Travelers Checks

[Guacamole]

So, Its May 2010, I searched the American Express website and it states that one can change travelers checks in the BBVA bank.

Do they have a comission there?

Best Regards

[Cuckoo Maluco]

I went to American Express last week with my travelers checks. Their rate was 3.75 pesos per USD, about 1.5% less than Paris Cambio, which was paying 3.805 pesos per USD.

When I told the clerk that I wanted dollars, she informed me that they charge a 1.5% fee to exchange the checks for dollars, and that the fee is charged whether or not you have an American Express card.

[AllIWantIsLove]

I cashed some recently at the AX office in BsAs. I think that I was standing in line for at least an hour!

Bob

[Smuler]

Because of all this ATM trauma lately, I had American Express travelers checks upon arrival.

When I exited after picking up my bags, the bank right after you exit (the one that gives the good exchange rates) would not cash my checks.

A local dude that worked at the Manuel Tienda remise took me to a place called Banco Piano that cashed them, but only gave me 2.98 vs the going rate of 3.07.

I only did 500 USD, and converted 1000 USD later at the Amex office at Plaza San Martin with a rate of 3.07 with no fees.

Regards.

Smuler

[Tbird]

I have it, and works like a charm in Colombia, and Netherlands Antilles, and Ecuador, and is accepted at any Redlink location in Bs As. You can load it using a credit card, and then take out up to USD 400 per day from an ATM.

Amex will reimburse you if it gets lost or stolen. Less hassle than a travelers check.

The cool part is that (at least in my experience) if you use an Amex branded card to reload the Cheque Card, you can earn points on the program your card is with. I have earned thousands of Hilton points this way.

Just remember that Amex charges $2.50 per withdrawal, and $5 to load money on the card. I usually load up to the max on the card ($2,750) and take out more cash to minimize the fees.

[VaqueroNY]

AMEX Office on Arenales next to plaza San Martin exchanged TCs at $3.05 for my friend that came down.

VNY

[VaqueroNY]

Thanks for the dope on the TCs, Ill pass-along the Banco Frances info.

It sounds like this one guy, though, has "other reasons" like um I don't know maybe a WIFE for not wanting to use his ATM.

I told the cat not to be so cloak and dagger about it since his passport would get stamped and used his credit card to get his airfare. To each his own.

As always, Apreciate the help.

VNY

[Local Lad]

I was in BA in April and took a mixture of dollars, cheques and cards with me. Had some difficulty in cashing cheques, found an exchange opposite Plaza San Martin that would take them. Can't remember what the commission rate was but can remember that after taking a ticket to wait in line, 20 mins and handing cheques over I then had to wait a further 30 minutes whilst they phoned around to check that they were not fakes or stolen. In short a pain to cash, but I guess if like me you have a dread of being cashless worthwhile having a few in reserve tucked away in your baggage for emergencies.

I agree that Amex cards are pretty useless in Argentina and was not once able to get money from a machine using them. I have to say that I found ATM's to be pretty hit and miss on the whole, one minute they would accept your card and give you cash the next they wouldn't + there appeared to be a problem trying to draw more than 500 pesos at a time.

[Dickhead]

The Amex Blue is zero fee and you can carry a balance (a true credit card and not a charge card) Mine has a very high limit. You have to own a business, or pretend to. I actually did at the time I applied for one. Then it accidentally got canceled and I had to reapply when I no longer owned one. Believe it or not, I lied and gave the information for the defunct business (I had stopped paying the fee to register the trade name and I hadn't had a business bank account in years) Guess what? They gave me another, new account with almost the exact same credit limit. I probably could have just said I was a CPA sole practitioner and gotten one that way.

[Moore]

Yes I understand that there are some good international travel benefits with AMEX, so I guess I was referring to people that never travel abroad. Dickhead, is there a way for me to get a zero-fee AMEX? It may be cheaper for me to import funds into Argentina via them occasionally.

Also I've heard about that "black"(?) Amex card that has huge spending requirements and can get you front row seats at concerts among other VIP shit. I remember seeing that AMEX won't release how many special people have it. Wow, I'm sooo impressed.

[Jjgoinslow]

Through AmEx you should be able to cash as a foreigner up to U$D 5000 directly into dollars and without the exchange rate BUT with a 1.21% charge which is roughly equal (slightly better) than changing the checks into pesos and then back into dollars at the going exchange rate spread (for example 3.04 then 3.1) Furthermore, you should be able to sell any amount of travelers checks to an AmEx bank for pesos at the market rate which was recently 3.05 for example. If they try to charge you more its just cream to them. But there are certain regulations and they can't sell you dollars directly, its a safeguard put in place after the crash. AmEx makes their money by having your money to invest while you are carrying around a check, the exchange rate loss is a regulation and additional fees or warped rates are merely devices to screw you further, don't accept them.

Jj

[Dickhead]

Where AMEX comes in handy is if you get in trouble. Once I left for México without bringing any ATM cards. I went to the AMEX office and got a healthy cash advance. Ditto when I rented my first apartment in BA. Had to get way more cash than I could get from an ATM in one day. Took me about 20 minutes to get $1000 US at the AMEX office. Also they can be handy for doctor referrals, translators, etc.

But yeah, the acceptance rate is much lower, because they charge much higher merchant fees. The AMEX Blue for Business is probably the best deal.

It sounds like this one guy, though, has "other reasons" like um I don't know maybe a WIFE for not wanting to use his ATM.

[Moore]

I don't understand the need for traveler's checks. 20 years ago when the ATM network wasn't so expansive they may have been the way to go. But in this era you can get cash on your ATM card anywhere, even in the middle of the bushland in South Africa. I had no problems with the ATM machines in Calafate, a remote town of 2,000 people outside of the Glacier park in Patagonia, either.

Plus its usually a hassle getting TC's and using them (at the very least a trip to the bank). And you will get fucked to some degree on the exchange rate, AMEX doesn't mention that TC's are world famous for that.

AMEX sucks balls by the way. Just like the Visa commercials say, "we don't take American Express" will be heard frequently if you have an AMEX card. I had one with a former employer but I don't understand why someone would want one. Apparently there is some sort of unexplainable prestige associated with it. Many wealthy Argentines must have an Amex card in their wallet, who cares that no one accepts it.

[Dickhead]

I said you'd get fucked in the ass. I didn't say how hard. 2% sounds about right. Like if the casas are giving 3.07 they'd give maybe 3.01 on T-checks.

[El Grandote]

You will get fucked in the ass on the exchange rate.

DH I got the bank rate (Banco Frances) but I did pay a service commission of 2% I think. But I have to admit I will not bring more than 500 USD in Travelers checks next time, now that I know the ATM's were not a problem except on Sunday night when all the ATMs are empty from everybody taking out efectivo (cash) on the weekend.

EL G