Exchanging Currency

[MataHari]

I'll take them.

Sorry guys, Thomaso shot the first so he got the deal...

[Daddy Rulz]

Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.

I'll take them.

[MataHari]

Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.

[Joe 23]

Dollar blue has it down to 9.3.

The blue market is almost frozen because Guillermo Moreno put pressure on two of the most influential executives in the exchange market, according to the BA Herald. The official rate moved up half a centavo today.

Seems that the government wants to keep the blue within twice the official and this has so far worked for two days, but we still have to see if it can continue.

[Don B]

Dollar blue has it down to 9.3.

Could be the latest Federal Reserve Report.

I could find the site I read about the change from the previous one but the gist is there were only six words changed.

Essentially the Fed has now admitted in writing that fiscal policy hampers growth. Who would have thought that?

Don B.

[Daddy Rulz]

Dollar blue has it down to 9.3.

[Damman]

Cannot help but believe the Government and / or its cronies are the big purchasers in this blue market. They sure as hell cannot print US dollars, but pesos they can print. Easy swap if your in the inner circle. No questions ever asked.

[Canardly]

Bear in mind that this is an "informal" transaction.

Maybe the types of razor thin spreads quoted are representative of million dollar transactions between dealers but in practice, for typical transactions the spreads are rather higher.

The excellent article posted by Damman shows, for me, the danger of using unreliable source data and drawing unwarranted conclusions therefrom.

[Damman]

I've been studying the varoius websites that publish unofficial blue dollar rates.

Some of these published rates just don't make any sense to me.

Specifically, yesterday La Nacion published the blue dollar rates as:

DÓLAR BLUE COMPRA = 9,260.

DÓLAR BLUE VENTA = 9,300.

That's only a .5% margin.

Also, ambito.com lists the rate as:

COMPRA = 9,300.

VENTA = 9,340.

That's only a .45% margin.

So my question is: How do these rates make any sense?

For example, if a money exchange was to utilize these rates, how could they possible stay in business on a 1/2% margin?

Thanks,

Jackson

This piece kind of addresses your question. Rough translation:

If we accept the idea that the free dollar market moves $30 USD million a day this would generate some $102,000 USD per day in commissions (the average spread buying / selling since January 2012 is 0.34% or income before costs $34 USD for each of those intermediaries. This figure ($714 USD per month) is clearly insufficient to maintain brokerage simpler structure, so that the volume should be significantly larger market (a market of $75 million per day USD mean income before expenses $1,761 USD per month per agent).

http://www.cronista.com/economiapoli...0513-0027.html

http://translate.google.com/translat...tbb=1&ie=UTF-8

[Santa]

Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.

No ideal whether this is true or not.

They stopped issuing US dollars in the Uruguayan ATMs about two weeks ago.

Had this confirmed at HSBC Uruguay.

[Don B]

Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.

[Canardly]

http://www.dolarblue.net

Quotation on dolarblue.net is still 10.03 on the ask, unchanged since Friday afternoon although the liquidacion (for international money transfer via ADRs) dropped 11 centavos.

Looks like the cuevas are cooperating with the government and holding back a little, therefore street spreads may widen until volume comes back.

[Sleeper]

I just got 9.0 there. I was going to exchange USD 1,000, but ended up changing only 200 as I figure one might do better elsewhere.

Looks like Moreno shook these guys up a little; recently I got 9.1 when the published rate was lower. I'm guessing this will all change soon, though.

[Gandolf50]

I apologize profusely in advance if this has been answered already, but I haven't found a post with a clear-cut answer yet.

I'm extending my trip to Buenos Aires by six months, and I need to get dollars from my US account. Since I will be going to Colonia to renew my visa, I plan on picking up dollars there.

The problem is that my credit union severely limits what I can take out of an ATM daily.

Is it possible to wire dollars to a bank and withdraw them? Or use something Western Union? Or will the money automatically be converted to Uruguayan Pesos?

There's some talk about using xoom in the forums, but I'd rather stick to traditional methods and companies with a solid reputation. However if xoom turns out to be the best option, I would open to using it.

And if anyone has any other ideas on how to get dollars from my account to Uruguay, I would like to hear them. Thanks.

Just go into the bank and take out a cash advance on your card from a teller.

[Don B]

I apologize profusely in advance if this has been answered already, but I haven't found a post with a clear-cut answer yet.

I'm extending my trip to Buenos Aires by six months, and I need to get dollars from my US account. Since I will be going to Colonia to renew my visa, I plan on picking up dollars there.

The problem is that my credit union severely limits what I can take out of an ATM daily.

Is it possible to wire dollars to a bank and withdraw them? Or use something Western Union? Or will the money automatically be converted to Uruguayan Pesos?

There's some talk about using xoom in the forums, but I'd rather stick to traditional methods and companies with a solid reputation. However if xoom turns out to be the best option, I would open to using it.

And if anyone has any other ideas on how to get dollars from my account to Uruguay, I would like to hear them. Thanks.

Have you asked your credit union for special treatment? Once upon a time my bank allowed me to take out $2000/ day.

Don B.