ATM's

[MrJones]

Here's info on ING's Electric Orange account from their website:

Foreign Transaction. If you use your Card for a foreign transaction (any transaction made in a foreign currency or that MasterCard® classifies as a cross-border transaction) a charge of 2% of the foreign transaction amount will be applied (if it ’s in a foreign currency, this will be based on the amount after it ’s converted to U. S. Dollars by MasterCard®) This is in addition to what MasterCard® may charge as part of converting the purchase to U. S. Dollars.

[Jaimito Cartero]

Thanks for the info on Citibank. I've found in Asia that they often have the highest limits, so when / if I need to change some money, I'll find one to change at.

[El Perro]

Went to Citi today on Santa Fe and pulled 1000p as a test for a Smith Barney FMA Mastercard. Lots of options came up on the screen (like 2500 pesos) I got 3.16 rate but will check my account tommorrow to see if they took a fee. They had told me they charge 1% for int'l charges. Alot better than 3% from HSBC.

The 3% is such a rip because it is HSBC account and local branch (sort of with Arg banking BS) and because they sell themselves as an international bank!

Think about it; at 3000 dollars monthly 3% will cost you over 1000 bucks a year. As it is, if I change my personal financial system it still cost me 360 bucks a year.

Nice work. Keep us informed. If we can find a failsafe card to use that would save a bunch of us alot of hassle.

[Thomaso276]

Went to Citi today on Santa Fe and pulled 1000p as a test for a Smith Barney FMA Mastercard. Lots of options came up on the screen (like 2500 pesos) I got 3.16 rate but will check my account tommorrow to see if they took a fee. They had told me they charge 1% for int'l charges. Alot better than 3% from HSBC.

The 3% is such a rip because it is HSBC account and local branch (sort of with Arg banking BS) and because they sell themselves as an international bank!

Think about it; at 3000 dollars monthly 3% will cost you over 1000 bucks a year. As it is, if I change my personal financial system it still cost me 360 bucks a year.

[Duddehaha]

BTW - he swears that his bank will allow foreigners to open an account with nothing more than a passport. No tax ID or anything. He called one day while we were having an MSN discussion about this, and actually called two different times, talking to two different people and actually got the same answer (I don't know about the tax id part of this though. That seems a little far-fetched.

The bank is Banco Galicia. You have to go to their main headquarters branch to do this (according to the conversations my programmer ahd with their represenatives) but it is possible to do so.

Do you know where the headquarters is located?

[Redondo]

First rates by my bank, second by oanda.

4-4-2008 1 euro for 4,88 - 1/4,95 - 1,5%

1-4-2008 1 euro for 4,95 - 1/5,00 - 1,0%

29-3-2008 1 euro for 4,94 - 1/4,99 - 1,0%

So that would be a fee of around 1%

[Redondo]

Is this on the level or some very dry sarcasm? As I mentioned, the ATM situation is an inconvenience. Going to the freakin' ATM "10 or 15 straight days" qualifies as inconvenient in my book. In addition, I do bring alot of cash here for rent. And, what benefit would one derive from paying with 100p notes at restaurants? Having enough change is not the issue here. Having access to an adequate and reasonable amount of dollars through the ATM system without having to get gouged in the process is the issue. And, to further illustrate the point, if you do bring enough dollars in country to pay for rent and so much else over the period of a year, where do you keep that money? Why of course, under your mattress, or in the very banking system that is not only fucking you, but has a history of fucking their own people without lube.

You could also go every 3 or 4 days to the ATM and if you go at 23.00h you can pick up 2 daily limits (one at 22.59 and 23.01, depends on your time zone in the USA)

Paying with the 100 bills saves you with the hassle to pay with 100 peso bill. I normally have about 20 to 30 small bills of 50-20-10-5-2 which I use to pay the small things.

I don't know about you but I have always lived near an ATM and either way I go almost every day to a place where a ATM is near, I don't really consider it to be a hassle to go to a ATM sometimes.

9900 dollar is 99 100 dollar bills or 12 500 euro's bills. Especially the last one is easy to hide and either way the only entering in my room is the maid and she would probally not risk stealing as she is the only one who enters in my room.

I go back 2,3 times a year and I always take around 8 to 10.000 dollar with me to pay for the rents. The bigger expense like clothes and tickets I pay with creditcard and my daily expenses I pay with pesos.

P. S. I can pick up 500 euro a day with my bank card, 3000 euro a month with my CC and for my banking card there is no charge. Probally a small exchange-rate difference, but I could care less

[El Queso]

Well, it appears to be just a foreign card issue. My lead programmer just confirmed that he can pull out the limit of his bank at ATM machines, which is 2000 pesos.

His card is a Visa debit card. His girlfriend's is a MasterCard debit card.

I don't know enough about how all of this internal financing works to comment, excpet for the fact that it sucks very bad for those of us who live here.

BTW - he swears that his bank will allow foreigners to open an account with nothing more than a passport. No tax ID or anything. He called one day while we were having an MSN discussion about this, and actually called two different times, talking to two different people and actually got the same answer (I don't know about the tax id part of this though. That seems a little far-fetched.

The bank is Banco Galicia. You have to go to their main headquarters branch to do this (according to the conversations my programmer ahd with their represenatives) but it is possible to do so.

Of course, then the only problem that you will have is that you will have to wire money to your account (maybe not too much of an issue, depending on whom you bank with in your country and what kind of facilities for wiing you have) but more of a problem, you will be on the Argentine government's radar if you pull in more than $2K a month (I think that's the limit that seems to hit their tax button).

And of course, the whole issue of putting your money in a system that is hardly trustworthy. But perhaps just having a monthly sum in trust is not too bad a thing for the convenience...

[El Perro]

Go 10 or 15 straight days to the ATM, pay with 100 peso bills at restaurants and bring dollars or Euro's with you from your home country for rents.

You should be okay then

Is this on the level or some very dry sarcasm? As I mentioned, the ATM situation is an inconvenience. Going to the freakin' ATM "10 or 15 straight days" qualifies as inconvenient in my book. In addition, I do bring alot of cash here for rent. And, what benefit would one derive from paying with 100p notes at restaurants? Having enough change is not the issue here. Having access to an adequate and reasonable amount of dollars through the ATM system without having to get gouged in the process is the issue. And, to further illustrate the point, if you do bring enough dollars in country to pay for rent and so much else over the period of a year, where do you keep that money? Why of course, under your mattress, or in the very banking system that is not only fucking you, but has a history of fucking their own people without lube.

[Redondo]

Yep-my limit now with the mastercard debit card from USAA is 300p. Regardless of which assholes are to blame, this is a nasty inconvenience for expats who are in BA for more than a vacation.

Go 10 or 15 straight days to the ATM, pay with 100 peso bills at restaurants and bring dollars or Euro´s with you from your home country for rents.

You should be okay then.

[El Perro]

You have my sympathy Dogg; I think it's a nasty inconvenience even if you are on vacation. Just another BsAs negative, for me the list is growing.

Agreed Punter. Maybe I am being a little irrational but this kind of bullshit REALLY gets under my skin. Clearly this fee harvesting (as I have heard it termed) is aimed at the tourist crowd. An inconvenience for them, but even more so for those of us who are here pretty much year round. I'll be exploring ways of coping with it, but you are right. Another point on the negative list added to the near hyperinflation.

[Punter 127]

You have my sympathy Dogg; I think it’s a nasty inconvenience even if you are on vacation.

Just another BsAs negative, for me the list is growing.

[El Perro]

Yep-my limit now with the mastercard debit card from USAA is 300p. Regardless of which assholes are to blame, this is a nasty inconvenience for expats who are in BA for more than a vacation.

[Chica Seeker]

I always bring enough pesos to get me through the first few days. However, the exchange rate that I get in Canada is not nearly as good as the ATM rate here.

Next year I will bring more or change banks as the RBC is charging me $5 per withdrawal or approximately 5% service charge for essentially providing no service.

[Redondo]

What's wrong with bringing cash with you?