Exchanging Currency

[Chicago Guy]

What is the maximum amount of USD to exchange in one go? Would it be risky to carry 2000 USD on Calle Florida? I mean, is there a risk that the people in the cuevas will tip off some of their friends, and then you get robbed on the way back to your apartment? Should I wear a money belt etc, or am I just being overly paranoid?

[El Perro]

I'm not a banker nor do I play one on TV but this is what it smells like to me. Obviously somebody in government is getting wind of this. They can't really stop it because the real transfer of money is happening outside of Argentina and Xoom is only the people furnishing the cash for a service fee but CFK and Co. Know we are beating the official rate and I think they are putting pressure on Casa More to make it harder. Whatever coyma they are paying is enough to keep them in biz but not trouble free.

I could be wide of the mark here but this is my best guess.

I think the increasing hoops and paperwork are designed to protect Xoom from allegations that it is aiding and abetting money laundering. That's why periodic, relatively minor transfers are pretty straightforward, whereas continuous, semi heavy loads like those by Mpexy, draw more scrutiny and more and more paperwork.

I could be wide of the mark as well, but I'm betting Xoom is super sensitive about laundering issues, particularly here in the cradle.

[Daddy Rulz]

I'm not a banker nor do I play one on TV but this is what it smells like to me. Obviously somebody in government is getting wind of this. They can't really stop it because the real transfer of money is happening outside of Argentina and Xoom is only the people furnishing the cash for a service fee but CFK and Co. Know we are beating the official rate and I think they are putting pressure on Casa More to make it harder. Whatever coyma they are paying is enough to keep them in biz but not trouble free.

I could be wide of the mark here but this is my best guess.

[Mpexy]

Read my Xoom saga going back to aug in this thread if you got time to kill waiting for some chica to travel to your place.

You are just starting the first of many walls Xoom and More Casa puts up. All can be overcome but it's a hassle for sure

[Member #3320]

Mongers,

I changed money at xoom for the 2nd time today. First time was just a "test" run. Today was changing for real need.

The xoom transaction online went fairly well and was approved within 4-5 hours with no paper work submission.

However, at "Money & More" counter at Libertad, it was quite a odyssey.

When I reached the Money / more counter at libertad, their were only 3 people ahead of me. But when I was done, their were at least 15 people awaiting behind me!

The guy took almost 45 minutes with me. Asked me so many questions. Believe me, I never had to answer so many questions even at US immigration or for a job interview in my life! It was like I was standing in the court for a criminal case and undergoing severe interrogation by the public prosecutor!

Questions were like " which company you work for ","what is the company's address and phone no"," what is the company's website","what are you doing in ARgentina"," Till how long you would be here"," why are you on such a long trip in Argentina"," are you single or married"."How many times a year you come to Argentina" " How many transfers you plan to make further via xoom"," why don't you use your debit card, why use money / more" " do you have another means of I'd other than your passport" etc etc etc.

It was not very pleasant. Everybody knows they are giving a blue rate (though not necessarily the best rate). I got a difference of 450 pesos, had I us$ and changed us$ directly in a cueva as compared to them!

And worse thing was to see so many people awaiting behind me! I wonder if all will go through the similar ordeal.

My first xoom transaction was on 10th Aug for 500 us$ and had gone super smooth. I was in and out of the place in like 3 minutes. But today was really horrible. What are they trying to achieve? Not sure!

[Mpexy]

Update. Got past this latest hurdle step today and More Casa cleared me for continued txns and released the txn I was blocked from picking up last Friday. Until whatever next tier I hit I imagine. Argh!

'Soporte el fondos' requirement after hitting 50k pesos grand total was thankfully passed with just a copy of my current bank statement. PDF download from my online account. They took, scanned and made copy to send into their home office then some upper level guy aside from the normal clerks reviewed my statement and passed me. Took an extra 20 min from usual process.

All my prior posts outlines each specific hassle / verification step imposed by either Xoom or by More Casa the pickup vendor.

This time it was More Casa (again). No matter being cleared by Xoom for higher send limits and being under cap just fine right now, More Casa told me today couldn't pickup my 1k send txn because I now have to prove that I own the sending bank account.

They told me this triggers when anyone hits 50k pesos total sent through More Casa. Didn't say time period mattered, just overall total.

So the demand now is I bring actual paper print out. Said would not accept email or PDF or digital copy- of my bank statement showing official bank statement form and at least one month worth of transactions showing the Xoom debits going from my account.

Have the prints now after hassle finding locutorio to make prints and waiting till mon when More Casa opens again. Knowing Argie logic they will say my bank txn amt doesn't match the More txn amount (because my bank will show $1030 deducted inc Xoom fee while More shows only $1000.

Will see how it goes mon but heads up if you will, be using Xoom mid to long term, new hassle trigger for this step hits at 50k pesos total via More Casa

[Member #2041]

From what I hear, Xoom rates are better than a person can get in Mendoza, but lower than what one can get on Florida street. After fees, the Xoom rate right now is an effective 5.795 pesos per dollar, based upon a rate of 5.983 and a fee structure of just over 3% on top of that. I used them for a transfer to myself for when I arrive in Mendoza in a couple of days via Santiago Chile, but I have no intention of using them in Buenos Aires, where something around 6.1 seems to be the prevailing rate.

FYI, my Xoom pickup in Mendoza went without a hitch. But the very same place that I picked up my cash was also making available exchange of dollars at a Blue rate of 6. 0 Pesos to the dollar. For a single $100 USA bill, with no negotiation involved. So, net-net, I should not have bothered with Xoom and their effective 5. 8 rate, when I could have had a rate of 6 or better from the exact same Cambio. I will post more details about this in the Mendoza thread.

[Member #2041]

Looks like the xoom rate is lower than the local cuevas. Even before their fees.

From what I hear, Xoom rates are better than a person can get in Mendoza, but lower than what one can get on Florida street. After fees, the Xoom rate right now is an effective 5.795 pesos per dollar, based upon a rate of 5.983 and a fee structure of just over 3% on top of that. I used them for a transfer to myself for when I arrive in Mendoza in a couple of days via Santiago Chile, but I have no intention of using them in Buenos Aires, where something around 6.1 seems to be the prevailing rate.

[SunSeeker]

Looks like the xoom rate is lower than the local cuevas. Even before their fees.

[Mpexy]

All my prior posts outlines each specific hassle / verification step imposed by either Xoom or by More Casa the pickup vendor.

This time it was More Casa (again). No matter being cleared by Xoom for higher send limits and being under cap just fine right now, More Casa told me today couldn't pickup my 1k send txn because I now have to prove that I own the sending bank account.

They told me this triggers when anyone hits 50k pesos total sent through More Casa. Didn't say time period mattered, just overall total.

So the demand now is I bring actual paper print out. Said would not accept email or PDF or digital copy- of my bank statement showing official bank statement form and at least one month worth of transactions showing the Xoom debits going from my account.

Have the prints now after hassle finding locutorio to make prints and waiting till mon when More Casa opens again. Knowing Argie logic they will say my bank txn amt doesn't match the More txn amount (because my bank will show $1030 deducted inc Xoom fee while More shows only $1000.

Will see how it goes mon but heads up if you will, be using Xoom mid to long term, new hassle trigger for this step hits at 50k pesos total via More Casa

[Toymann]

Got 6. 1 to 1 at the cervino cueva an hour ago. 10x$50=$500 USD

Thanks WhiteCat. Got a great tip from blanco gatita. I am staying on junin kitty corner to the cemetery in recoleta. As you head down junin after vincente Lopez and before las heras there is a coin store across from the newly renovated recoleta mall. Walked in and asked for cambio. Nice young fella walking me into the back room that is setup like a bank tellers window. No hassles and very professional. Was offered 6:1 for 1000 countered with 6. 2 for 2000 used. Agreed after a short discussion with the boss. Good bills, checked them all out, looked just fine. Very convenient as this store is 10 meters away from my apartment. Highly recommended. Thanks Kitty. Mongering on all. Toymann

[SunSeeker]

Got 6. 1 to 1 at the cervino cueva an hour ago. 10x$50=$500 USD

[Daddy Rulz]

Hi. Did you give him five 100-dollar bills? Is it a problem if the bills are not crisp / new? I don't know why, but some people like to to write and put stamps on USD bills.

None of them were crisp. One of them was old style which I expected to be a problem but wasn't. Your question is a good one though because I have run into that issue in the past. I've had people not accept anything except 100's, or reject them for being old. When I got my visa for Paraguay they (Paraguayan consulate in Posadas) would only accept certain series of 100's. I forget which ones but it was about half.

[Member #2041]

Do you know if hotels etc are legally obligated to accept payment in pesos at the official rate?

For instance, the Hyatt charges 500 USD per night. At the time of check-out, could you insist on paying the bill in cash at 2250 (500 * 4. 50) pesos per night?

Ciao

If you pay by credit card, don't they actually HAVE to charge you that rate in Pesos converted at the official rate? The reason that they charge the exhorbitant $500 rate is that they realize that, once it's converted to pesos as via the credit card, they are only actually getting the REAL dollar equivalent of around $375 in pesos. The problem is, your CC company will do the exchange at the official rate as well, and you will end up paying $500 USD, the Hyatt will get peso equivalent of $375 at the blue rate, and your CC company either gets a large arbitrage opportunity if they illegally trade on the real currency market, or they effectively burn that significant value if they act fully legally.

So in fact, the best thing is for you to pay in cash, in Pesos, that you got at the blue rate. It makes no difference to the Hyatt, but your CC company loses a huge arbitrage opportunity.

[SnakeOilSales]

Do you know if hotels etc are legally obligated to accept payment in pesos at the official rate?

For instance, the Hyatt charges 500 USD per night. At the time of check-out, could you insist on paying the bill in cash at 2250 (500 * 4. 50) pesos per night?

Ciao

Yes, hotels and every other business in Argentina (airlines, travel companies, hint hint) are required to accept pesos at or near the official rate (within 1-2%). Buying / selling / accepting USD or any other foreign currency at anything other than the official rate (or within the range I mentioned) is illegal.