprised to find when you examine your bank statements that you will have been charged more in the area of $5.00 per ATM withdrawal in BA, not the $2.00 charge you expect when using an ATM in the USA.

Second, this is suspected to be the primary motivation for Banelco having reduced the amount you can withdraw to $300 pesos at any one time. A $5.00 USD charge on a $97.00 USD withdrawal nets them more than 5%.

Third, the "secret" to avoiding this problem is relatively simple: Don't use the Banelco system. Yes, I know that 80% of the ATM's in BA are on the Banelco system, so you need to be a little dilligent and look for the ATM's with logos for other systems.

I personally use the ATM's on the LINK system, which allows me to withdraw $1,000 pesos at a time with no problems.

Thanks,

Jackson[/blue][/QUOTE]Yes, I forgot I do use the LINK system ATM's, and I use credit union Visa and/or Mastercard Debit cards. I pay no fees, now or later.

You have to differentiate between transaction fees (based on a flat cost per transaction) and foreign currency exchange fees (buried in the rate) Citibank appears to charge neither when using a Citibank ATM card at a Citibank ATM. USAA (for example) doesn't charge a transaction fee but charges a 1% foreign currency exchange fee on the amount withdrawn. Other banks might charge both.

I can't see why anybody is paying either transaction or exchange fees in BA. Just open an on-line Citibank savings account in the USA (no fee with $500 minimum balance) make electronic transfers into it as needed from your regular bank, and withdraw pesos in BA without a fee. My USAA card is my backup card that I only use if I have a problem with Citibank or need to use a non-Citibank ATM for some reason.

On May 5th at 14:31 hours I made a $980.00 (peso) withdrawal from a LINK ATM, my account shows $318.29 (US) was deducted. I don't know what the official exchange rate was at that time, but EX. Com shows it at 3.07880 now. I have never had fees added to my account later, and if this withdrawal has an "exchange fees (buried in the rate)" it's a small price to pay for being able to use any LINK ATM in the city.

So a credit union card might be a good deal as well. Can you share the name of your credit union? I can't imagine that all credit union cards work exactly the same way.

Times have changed with the banks here and aside from the limits per withdrawal it is also a lot tougher to take out more than 1000 pesos. I would caution those of you coming that this is the first time I have ever had this problem and from talking to some others it seems that it applies to most banks. My daily limit is $2000 U. S. But I still get the message that I have went over my daily limit at just over $300 US.

To those of you who come here with the intention of pulling alot of your cash out from ATMS you may want to keep this in mind.

If anyone knows how to get around this problem I would appreciate the advice

Well, it has happened, just as I expected. This morning I got hit with a $ar300 per transaction limit using Cirrus. I was using a LINK ATM at Banco Hipoticario, so I tried the other available options with the Visa Plus and LINK networks. All gave me the same message, $ar300 is the transaction limit. This is new since yesterday. I got $ar900 in 3 transactions.

I have been expecting VISA to close this loophole of using Cirrus to avoid high ATM fees since this whole mess started. The thieving banks are on a tear, and they just aren't letting up. And this administration has been happily helping them pry money from the people who can least afford it and give it to people who don't need it. Realize that the ATM fees are IN ADDITION to the 1% conversion fee that VISA charges for the international transaction, which is more than enough for the currency conversion costs.

Interestingly, this whole mess also coincides with the purchase of MBNA by Bank of America. BofA bought MBNA to acquire their credit card accounts, since no sane person would get a BofA credit card with it's outrageous fees. They raised the fees in EVERY category, including installing a 3% International Transaction fee, where there was NONE before. They they sent out e-mails shouting "Use Your BofA Card More". Yeah, right. No, we're looking forward to cancelling the account. I haven't used a credit card to pay for anything internationally in years. All that has me thinking that a part of this may also be aimed at forcing international travellers to use credit cards to pay more and thereby get the high credit card fees, since BofA, Citibank, and Chase have bought up most of the at least VISA credit card accounts in the US and put International Transaction Fees on ALL of them.

I am glad I am using an ATM card with no fees.

I had problems today also; however I'm sure it said the limit was $350ar. This was with a Visa debit card at a "LINK" machine using Cirrus. I also have a MasterCard debit account and was able to take $400ar and did not see the limit message with this card, so if you have a MasterCard account you may be able to take more.

Stopped by the local bank today to inquire about the recent screw the customer actions of the local banking system. Spoke with the assistant bank manager - who turned out to be a heck of a nice guy (kept telling me how hard it is to do business here in Argentina. Proud of his country, but in no way an apologist for the total lack of customer oriented business practices here)

He called LINK for me, some of the information they gave him is true - some is not:

- newly imposed 300p per day limit for Foreign issued cards (this is not totally accurate, as the real amount is 350p and is a per transaction limit not daily limit)

- this was done by LINK and not the local banks, for the reason of curbing fraud in the form of cloned cards, etc. Coming in line with the recent Banelco system changes (this is total BS, as the daily limit can be reached - but with multiple transaction. Read that: MORE FEES for some users!)

- He suggested that we all call LINK customer service to complain about the recent change. I tried for a direct number to a high level person at LINK, the best I got was a toll-free number to their customer service.

If you care about this issue, I suggest you give them a call: 0800-888-5465 (this is a local BsAs toll-free number) If you care to call from the USA or other country, you will not be able to use this toll-free number. I will try to get a direct dial telephone number for your use tomorrow.

Alan

Now this is getting ridiculous.

I use multiple foreign ATM cards and for many years now I could always find some combination of card / network that would give me 1000+ pesos from pretty much any cajero.

NOW, with these latest Banelco / LINK limits imposed I am finally down to no more than 300 or 350 pesos a day, no matter what combination of card / network I try.

Argentina has finally put the squeeze on us mongers. With the ATM situation now restricting my financing to less than two ho's a day, I may have to go explore greener pastures.

I was recently in BA with the same problem. I normally traveled with little cash and used the ATM alot. But I'm glad my friend warned me so I brought all cash. Its a lil risky to bring it that way but to be without money in BA is riskier.

Post this warning to all mongers. I compare it when Argentinians could only withdraw 100 pesos during the crisis.

[QUOTE=Khoofoo]Now this is getting ridiculous.

I use multiple foreign ATM cards and for many years now I could always find some combination of card / network that would give me 1000+ pesos from pretty much any cajero.

NOW, with these latest Banelco / LINK limits imposed I am finally down to no more than 300 or 350 pesos a day, no matter what combination of card / network I try.

Argentina has finally put the squeeze on us mongers. With the ATM situation now restricting my financing to less than two ho's a day, I may have to go explore greener pastures.[/QUOTE]

[QUOTE=Khoofoo]NOW, with these latest Banelco / LINK limits imposed I am finally down to no more than 300 or 350 pesos a day, no matter what combination of card / network I try.[/QUOTE]I dunno...I use a Master Card/Cirrus card on Link and get 1,500 pesos every time I go.

SL

[QUOTE=StrayLight]I dunno. I use a Master Card / Cirrus card on Link and get 1,500 pesos every time I go.

SL[/QUOTE]SL,

Are you in BsAs now and have you made a 1500p withdrawal within the last 5 days?

If so: where exactly was the ATM machine located, bank name, etc.

[QUOTE=Alan23]SL,

Are you BsAs now and have you made a 1500p withdrawal within the last 5 days?

If so: where exactly was the ATM machine located, bank name, etc.[/QUOTE][blue]Hi Alan,

StrayLight specified a "Master Card / Cirrus card on Link" combination, which was something similar to what my next ATM experiment was going to entail. The Link machines I've used actually provided access to several ATM systems, including Cirrus. I've never used anything but the Link system in these past situations, but I did review these options for future reference, and now seems to be the time to start trying them out.

Thanks,

Jackson[/blue]

[QUOTE=Jackson][blue]Hi Alan,

StrayLight specified a "Master Card / Cirrus card on Link" combination, which was something similar to what my next ATM experiment was going to entail. The Link machines I've used actually provided access to several ATM systems, including Cirrus. I've never used anything but the Link system in these past situations, but I did review these options for future reference, and now seems to be the time to start trying them out.

Thanks,

Jackson[/blue][/QUOTE]Hi Jackson,

The reason I asked Straylight the exact location of the ATM is that I have been using either Cirrus or Visa Plus on LINK in the past - never with problems. My issuing bank swears up and down they have made to changes, and this is a result of new limitations imposed on the Argentine side.

Interestingly, my card has never worked at all in a Banelco machine. So I have been driven to always use LINK - so when Banelco imposed the new limits and LINK did not (until recently) it did not matter.

Dodging broken and dog-shit covered sidewalks is something we can all live with. Not having easy access to cash for daily living expenses is another.

Regards,

Alan

[QUOTE=Alan23]SL,

Are you BsAs now and have you made a 1500p withdrawal within the last 5 days?

If so: where exactly was the ATM machine located, bank name, etc.[/QUOTE]I am in BsAs (I live here) and I don't remember when the last time I withdrew a full 1,500 was, but it was not much longer than a week ago. I'll try to remember to do it again today to check it out.

Normally I use Banco de la Nation or HBSC. The exact location of the machine has not mattered in the past.

SL

So I just now made a 1,500 peso withdrawal using a Master Card / Cirrus / Link combination at an HSBC.

[QUOTE=StrayLight]So I just now made a 1,500 peso withdrawal using a Master Card / Cirrus / Link combination at an HSBC.[/QUOTE]It looks like Master Card is the key here. The last withdrawal I made before leaving BsAs was over the $350 limit and it was with Master Card.

[QUOTE=Punter 127]It looks like Master Card is the key here. The last withdrawal I made before leaving BsAs was over the $350 limit and it was with Master Card.[/QUOTE]Had another discussion with LINK today. The recent 350p limitation imposed by LINK on VISA transactions is a result of Visa International reducing the amount of commission they pay LINK for their transaction processing. LINK is not shy about admitting that they are forcing customers in making more transactions to generate more revenues for themselves.

So how long will it be before Mastercard follows suit with Visa International? Probably not long. It was about 5.5 months between Banelco changing their withdrawal policy, and LINK doing the same.

I did not find voicing my displeasure to LINK to be very effective. Would recommend that those planning to fund their living expenses from ATM cash withdrawals, acquire more than one non-limited, fee minimized card.

Good luck guys - and welcome to the financial frontier!

I wonder if this is limited to Argentina? Seems like the financial process here is always sub-par.

I withdrew another $1,500 pesos today using MC / Cirrus / Link.

I took out about 600 pesos at Banco Francia on Bonpland and Sante Fe in Palermo. I think I could have withdrawn more.

Every U. S. Based bank has its own policy, but it's common to restrict withdrawals to a daily maximum on a bank debit / check card. I discovered that my community bank had a $300 maximum as standard, but would increase it to $500 on my request. I suspect some of the limit issues discussed here were not Argentine.

[QUOTE=Sidney]Specifically, Visa still limited to 300--350 pesos?[/QUOTE]Sidney,

The answer remains yes when using a Visa sponsored ATM card: 350 pesos. You are able to make multiple requests of 350 pesos until you hit your "home" bank daily limit (I. E. $400 USD) So you stand there and make 3 withdrawals within one minute.

Of course the problem is the Argentine Processors / Banks are counting on you having to pay a "per transaction fee", which many of us do not - at least to a limited number of transactions per month. I personally get 8 freebies per month, unfortunately I can not live on 8 withdrawals a month. So "plan B" has been to acquire 2 other ATM cards, also with no fee transactions.

Two words to describe the Argentine banking system: IT SUCKS!

Take care: that you don't pay a transaction fee probably only means that your own bank does not charge one. If there are fees from the other bank, you may very well be hit by them.

No doubt that the Argentine banking system sucks, but it seems to be a Argie bank - VISA double suck.

2 centavos.

El Alemán

Is there an Amex office in BA that will cash a $US check? If so, where is it? That would solve the ATM problem.

[QUOTE=Jtenge]Is there an Amex office in BA that will cash a $US check? If so, where is it? That would solve the ATM problem.[/QUOTE]No it wouldn't, you'd end up paying higher fee's, You think Amex works for nothing?

Exon

Will be in BA for a week soon and noticed this thread. When in Mexico we mostly used our bank debit card until recently. Switched to travelers checks to avoid fees and cashed them at the casa de cambios.

Will that approach work in BA?

Are the fees a bigger deal if you live in BA?

Also, what's this about having two cards from the same bank. How does one do that? Is there any advantage other than increasing the maximum $ amount of daily withdrawals?

It would probably work using travelers' checks, but personally I hate dealing with them.

If you have a Master Card debit card from your bank, your limit here should be whatever your bank's normal limit is. Mine was U$S 500 before I left the States and my bank gave me an U$S 800 limit on asking. I can pull out 2400 pesos a day (really whatever the exchange rate works out to the U$S 800 limit) except for the weekend, when I am limited to 2400 pesos from Friday midnight to Sunday midnight (pain in the ass fraud prevention) but that is my bank's limit, nothing down here.

I have a Visa debit card from another bank where I am indeed limited to 350 pesos per day, but as descrbibed below, that is a local limit applied to Visa cards because of their pricing structure.

The fees charged are not out of the ordinary for a single transaction, it is the fact that LINK is creating this "artificial" limit to force the user to pay more transaction fees because Visa reduced how much it is paying LINK for each transaction. Therefore, if you have a Master Card it is still reasonable IMO.

If you don't mind paying normal fees per transaction for Visa, and don't mind the fact that you have to pull money out more often and therefore pay more in overall fees, Visa is still better than travelers' check as far as convenience goes. Remember - the limit is per transaction, but you can perform as many transactions in a day that your bank allows. You may have a hard time finding a place to cash your checks on Saturday and it may be impossible on Sundays and holidays (of which they have quite a few down here) If you're staying in a hotel, they MAY cash your checks on a holiday or Sunday, but I've never stayed in a hotel here and can't speak to that. I've done that in other countries is why I mentioned it.

For those of us living here, the only issue is that to withraw our money using a Visa card, it costs us more if that's all we have to depend on because we live here and have to do withdraw more often and therefore pay more in fees. Obviously, the more transactions to get out what we need, the more it costs us. If I had to pay rent by extracting money from an account with a Visa card, for example, I would have roughly 8 times more in fees just to get the money out to pay rent than I would if I had to use a Master Card.

If you can, just open a Citibank account, any no-fee or low fee checking account will do, before leaving the states. Just use that debit card and you can draw out $1k / day except as noted the Fri-Mon counting as one long day for max limits.

For living and traveling abroad, Citibank is imo the best option. Interinstitution transfers, in or out, are free from your other bank or investment accounts and unless you need a huge transfer the 1 or 3 day transfer isn't that big a deal compared to a wire.

Withdrawing from any Citibank branch around the world is no fee. Every now and then one branch somewhere screws up and tries to tack on a foreign funds withdrawal fee, but that only happened twice in my 1.5yrs in BasAs and a call to Citibank gets that reversed.