Exchanging Currency

[Seismo]

Coins- I have noticed in the past few weeks several Chinese grocery stores and Chinese buffets offering to buy coins at a 5% to 7% premium. Any ideas on why this is happening as I haven't seen a coin shortage anywhere?

[Mack Dad]

Mack Dad,

I know next to nothing about bitcoin but I thought it was entirely digital and online. I don't understand how there is anything to see?

And ... What does it mean "to roll thru a cave and change out my Benjamins"? I get that Benjamin s are $100 US bills. It's the "roll thru a cave" part that I don't get.

Thanks, Bob.

Google Bitcoins and you will see that its huge in BA. As far as black market aka blue rate is concerned it you can go change with a friend in BA. Only problem my known associates down there only wanted to give me 7.5. I took the chance and walked Florida and found a arbolito (tree) aka the guys yelling change change dollars, euros, Reias. You ask him what rate he is giving. If the rate is agreeable he walks you to a cueva (cave) aka side business buying dollars. The business I went was inside a shopping area and was setup as a travel agency selling tango tours. They asked how many 100 dollars bills I wanted to change. I told them 2. I received 1740 pesos. I inspected all the pesos made sure they had the red serial numbers, silver strip and water mark. The counterfeit bills tend to have the black serial numbers.

Now there are restaurants that accept dollars at black market rate but the one I went La Estancia was only giving 7.5 to pay for your meal.

I just got back from BA this weekend and at 8.7 it made this trip very affordable.

[AllIWantIsLove]

Mack Dad,

I know next to nothing about bitcoin but I thought it was entirely digital and online. I don't understand how there is anything to see?

And ... What does it mean "to roll thru a cave and change out my Benjamins"? I get that Benjamins are $100 US bills. It's the "roll thru a cave" part that I don't get.

Thanks, Bob.

The max rate is given for large bills. You show up with less then Benjamin's the rate drops. They are all over Florida and most of them are business's that are buying as many dollars as possible. I also saw people trading bit coins in the alleys for pesos. I was here back in March and was very Leary in dealing with back alley conversations. I went to a galithic bank atm Saturday night to make a 500 peso with draw. One of those bills was fake. I was so mad I got stuck with a bad bill. So I decided on this trip to roll thru a cave and change out my Benjamin's. It worked.

[Tres3]

If you have the ability, you should deal with clean, crisp 100 dollar bills. The newer, the better. That is true in most of the world, not just Argentina.

Tres3.

[Boston]

G.

I had a problem with ATM years ao and learned that the machines are operated independently from the bank itself. Look at ATM for the name of the company (IE Banelco I think) and a phone number to make a complaint. The bank that houses the machine will not take responsibility.

Is there an advantage in dealing with 100 dollar bills?

[Thomaso276]

Fucking Banco Frances at Cabildo and La Croze, I was with an Argie friend of mine and we went directly inside and the manager just said "That's impossible." Bunch of bastards.

G.

I had a problem with ATM years ao and learned that the machines are operated independently from the bank itself. Look at ATM for the name of the company (IE Banelco I think) and a phone number to make a complaint. The bank that houses the machine will not take responsibility.

[Daddy Rulz]

The max rate is given for large bills. You show up with less then Benjamin's the rate drops. They are all over Florida and most of them are business's that are buying as many dollars as possible. I also saw people trading bit coins in the alleys for pesos. I was here back in March and was very Leary in dealing with back alley conversations. I went to a galithic bank atm Saturday night to make a 500 peso with draw. One of those bills was fake. I was so mad I got stuck with a bad bill. So I decided on this trip to roll thru a cave and change out my Benjamin's. It worked.

Fucking Banco Frances at Cabildo and La Croze, I was with an Argie friend of mine and we went directly inside and the manager just said "That's impossible." Bunch of bastards.

[Mack Dad]

The max rate is given for large bills. You show up with less then Benjamin's the rate drops. They are all over Florida and most of them are business's that are buying as many dollars as possible. I also saw people trading bit coins in the alleys for pesos. I was here back in March and was very Leary in dealing with back alley conversations. I went to a galithic bank atm Saturday night to make a 500 peso with draw. One of those bills was fake. I was so mad I got stuck with a bad bill. So I decided on this trip to roll thru a cave and change out my Benjamin's. It worked.

[DavieW]

Which is worse, calling somebody a muppet or a wanker?

Pretty much the same. But knowing what a sensitive bunch you lot are I chose the one which might sound less offensive. Ya daft cvnt!

;-)

[Tres3]

Was there something else involved in that exchange at 8.70? That's not a straight deal, could have been other things involved in that deal? Or were all the notes good? Could you change $1000 or more at this rate or only small amounts? Did you have to buy something too? You can go to the Apple store and they will give you 7.00 if you buy a Mac from them!

It's like a 27% FX uplift on a 60% product markup. You tell me, whose getting the deal here?

It sounds as if you are having a case of seller's remorse. We all make less than optimum deals, but we remember that we are dealing on the illegal black market, and move on. We also remember the recent past when the blue market rate went down to 8.00 or when the official rate and blue rate were virtually the same. Stop crying over a few centavos. Ronald Reagan once said "No team ever went to the World Series with a perfect record".

Tres3.

[Rock Harders]

Was there something else involved in that exchange at 8.70? That's not a straight deal, could have been other things involved in that deal? Or were all the notes good? Could you change $1000 or more at this rate or only small amounts? Did you have to buy something too? You can go to the Apple store and they will give you 7.00 if you buy a Mac from them!

It's like a 27% FX uplift on a 60% product markup. You tell me, whose getting the deal here?

Mongers-.

This guy is having a hard time understanding because he is obviously dealing with outdated / inaccurate information. Unfortunately the Ambito website no longer accurately reflects the true cueva prices. The actual buy / sell spread at Friday's close was 8.70/8.95.

Suerte,

Rock Harders.

[Gandolf50]

Where I change in Moreno is a established currency exchange. Small, but there is not a lot of business here. His normal price the other day was 8.60. When I complained he gave me 8.70. I have been dealing with them for more then ten years. Sometimes they pay more then in the city, other times less. I think it depends on how badly they need the dollars.

[Nikki]

......................

[Jackson]

Was there something else involved in that exchange at 8.70? That's not a straight deal, could have been other things involved in that deal? Or were all the notes good? Could you change $1000 or more at this rate or only small amounts? Did you have to buy something too? You can go to the Apple store and they will give you 7.00 if you buy a Mac from them!

There was nothing else involved in the exchange, other than my friend does a LOT of business with this exchange every week.

I don't know if you could exchange amounts of less than $1,000 USD, but I doubt it. It's a private brokerage, not really a retail exchange. I know my friend has never exchanged anything less than $1 k, and generally more than that.

Thanks,

Jax.

[HiLife]

Was there something else involved in that exchange at 8.70? That's not a straight deal, could have been other things involved in that deal? Or were all the notes good? Could you change $1000 or more at this rate or only small amounts? Did you have to buy something too? You can go to the Apple store and they will give you 7.00 if you buy a Mac from them!

It's like a 27% FX uplift on a 60% product markup. You tell me, whose getting the deal here?