Exchanging Currency

[Member #3320]

Total cacophony.

Hilarious!

[ElAlamoPalermo]

As I commented a few weeks ago, the "blue" rate has fallen as a result of the following factors:

- The "dolar ahorro"; anyone working in white earning 9400 pesos per month or more can buy USD at the official rate +20% with up to 20% of their salary; they then immediately take these dollars and sell them to a cueva for an instant profit. This provides significant liquidity to the blue market; as has been reported in all the papers, each month of 2015 has set a new record for "dolar ahorro" purchases; more "dolar ahorro" purchases = more supply in blue market = lower blue price. That being said, there has to be a significant profit involved in this exercise in order to make it worth parting with the USD, so the peso has probably found its bottom in the 12.5- 12.90 level.

-The economy is in full blown recession; there are simply less surplus pesos floating around demanding to be dollarized.

-The ANSES (national social security administration) has been selling dollar denominated bonds (those stolen a few years ago from the AFJP private pension system that was nationalized) in order to keep the stock/bond market swap price suppressed. The stock/bond swap market is the better alternative to the blue market for market participants with declared "white" money.

- Market anticipation of a regime change at the end of the year; as the end of the K mis-administration nears and the market anticipates a more pragmatic administration who will be forced to implement corrective measures to cure the economic distortions speculative interest in being in Argentine assets increases. This weeks movement back up to 12,80 (as of wednesday) is partly a reaction to the fact that a pro-Kirchner candidate won the primary election for governor in Salta held last Sunday. The more likely it looks like the Kirchners will stay in control, the more investors and Argentines will sour on the peso.

[BadMan]

Lol.

Actually the dollar just dropped against other currencies in the past few days.

Sometimes I have to remind myself that all numbers generated in Arg are lies. Wonderful article in La Nacion how the gov't stole INDEC and how their economic data is all BS.

I hope that this latest rise is a result of the money folks having enuff of the pressure from the current administration and they have decided to stop the losses they have incurred over the last several months. I honestly believe the current rate is more of a result of threats and favors than true economic formulas. The dollar is stronger all over the world but here it falls against the almighty peso. How is that possible even if the Central Bank is manipulating with their purchases on a daily basis.

[Thomaso276]

Sometimes I have to remind myself that all numbers generated in Arg are lies. Wonderful article in La Nacion how the gov't stole INDEC and how their economic data is all BS.

I hope that this latest rise is a result of the money folks having enuff of the pressure from the current administration and they have decided to stop the losses they have incurred over the last several months. I honestly believe the current rate is more of a result of threats and favors than true economic formulas. The dollar is stronger all over the world but here it falls against the almighty peso. How is that possible even if the Central Bank is manipulating with their purchases on a daily basis.

[Daddy Rulz]

Do you know why?

Seriously, I have some ideas why the peso is the only Latin American currency that the dollar has not improved against in the last 6 months but as to why there was a big jump yesterday I have no idea.

I would enjoy hearing el Alamo Palermo's thoughts on the matter, he is way fucking smarter than me when it comes to this issue.

[Daddy Rulz]

Two days in a row, lets see if it holds.

Finally, see if it holds, I'm changing some today.

http://www.ambito.com/economia/mercados/monedas/dolar/

[Gandolf50]

A bunch of grumpy old men, acting like fraternity boys. Nothing like seeing a person stumble, or get taken to make their day.

Actually, the point is to try to help prevent people from wasting their money. Or at least to help people to get the most out of their money.

[Rev BS]

[Deleted by Admin]

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[Gandolf50]

Thanks Gondolf50, Hot Rod11, Tre3 and TJ for the information (and get a freekin' life Bad Man).

Indeed I have read the most current posts 'bout the blue rate, peso paying atm's, argie fricken banks, (don't you like how they are screwing Citibank) and paying for anything up front. Honest fellers, I didn't just fall off a hay wagon. If you can find me a post about WU paying US Dollars,I missed it Anyhow it costs the sender US$86 per thousand to send by WU. That's like losing 3 hours with a 5 and 15 minutes with a 10. I don't know whether there's any charges at the receiving end of WU and don't really give a shit because it's too much of a discount. Soo, I guess I'll mule the dough in.

Right now, NO One is paying out in US dollars. No one on the grid anyway. There are ways.... But not worth it unless you live here and need to do it on a regular basis. If your coming in as a "tourist" just bring it with you. In a emergency use your ATM or contact a full timer here for other options.

[Bobby Doerr]

Thanks Gondolf50, Hot Rod11, Tre3 and TJ for the information (and get a freekin' life Bad Man).

Indeed I have read the most current posts 'bout the blue rate, peso paying atm's, argie fricken banks, (don't you like how they are screwing Citibank) and paying for anything up front. Honest fellers, I didn't just fall off a hay wagon. If you can find me a post about WU paying US Dollars,I missed it Anyhow it costs the sender US$86 per thousand to send by WU. That's like losing 3 hours with a 5 and 15 minutes with a 10. I don't know whether there's any charges at the receiving end of WU and don't really give a shit because it's too much of a discount. Soo, I guess I'll mule the dough in.

[Gandolf50]

I have read this post daily and I mean every day for the past oh seven to eight years. I just can't remember posts from years ago. If I were to ask about something that was mentioned in the past -- holy shit my response from the members is -- read the fucking posts. Ok I do read it but I can't always remember past posts. Come on guys this type of attitude is not necessary....

Maybe the powers that be need to post a "cheat sheet" or a advice column for newbies. The Argentine economy is unlike most countrys in the world. Most Argentinos avoid using banks if at all possible. There are gov't controls on most money transactions. (which relate to more fees and less money for you) The bottom line is if you bring cash you can get 12 plus pesos for your dollars (this week) and if you use WU after fees etc. May be you will get 8. ATM's will get you close to the official rate, which is around 8.80 now. Now this question pops up every other week. So the people who ask have not read anything, they are just being lazy. They will fit in nicely as most Argies are lazy. We need the 10 laws of Argentina or something.

1) Cash is king! No western Union or ATM's.

2) Always make your deal before you take off your pants, not after.

3) Never, never pay up front! (for ANYTHING).

4) Dont expect a Argentine to be on time or to even show up at the time promised.

5) Dont expect to see the same girl at your door as you saw on the internet site.

6)......................

Ill let others continue. The idea is to READ the posts. Use services and restaurants , etc. Recommended by other posters, or at least get into contact with T.L. If you learn something you think is new while here... Post it! GOOD or BAD! Good luck! Have fun! Be safe!!!

[HotRod11]

I have read this post daily and I mean every day for the past oh seven to eight years. I just can't remember posts from years ago. If I were to ask about something that was mentioned in the past -- holy shit my response from the members is -- read the fucking posts. Ok I do read it but I can't always remember past posts. Come on guys this type of attitude is not necessary....

[HotRod11]

That is the one thing I dislike about this site. What ever you do don't ask for advise. If you do one of these grumpy old men will jump on it and do their best to make you look foolish. Would it kill you to say- buy your pesos on the black market and get oh lets say forty percent more in the exchange for dollars. Thats why I won't post anything, If I do the first thing that happens is someone corrects my grammar then my spelling then someone tells me how stupid I am to ask that question. I have been on this site for many years and It has been very useful but I try not to ask questions.

[Tres3]

Maybe I lost something in the discussion.
Why not withdrawing money from ATM, as you need it ?

Last I heard, an ATM in Argentina gave pesos only, and at the official rate (minus the fees). It is an over simplification, but dollars are generally not available in Argentina. To receive dollars, one has to go to Uruguay. If the poster (BD) does not want to listen to folks with years of experience, he should not ask. People on this board like to help, but you cannot help someone who will not help himself.

Tres3.

[Albert Punter]

Maybe I lost something in the discussion.
Why not withdrawing money from ATM, as you need it ?

Not too worried about getting mugged, but why carry a wad of money out of EZE when once in a while you might ETF yourself dough online through Western Union? I'm thinkin' you send US Dollars from your credit/debit card or bank online through WU to yourself in BA. Or have the Argies stopped WU from paying a receiver in US dollars? According to WU this morning, if asked, WU in Argentina will pay in US Dollars. Anyone out there know if that's true?