Exchanging Currency

[Tres3]

I completed a test transfer of USD $200 using the XOOM service. I was sufficiently satisfied that I transferred another USD $500. Here is the 411 on my transfer-by the numbers.

I got 5. 6238 pesos to 1 USD. After you apply the xoom service charge, that works out to about 5. 46 pesos to 1 USD.

1. The web address is www.xoom.com.

2. You must have a USA bank account or credit / debit card. (I used a debit card for the test transfer and a bank account for the second transfer) If you do not have a USA bank account or credit card, you need a TRUSTED friend with one.

3. You can pick up the cash at any MORE Money Transfers or Banco Frances location. The MORE locations are akin to Western Union, and I prefer them. You are in and out very quickly. I am told that some Banco Frances locations require an account. You can also have the money transferred to a bank account.

4. The xoom service charge is variable. It goes up with the amount transferred, so there is only the convenience advantage of transferring a large amount.

5. I had no trouble with the authorities. I do not know whether they make random investigations or if their investigations are based on the size of the transfer.

6. Some credit cards have their own fees which can be quite onerous. For example, I carry one card that has no annual fee, but has a currency conversion fee, a cash advance fee, a "foreign" transaction fee, and starts charging interest as soon as a cash transfer is made. I used a debit / ATM card issued by my bank, that is also a Mastercard. For the second transfer I went directly to my bank account because the xoom service charge is lower for a bank account transfer vice a credit / debit card.

7. You have to have TWO different email addresses in order to send money to yourself. Xoom asks for two email addresses (one for the sender and a different one for the receiver) , and they cannot be the same. I use AOL, so this was not a problem. I am pretty sure that hotmail, yahoo, and gmail all accommodate multiple email addresses.

8. You must have an Argentina address and telephone number. I used the apartment I am renting, and it worked just fine. I am sure that you can use a hotel with no problem.

9. I gave the person behind the CAJA window at MORE a slip of paper with the transaction number, the amount of pesos I was expecting and my USA passport. He counted the money and I was out of there. I used the MORE on Libertad in Retiro.

10. The xoom online form has a space for a coupon code, but they also say that they do not accept coupons. I could not find a code that worked and paid the service charge.

Tres3

[SunSeeker]

Key words with Xoom are "US based bank account or credit card".

Yep that be true. I have a USD account and VISA but not with a US bank and I am out of luck using xoom. Com. Though I can though send money to a friend in the USA via PayPal and have them send me the money via xoom. I'd have to check all the fees to see if it would be worth it though.

What is the daily limit for usd withdrawal in Uruguay?

[Gato Hunter]

Key words with Xoom are "US based bank account or credit card".

[TejanoLibre]

Xoom offering 5. 63.

https://www.xoom.com/argentina/fees

That's excellent but I live here so how can I send them money?

What happens if I just show up and ask them to exchange dollars?

TL

[Canardly]

Xoom offering 5. 63.

https://www.xoom.com/argentina/fees

New Law!

http://news.yahoo.com/argentina-more...180240507.html

I can get over 5. 3 at the grocery store!

One of those Asian mini markets.

She has tons of cash ready to go in bundles of 10k.

TL

[TejanoLibre]

Earlier this week I went to my two favorite no-name-on-the-door places on Corrientes near Florida with 2k to exchange.

I observed that their street presence is somewhat diminished than it was in the past. The places used to have 2-4 cops standing in front of the door, but no more. At one place the employees were blocking the door and challenging anyone who wanted to enter, and the other's front door was locked and they appeared closed until a guy inside apparently recognized me through the one way glass and opened the door to let me in.

Unfortunately, both places were stuck on 5. 1, so I left.

Congratulations to everyone getting these 5. 2-5. 4 rates.

Thanks,

Jackson

New Law!

http://news.yahoo.com/argentina-more...180240507.html

I can get over 5. 3 at the grocery store!

One of those Asian mini markets.

She has tons of cash ready to go in bundles of 10k.

TL

[Amantelondres]

Can you be reasonably sure at a place like this that you are not getting fake pesos for your greenbacks?

I had no problem re fake pesos. I'm sure other mongers who've changed greens here would have posted had they experienced a problem

[Jim Mac]

Interestingly I found this to be a good place to exchange greens on my last trip. When the guy asked me how much I wanted to change I said 200. Thousand! I was of course joking but he said with a bit of notice it wouldn't be a problem!

Can you be reasonably sure at a place like this that you are not getting fake pesos for your greenbacks?

[Amantelondres]

There is a reliable black market no questions asked exchange place located on Arenales between Talcahuano and Libertad. If you are walking on Arenales toward 9 de Julio, it is on the left hand side halfway between the aforementioned streets. The sign outside says Exchange and Antiques and the phone number is 4813 7978. Their most recent buy / sell spread was $5. 40/$5. 65.

Interestingly I found this to be a good place to exchange greens on my last trip. When the guy asked me how much I wanted to change I said 200. Thousand! I was of course joking but he said with a bit of notice it wouldn't be a problem!

[Jackson]

Earlier this week I went to my two favorite no-name-on-the-door places on Corrientes near Florida with 2k to exchange.

I observed that their street presence is somewhat diminished than it was in the past. The places used to have 2-4 cops standing in front of the door, but no more. At one place the employees were blocking the door and challenging anyone who wanted to enter, and the other's front door was locked and they appeared closed until a guy inside apparently recognized me through the one way glass and opened the door to let me in.

Unfortunately, both places were stuck on 5.1, so I left.

Congratulations to everyone getting these 5.2-5.4 rates.

Thanks,

Jackson

[SnakeOilSales]

There is a reliable black market no questions asked exchange place located on Arenales between Talcahuano and Libertad. If you are walking on Arenales toward 9 de Julio, it is on the left hand side halfway between the aforementioned streets. The sign outside says Exchange and Antiques and the phone number is 4813 7978. Their most recent buy / sell spread was $5. 40/$5. 65.

[Gato Hunter]

Get a Schwab ATM card, they refund all fees and if you have enough in there there is no forex fee's also.

I tried an old trick yesterday. The AMEX office in retro once upon a time would give you 1000 USD as a chas advance. I was going to try to get the USD and hop on a bus to Palermo to make 120$ in 30 minutes. Unfortunately they are only giving pesos now at the blanco rate.

[Big Boss Man]

To think 3 weeks ago I would have jumped up and down saying ATMs are the way to go when you travel. My large investment house broker is now charging 2% at the ATM so really I was at 4. 20 to 1 last Saturday when I arrived. I could swear it was only 1% fee last year. The big banks are broke guys. They recruited too many people from the same schools, slept together, and now their progeny are idiots. IMO it is an extreme negative sign in an economy when everybody goes off system. Between Dickhead's and Gatohunter's advice I am probably getting a go or two for free.

[Gato Hunter]

Like that damn pig commercial. It's on a ride. Jumped to 5. 5 after 4pm.

http://www.ambito.com/economia/mercados/dolar.asp

[Dickhead]

Somehow my original post on the casa de cambio on Scalabrini Ortiz got edited but it is the first or second door on the right as you cross Cervino (that should have a tilde) coming from Las Heras towards Libertador. I think it is the 3200 block of S. Ortiz but cross Cervino and there is a discreet little door with frosted glass and a buzzer. If you can't find it based on these directions, go to the corner of Park, Waite, and Hope and hacete una paja.