Exchanging Currency

[Dickhead]

Got some cash at Banco Nacion ATM yesterday, with the infamous $6 fee by the local bank.

For $AR1500, using a Chase debit card, the total was $106.77, so the "ATM exchange rate" in my case was 14.04, including all fees, my bank and local bank ones.

So Benjamins are still a better option.

The better option would be for you to dump Chase and get an account with Schwab or E-Trade, both of which provide ATM cards where the fees are reimbursed world-wide. Chase sucks, right out loud.

[Diegoccs]

Got some cash at Banco Nacion ATM yesterday, with the infamous $6 fee by the local bank.

For $AR1500, using a Chase debit card, the total was $106.77, so the "ATM exchange rate" in my case was 14.04, including all fees, my bank and local bank ones.

So Benjamins are still a better option.

[Member #3320]

I received 15.0 yesterday. That is up from the 14.1 I received at the same place a week ago.

Tres3.

Thank the Brexit for the strong dollar.

No thanks to *weak peso*.

[Tres3]

I received 15.0 yesterday. That is up from the 14.1 I received at the same place a week ago.

Tres3.

[Daddy Rulz]

I am getting 14.70, today, April 6, for exchange $100 bills. This rate seems a little low. What is the spread between the blue dollar rate.

And what is the "normal"discount from the buy rate, Thanks.

I just checked Ambito and I would say that 14.7 today was in the right ballpark, I might have gotten 14.8 or 14.85 from my guy maybe.

The spread is weird right now, sometimes the blue is above and other times below the "official." I don't think they really know what to do because the administration is buying down the rate in a bunch of different ways. Being money guys when they are uncertain they err to caution.

[Santa]

I am getting 14.70, today, April 6, for exchange $100 bills. This rate seems a little low. What is the spread between the blue dollar rate.

And what is the "normal"discount from the buy rate, Thanks.

[Diegoccs]

I had the same problem. I have American credit cards and bank cards. I'd try to draw out say 3,000 or so pesos from atms belonging to Argentine banks, and I'd get denied. The only time banks like Banco de la Nacion, Banco Patagonia, etc would work is if you withdrew a small amount like 700-1000 pesos, basically nothing bigger than their fast cash. To get the amount of pesos needed, you'd have to keep swiping and paying around 92 pesos per piecemeal withdraw. Maybe this scheme is how the Argemtine banks stay in business?

I was able to get 2000 pesos from a Santander Rio ATM on one swipe, but I think it denied me from getting 3000 pesos on the previous try. Is that a Spanish or Argentine bank?

Same problem with my cards. Either Chase or Bank of America debit cards, I'm using Banco Nacion ATMs as they are close to home.

I can get 1400 pesos, if I try 1500 it gets denied.

Yesterday I got 1400 pesos, with a 94 pesos ATM fee, the charge by Chase was for US 97.02, so I'm getting 14.43 pesos per dollar.

I think it is not a bad deal, so will save US cash for other high cost 'activities'.

Thanks for the tip on Santander Rio ATM giving you $2000, will try it.

Regards,

Diego.

[Gandolf50]

A couple of days ago I suggested only converting dollars to meet immediate needs. Now the slide is on and it is getting dramatic. So instead of just converting dollars to meet immediate living needs-heck-I would try to borrow in pesos (ie car loan), if possible, and repay later in what really looks like a fast depreciating currency.

The idea is sound if you are in the US, but here with interest at 40% plus....... Not a great idea. The people lending the money are well aware of the inflation and charge accordingly.

[PirateMorgan]

A couple of days ago I suggested only converting dollars to meet immediate needs. Now the slide is on and it is getting dramatic. So instead of just converting dollars to meet immediate living needs-heck-I would try to borrow in pesos (ie car loan), if possible, and repay later in what really looks like a fast depreciating currency.

[Tres3]

3. Are you suggesting that if your bank does not charge foreign transaction fees, money exchange fees, and rebates the ATM charge that using your debit card is a better deal than exchanging cash?

In an effort not to confuse the issue some more, I will respond only to your item #3. My post was in response to an earlier post. I was trying to alert members that they need to take all of the fees that are assessed before concluding that an ATM was a good, or almost equal deal.

FYI I do not live in Argentina, and there are no fees from my bank. My bank rebates all ATM fees. I visit Argentina almost every year for at least one month (lately for two). This will be my 15th trip to Argentina since 1991. Even though the current government has devalued the currency and made ATMs very close to cuevas, I will continue to change money with my local money changer. Nothing anyone has said or done has convinced me that my local money changer does not give the best deal. It is not as good as before the devaluation, but it is still better than an ATM. When I travel in Argentina, I leave all of my plastic in a safe.

Tres3.

[Troyster]

Sorry I am dense but this string, or my understanding of it, goes against everything I have encountered, anywhere....I know Welcome to Argentina! But, could someone on the street there with serious knowledge of this break this down for the board...If you don't know please don't confuse the issue more. Not looking for economics lesson but some basic breakdown of what the last few weeks of this string really mean to the person showing up tomorrow. Thanks if advance.

1. Are you saying not to exchange dollars for pesos at typical exchange places or "Cambio" guys we all know and love?

2. Are you saying the banks are giving equivalent or better exchange than the places above for straight up cash change dollars to pesos?

3. Are you suggesting that if your bank does not charge foreign transaction fees, money exchange fees, and rebates the ATM charge that using your debit card is a better deal than exchanging cash?

4. Are you suggesting that people use their credit card for purchases if it has not foreign exchange fee because they will get a better rater than they will from 1-3 above?

I am no economist but I am understanding that cash is still king unless you have a magical bank card that charges no fees at all.

[Peter Sideburn]

Sorry I am dense but this string, or my understanding of it, goes against everything I have encountered, anywhere....I know Welcome to Argentina! But, could someone on the street there with serious knowledge of this break this down for the board...If you don't know please don't confuse the issue more. Not looking for economics lesson but some basic breakdown of what the last few weeks of this string really mean to the person showing up tomorrow. Thanks if advance.

1. Are you saying not to exchange dollars for pesos at typical exchange places or "Cambio" guys we all know and love?

2. Are you saying the banks are giving equivalent or better exchange than the places above for straight up cash change dollars to pesos?

3. Are you suggesting that if your bank does not charge foreign transaction fees, money exchange fees, and rebates the ATM charge that using your debit card is a better deal than exchanging cash?

4. Are you suggesting that people use their credit card for purchases if it has not foreign exchange fee because they will get a better rater than they will from 1-3 above?

[PirateMorgan]

The move is on. Dollar holders and owners can only hope that the slide in the peso value will be gradual and orderly so as not to provoke some unpredictable and dangerous behavior out of the parties that be. This is truly a Pura Vida moment! (I gotta come and eat steak).

[Tres3]

I got 2500p at the Citi on Florida and Tte Gral Juan Domingo Peron, on the 16th.

They charged me 90.60p.

For a total of $174.69.

Enough of this.

Start checking which Private Apartments are still open!!!

The only way you can do better than a cueva is if you have an ATM card that rebates the ATM fee, does not charge a foreign transaction fee (charged by USA issuers on your monthly statement), and does not charge a money exchange fee (also charged by USA banks on your monthly statement).

Tres3.

[WorldTravel69]

I got 2500p at the Citi on Florida and Tte Gral Juan Domingo Peron, on the 16th.

They charged me 90.60p.

For a total of $174.69.

Enough of this.

Start checking which Private Apartments are still open!!!