Exchanging Currency

[MikeT]

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 will be in BA in about a month and will need to change some USD for pesos (1000-2000 USD) what do you recommend?

[SunSeeker]

Got 6 today at the Cervino / Scalabrini cueva.

Looking at xoom it is good you cashed some today. Xoom is at 6. 02 right now, down from 6. 11

[El Perro]

Got 6 today at the Cervino / Scalabrini cueva.

[Daddy Rulz]

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

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

[Mpexy]

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

[TejanoLibre]

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

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

[Mpexy]

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.

[Brad Pito]

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.

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.

[Wild Walleye]

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.

[Member #1164]

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.

[El Perro]

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.

6. 25 as I type this. I would expect 6 at a cueva, and wouldn't accept much less than that.

[SunSeeker]

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

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.

[Mpexy]

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!

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

[TejanoLibre]

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.

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!

[SnakeOilSales]

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.

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.