Exchanging Currency

[Gandolf50]

Hey,

My experience in Colombia and a dozen other countries is that ATM s are safe and offer a good rate.

Is this a good plan in BA?

Try reading a few of these posts.

[Jackson]

Hey,

My experience in Colombia and a dozen other countries is that ATM s are safe and offer a good rate.

Is this a good plan in BA?

Sure, if you don't mind taking a 40% haircut on the value of your money.

[Miami Bob]

ATM is about 6.25 pesos for the usDolaar. The blue rate is today (thanks Jackson) about 9.65 pesos for the dollar. You might pay a $15 USD lunch by credit card and it is not worth the hassle for a a small amount of money. For a US$1,000 exchange it is worth the hassle.

There are a few member of this site who earn the living in pesos who likely would love to buy us Dollars. You mighr get a PM offering to buy your dollars at a rate about the blue rate in an easy and painless manner.

If you employ TL as a tour guide, he will walk you through a blue market exchange. If you use "Silver Star Taxi" for airport transfer, Fred will help you exchange money has part of the luxury service he provides. Both Fred and TL have been doing this for years and are both trustable to help you with an exchange. Or you may do it on your own.

[ScottyDog23]

Hey,

My experience in Colombia and a dozen other countries is that ATM s are safe and offer a good rate.

Is this a good plan in BA?

[Jackson]

Greetings Everyone,

Yesterday at approximately 4 pm a friend of mine exchanged $1,000 USD for pesos.

Just before he left to exchange his cash, the popular local exchange rate websites were reporting the following Blue Dollar exchange rates:

La Nacion "Dolar Blue Venta" = 9.63

Ambito.com "Informal Venta" = 9.65

DolarPeso.com "Dolar Blue Venta" = 9.67

DolarBlue.net "Deep Blue Venta" = 9.64

DolarAlDia.com "Dólar Blue Informado" = 9.63

----------------------------------------------------------

Average Published Rate = 9.644

Rate Actually Received = 9.55

Discount from Average Rate = -0.975% (x .9902)

You're welcome.

Jackson

[Maddur]

The cuerva in Galaria Colon on Florida gave me 9.8 pesos per dollar on a $500 exchange on Friday; the same rate as last week. Three French girls in front of me exchanged smaller amounts of Euros with no problems and I don't think they spoke a word of Spanish. They just passed their money to the cashier.

GV.

Looks like the rates have come down a little. No one was going above 9,5 today on Florida.

[Jackson]

Sure, I understand that, but IMHO, those sites are pretty much a waste of time and often-times people look at them and set expectations that have no meaning in the real world (lower AND higher!).

Hi DaveW,

Actually, my research indicates exactly the opposite.

Several times over the past few months a friend of mine has exchanged exactly $1,000 USD at a fairly typical neighborhood cueva.

Each time, the rate he actually received was a relatively consistent 1.50% - 2.00% discount from the average of the rates posted on the aforementioned websites.

At this point, I think it's reasonable to surmise that there is some discernible correlation between the posted rates and the actual rates.

http://www.argentinaprivate.com/forum/showthread.php?p=436449 --- Discount from Average Rate = -1.68%

http://www.argentinaprivate.com/forum/showthread.php?p=435334 --- Discount from Average Rate = -1.64%

http://www.argentinaprivate.com/forum/showthread.php?p=435074 --- Discount from Average Rate = -1.42%

http://www.argentinaprivate.com/forum/showthread.php?p=434823 --- Discount from Average Rate = -1.52%

http://www.argentinaprivate.com/forum/showthread.php?p=434763 --- Discount from Average Rate = -1.57%

http://www.argentinaprivate.com/forum/showthread.php?p=433996 --- Discount from Average Rate = -2.20%

http://www.argentinaprivate.com/forum/showthread.php?p=433925 --- Discount from Average Rate = -1.70%

Anyway, my original post was regarding the usage of the terms "VENTA" and "COMPRA" on these websites.

As I said, my question was an issue of semantics, not a commentary on the accuracy of the websites.

Thanks,

Jackson

[LVonis]

This is my first time here. I have been trying to exchange money but couple times it seems the place already closed when igot there. I thought it was supposed to close around 8 pm. Is there anything that open later than 8 pm? If not, do you know what time these places open till?

Any suggestion for a place near Sheraton convention center?

Thanks.

E.

[DavieW]

What I am doing is attempting to ascertain what discount from publicly available numbers that may be used as a rough benchmark as to what exchange rate I might actually expect to get on that specific day.

I can also use this research to explain to guys who want to buy pesos that the rates they see on the Internet are not realistic, and that they should actually expect to get a somewhat predictable lower rate.

Sure, I understand that, but IMHO, those sites are pretty much a waste of time and often-times people look at them and set expectations that have no meaning in the real world (lower AND higher!). As has been shown on many occasions on this site, if you go to any of the recommended places, they'll all be offering near-as-damn-it the same rate (give or take a centavo) on any given day. And they're all pretty honest and reliable. How many of us has ever been ripped off by any of them? Not even me.....and I've been robbed 22 times!

So your best bet is to just go to one of them (two or three if you're desperate to find that extra centavo!) and take what they're offering. In my experience, they'll even tell you if the rates are on the way up / down if you ask them, which helps with deciding how much to change and whether it's worth waiting a day or two.

If someone's new at it and doesn't have the confidence to trust the well-known cambios mentioned on here, or wants to have some idea before they head out, they can always come on here and ask for help. It's a pretty responsive place in general!

[Jackson]

Yes, that's exactly right. Except for the phrase "they will buy.....and sell". Those sites are just reporting a rate, they're not actually providing an exchange service and their quoted rates are nothing more than a guide.

Thinking that the rates quoted on those sites actually means anything in the real world! The only exchange rate that's real is the one you're given whilst you're handing over your Benjamins.

OK, they are useful for getting a ball-park figure, but I'm guessing that those rates are posted once per day, probably based on the previous day's trading, and as we all know, the rate 'on the street' can change from the morning to the afternoon!

DavieW,

I sincerely appreciate your response, but obviously you missed the point of my question.

I am well aware that the websites are only prognosticating a decidedly unofficial rate, and also that none of them are actually in the exchange business.

What I am doing is attempting to ascertain what discount from publicly available numbers that may be used as a rough benchmark as to what exchange rate I might actually expect to get on that specific day.

I can also use this research to explain to guys who want to buy pesos that the rates they see on the Internet are not realistic, and that they should actually expect to get a somewhat predictable lower rate.

To that end, I am seeking whatever data set that proves to be the best barometer of the actual rates being proffered. Thus, it really doesn't matter if I use the "COMPRA" or the "VENTA" data set, but I was perplexed as to the linguistics behind the labeling of the rates.

Thanks,

Jax.

[Boston]

HELLO ALL,

It's been over one year since I visited BA. I would like to use this place on Junin because it is a few blocks from where I will be staying. Is it still open and easy to do business there?

Where is it exactly: address or description of location. Is there anything special needed to change $500+ there. Eg passport or photocopy of passport?

I am arriving Dec 25. Where can I easily change money on either the 25 or 26 of December with a good rate? Would any members who know me like to change money for me at a competitive rate?

Bob inMiami.

I was there in Sept. And the place was open. Competitive rate also.

[DavieW]

Does "DÓLAR BLUE COMPRA" mean "We buy the dollar (at this rate)"?

Does "DÓLAR BLUE VENTA" mean "We sell the dollar (at this rate)"?

Does it mean that they will buy your dollars from you at 9.84, and sell dollars to you for 9.92?

That makes sense: They buy the dollars low and sell them high. The customer pays more to buy the dollars.

Yes, that's exactly right. Except for the phrase "they will buy.....and sell". Those sites are just reporting a rate, they're not actually providing an exchange service and their quoted rates are nothing more than a guide.

What doesn't make sense is that in this same day, the cuevas were buying the dollars at a rate much closer to the 9.92 rate.

In fact, no one was actually buying dollars at anywhere near any of the posted "DÓLAR BLUE COMPRA" rates, and were in fact buying dollars at nearly the "DÓLAR BLUE VENTA" rate.

So where am I going wrong here?

Thinking that the rates quoted on those sites actually means anything in the real world! The only exchange rate that's real is the one you're given whilst you're handing over your Benjamins.

OK, they are useful for getting a ball-park figure, but I'm guessing that those rates are posted once per day, probably based on the previous day's trading, and as we all know, the rate 'on the street' can change from the morning to the afternoon!

[Jackson]

Greetings everyone,

As readers of this website know, for some time now I've been researching the various currency exchange websites hoping to gain insight into the stastical variation between the posted rates and the actual "street" rate.

During this research I have continually scratched my head over the terms used by said websites to describe their rates, said terms sometimes appearing not to make any sense, as follows:

For example, the La Nacion websites lists the following rates:

DÓLAR BLUE COMPRA = 9.84
DÓLAR BLUE VENTA = 9.92

But what exactly does that mean?

Does "DÓLAR BLUE COMPRA" mean "We buy the dollar (at this rate)"?

Does "DÓLAR BLUE VENTA" mean "We sell the dollar (at this rate)"?

Does it mean that they will buy your dollars from you at 9.84, and sell dollars to you for 9.92?

That makes sense: They buy the dollars low and sell them high. The customer pays more to buy the dollars.

What doesn't make sense is that in this same day, the cuevas were buying the dollars at a rate much closer to the 9.92 rate.

In fact, no one was actually buying dollars at anywhere near any of the posted "DÓLAR BLUE COMPRA" rates, and were in fact buying dollars at nearly the "DÓLAR BLUE VENTA" rate.

So maybe I've got this backwards?

Does "DÓLAR BLUE COMPRA" mean "YOU can buy the dollar (at this rate)"?

Does "DÓLAR BLUE VENTA" mean "YOU can sell the dollar (at this rate)"?

If you think it means "YOU can [buy/sell] the dollar (at this rate)", then that means that you can buy the dollars from them at a lower rate, and also that you can sell them the same dollars back to them at a higher rate, so that can't be the translation.

So where am I going wrong here?

Thanks,

Jax

==========================================

FYI, here are some examples of the nomenclature from similar websites:

La Nacion "Dolar Blue Venta"

DÓLAR BLUE COMPRA (the lower rate)
DÓLAR BLUE VENTA (the higher rate)

Ambito.com "Informal Venta"

COMPRA (the lower rate)
VENTA (the higher rate)

DolarPeso.com "Dolar Blue Venta"

Compra (the lower rate)
Venta (the higher rate)

DolarBlue.net "Deep Blue Venta"

COMPRA (the lower rate)
VENTA (the higher rate)

[DavieW]

I am arriving Dec 25. Where can I easily change money on either the 25 or 26 of December with a good rate? Would any members who know me like to change money for me at a competitive rate?

Bob inMiami.

I would have Bob, but I'll be out of the country myself.

[Miami Bob]

HELLO ALL,

It's been over one year since I visited BA. I would like to use this place on Junin because it is a few blocks from where I will be staying. Is it still open and easy to do business there?

Where is it exactly: address or description of location. Is there anything special needed to change $500+ there. Eg passport or photocopy of passport?

I am arriving Dec 25. Where can I easily change money on either the 25 or 26 of December with a good rate? Would any members who know me like to change money for me at a competitive rate?

Bob inMiami.