Exchanging Currency

[Gandolf50]

This is based on my experience in currency control countries.

If any of this is wrong please correct me.

1) Unlike its neighbors Uruguay and Paraguay (don't know about Brazil) Argentina strictly controls the exchange of its currency.

This is partly due to the default etc of ten years back but basically it is because Argentinians would like to move as much money as they can out of the country and the government wishes to stop them doing so.

Interesting article in page 26 of Clarin today,"Sin dolares, con mucha humillacion." Basically a retired person with 12000 ARG per month pension tried to get $2000, the cashier accepted 9000ARG and told the customer they had to get AFIP (=IRS) permission. Which was denied. The only legal way to exchange currency is at a bank or cambio (with passport) or at an ATM, which will issue ARG with a fee. 17ARG I think.

If you try to change ARG for dollars, they will require proof that you legally acquired them, remember this is you need to make a transaction at the Cambio at the airport. (Hint just go to an ATM and pick up an appropriate discarded receipt.)

2) If you want a better rate of exchange it is easy to find it in Uruguay or Paraguay, legally with a receipt from the cambio. It's a little more complicated here. Stores on Florida are advertising dollar rates from 4. 40 all the way up to 5 (perfume store on NW corner of Florida and Lavalle.) If you want to buy something at the store, just tender $100 and receive change from 500 ARG or whatever.

3) Or you can exchange "informally". Just stroll Florida / Lavalle or Corrientes / Libertad and listen to offers of "cambio" from street barkers. You will be invited to give your dollars in some secluded spot and the barker will return (hopefully) in 15 minutes or so after he has negotiated his own deal with whichever local street merchant is most anxious for dollars. You're not taking much legal risk. The police are much more interested in the merchant and in the barker. But you don't have any recourse (except ratting the barker to the police) if you end up with short ARG or worse still the barker fails to return. Market rate now seems to be about 4700ARG for $1000, slightly less for smaller amounts.

Good luck mongers!

This is basically correct. Argentina has only been trying to "control" the exchange in dollars since the election last year. Every one with a brain and a little bit of money that lives here is scared sh*tless. They are afraid its 2001 all over again so they are either trying to put their money outside gov't control (out of the country) or to hoard money under their beds. Since the ARG peso is worthless outside of Argentina and its immediate neighbors (Mercosur) that means changing it to something else. The only type of money that is widely accepted is dollars or euros. (I know there are others but these are the two BIGGIES!) With the euro possibly taking a dive any day that only leaves the dollar. Very few countries try to control the dollar like Argentina, Cuba and Venezuela come to mind and in both countries it has been a disaster. (note these are both countries with strong ties to Argentina) Personally I think it would be better to let the peso devalue and save all the bullsh*t they are going through to try and maintain it. It is going down anyway. It seems every week Moreno (minister of finance & boliches) comes up with a new way to "control" the dollars and capitol flight, but it seems it is just costing the country more in the long term. Personally all this nonsense works for me. I was able to change dollars today for $5. 05!

[Canardly]

This is based on my experience in currency control countries.

If any of this is wrong please correct me.

1) Unlike its neighbors Uruguay and Paraguay (don't know about Brazil) Argentina strictly controls the exchange of its currency.

This is partly due to the default etc of ten years back but basically it is because Argentinians would like to move as much money as they can out of the country and the government wishes to stop them doing so.

Interesting article in page 26 of Clarin today,"Sin dolares, con mucha humillacion." Basically a retired person with 12000 ARG per month pension tried to get $2000, the cashier accepted 9000ARG and told the customer they had to get AFIP (=IRS) permission. Which was denied. The only legal way to exchange currency is at a bank or cambio (with passport) or at an ATM, which will issue ARG with a fee. 17ARG I think.

If you try to change ARG for dollars, they will require proof that you legally acquired them, remember this is you need to make a transaction at the Cambio at the airport. (Hint just go to an ATM and pick up an appropriate discarded receipt.)

2) If you want a better rate of exchange it is easy to find it in Uruguay or Paraguay, legally with a receipt from the cambio. It's a little more complicated here. Stores on Florida are advertising dollar rates from 4. 40 all the way up to 5 (perfume store on NW corner of Florida and Lavalle.) If you want to buy something at the store, just tender $100 and receive change from 500 ARG or whatever.

3) Or you can exchange "informally". Just stroll Florida / Lavalle or Corrientes / Libertad and listen to offers of "cambio" from street barkers. You will be invited to give your dollars in some secluded spot and the barker will return (hopefully) in 15 minutes or so after he has negotiated his own deal with whichever local street merchant is most anxious for dollars. You're not taking much legal risk. The police are much more interested in the merchant and in the barker. But you don't have any recourse (except ratting the barker to the police) if you end up with short ARG or worse still the barker fails to return. Market rate now seems to be about 4700ARG for $1000, slightly less for smaller amounts.

Good luck mongers!

[Gandolf50]

So I haven't been down since March of 2010, at that time it was still quite easy to get dollars from a couple of ATM's down there, is this not the case still? If the exchange rate can be had that much above the bank rate it may change my usual tactics. Would love to know more, are chicas really into getting dollars instead?

Looney

No dollars in ATM's. Argentines need permission from AFIP (IRS more or less) to buy dollars and there is a ten day lead time to get them. (when argies say 10, figure 20!) Don't forget, if you pay in dollars figure 5 to one! Otherwise pay in pesos!

[Roman719]

It would be nice to use USD if possible as the girls can get more value, rather than giving it to the bank. What are you seeing out there?

[Captain Looney]

So I haven't been down since March of 2010, at that time it was still quite easy to get dollars from a couple of ATM's down there, is this not the case still? If the exchange rate can be had that much above the bank rate it may change my usual tactics. Would love to know more, are chicas really into getting dollars instead?

Looney

[Gandolf50]

Its true, Argentines want dollars no matter what the cost. The Euro is shakey for long term right now. So its only dollars. I saw signs on Calle Florida yesterday in several stores for $4. 70. Out here in the boondocks where I live they were paying $4. 90 last week and selling at $5. 50! They even asked me if I had more I wanted to sell and that they could give me a slightly better price. I said why should I when the price goes up almost every week!

[Canardly]

Argentina's government has enacted capital controls to stop capital flight.

Good luck with that one. The result is that people who want to move money out of the country (generally into dollars) will pay a premium to transact an exchange which cannot otherwise be made.

[Kevins]

I don't understand the discrepancy between various rates. Today Dolar Hoy shows that the best rate you could get in BsAs if you were selling dollars is 4. 335. But twice I've gotten 4. 5 on Corrientes and most recently 4. 55. And now Canardly is posting much better rates in nearby countries.

The place on Corrientes is certainly no secret so I doubt that it's black market. And wouldn't international currency trading keep exchange rates pretty consistent around the world?

Can anyone explain how such discrepancies can exist?

Bob

There is the official rate and the paralel rate. The official rate is what you buy and sell for within the legal system f you can provide all the proper arg stip reg otherwise you get the paralel or nowadays the blue rate which is the dif

[AllIWantIsLove]

I don't understand the discrepancy between various rates. Today Dolar Hoy shows that the best rate you could get in BsAs if you were selling dollars is 4. 335. But twice I've gotten 4. 5 on Corrientes and most recently 4. 55. And now Canardly is posting much better rates in nearby countries.

The place on Corrientes is certainly no secret so I doubt that it's black market. And wouldn't international currency trading keep exchange rates pretty consistent around the world?

Can anyone explain how such discrepancies can exist?

Bob

[Canardly]

That's why I'm posting at 10 pm. Monte is kinda dead.

Also $4. 90 in Asuncion last week. Lotta ARG leaving the country, now in weak hands.

[AllIWantIsLove]

I've normally paid chicas in pesos, although a few times I used dollars at Gysell's at more-or-less the standard exchange rate.

But these days are chicas happy to take US dollars at a real favorable exchange rate? If dollars are harder to obtain and everyone expects the peso to fall I'd think that it might be smart to pay chicas in US dollars.

Are any of you guys paying chicas in US dollars, and, if so, what rates are they giving you?

Thanks, Bob

[Rock10]

Got 4. 55 yesterday but may be able to get 4. 70!

Huge difference of opinion between 4. 24 and 4. 73!

TL.

PS- It was in a hidden spot on Lavalle!

TL.

Will take you there.

4. 60 everywhere in the gold and jewelry district Corrientes and Libertad.

Forecast to move to 5. 20 at least next year. Price of chicas is coming down guys!

Madonna only give 4. 00 so take pesos.

Happy Christmas

[TejanoLibre]

Having arrived on Tuesday, the airport cambio was closed. Since I've been to town I've only been able to find "official" cambios, and their bs rates. I've been reading this thread about these secret cambios where one can get between 4. 40 and 5. 00. I've combed every fucking inch of Florida street and the only place I found was the official Metropole Cambio, or whateverthefuck it's called.

If anybody can give me information on where to exchange currency at a better-than-official rate, I'd certainly appreciate it. C'mon guys, help a brother out. Thanks!

Got 4. 55 yesterday but may be able to get 4. 70!

Huge difference of opinion between 4.24 and 4.73 !

TL.

PS- It was in a hidden spot on Lavalle!

TL.

Will take you there.

[Chezz]

Having arrived on Tuesday, the airport cambio was closed. Since I've been to town I've only been able to find "official" cambios, and their bs rates. I've been reading this thread about these secret cambios where one can get between 4. 40 and 5. 00. I've combed every fucking inch of Florida street and the only place I found was the official Metropole Cambio, or whateverthefuck it's called.

If anybody can give me information on where to exchange currency at a better-than-official rate, I'd certainly appreciate it. C'mon guys, help a brother out. Thanks!

[Miami Bob]

Speak with me privately. I am a friend of his family and have had asado with him and his childern.