View Full Version : Exchanging Currency Backwards
TejanoLibre
08-26-14, 20:13
I still don't know how or why but maybe somebody here can explain it a little better.
I picked up some friends at the Tienda Leone Terminal and they wanted to exchange currency on Lavalle and Florida.
No sweat.
They had a name of a girl and the name of a gallery but they did not have an address.
Great Start at 8 am!
We asked around and found the gallery past Cordoba on Florida but nothing else, 55 shops and another travel agency!
Asked around about wanting to do a "Raspa. ".
Scrape.
Scraping a Venezuelan credit card at a legitimate biz in BA.
You give them your card.
They swipe it for $1000.00 dollars or whatever you'd like.
No limit.
They keep 22% and give you the difference in Dollars!
But to make it LEGAL they have to sell you a City Tour or a Tango Package!
Et cetera!
The kid told me that he was going to take the dollars back to Venezuela and sell them at 70 - 80 to 1 .
Is that the jest of the deal?
22% seems a bit heavy and we went in wanting to pay 25% !
Thanks,
TL.
I still don't know how or why but maybe somebody here can explain it a little better.
I picked up some friends at the Tienda Leone Terminal and they wanted to exchange currency on Lavalle and Florida.
No sweat.
They had a name of a girl and the name of a gallery but they did not have an address.
Great Start at 8 am!
We asked around and found the gallery past Cordoba on Florida but nothing else, 55 shops and another travel agency!
Asked around about wanting to do a "Raspa. ".
Scrape.
Scraping a Venezuelan credit card at a legitimate biz in BA.
You give them your card.
They swipe it for $1000.00 dollars or whatever you'd like.
No limit.
They keep 22% and give you the difference in Dollars!
But to make it LEGAL they have to sell you a City Tour or a Tango Package!
Et cetera!
The kid told me that he was going to take the dollars back to Venezuela and sell them at 70 - 80 to 1 .
Is that the jest of the deal?
22% seems a bit heavy and we went in wanting to pay 25% !
Thanks,
TL.Thats like going to the US with your Argie credit card and making a fake buy for say $1000 US. The bank here charges you 9 pesos to the dollar (or what ever the purple credit card rate is this week) and then you return to Argentina with those dollars and sell them for 14 pesos. Or you pay bills for another Argie while in the US and charge 16 pesos for the service. The only difference is in Chavez land the spread is much bigger!
Is that the jest of the deal?
22% seems a bit heavy and we went in wanting to pay 25% !
22% seems fair. The merchant will loose about 2% of that in fees to the credit card company and collect about 20% on a quasi legal transaction.
Thats like going to the US with your Argie credit card and making a fake buy for say $1000 US. The bank here charges you 9 pesos to the dollar (or what ever the purple credit card rate is this week) and then you return to Argentina with those dollars and sell them for 14 pesos. Or you pay bills for another Argie while in the US and charge 16 pesos for the service. The only difference is in Chavez land the spread is much bigger!
I still don't know how or why but maybe somebody here can explain it a little better.
I picked up some friends at the Tienda Leone Terminal and they wanted to exchange currency on Lavalle and Florida.
No sweat.
They had a name of a girl and the name of a gallery but they did not have an address.
Great Start at 8 am!
We asked around and found the gallery past Cordoba on Florida but nothing else, 55 shops and another travel agency!
Asked around about wanting to do a "Raspa. ".
Scrape.
Scraping a Venezuelan credit card at a legitimate biz in BA.
You give them your card.
They swipe it for $1000.00 dollars or whatever you'd like.
No limit.
They keep 22% and give you the difference in Dollars!
But to make it LEGAL they have to sell you a City Tour or a Tango Package!
Et cetera!
The kid told me that he was going to take the dollars back to Venezuela and sell them at 70 - 80 to 1 .
Is that the jest of the deal?
22% seems a bit heavy and we went in wanting to pay 25% !
Thanks,
TL.How do I deposit my black market ATM pesos back into American Bank? If I can get pesos out of the ATM how come I can't deposit them back in. Or can I.
How do I deposit my black market ATM pesos back into American Bank? If I can get pesos out of the ATM how come I can't deposit them back in. Or can I.Yeah, sure. You can bring USD, change them on the black market at 1:14 and then just deposit them back into your bank account at 8:1.
It's how all these ex-pats make their money doncha know? They're all stinking rich!
How do I deposit my black market ATM pesos back into American Bank? If I can get pesos out of the ATM how come I can't deposit them back in. Or can I.Pesos withdrawn from a ATM are not black market. You can not deposit anything here unless you have a bank account here. The only ways to convert pesos to dollars if you are a expat is to change them at a cueva, or sell them to another expat looking for pesos.
DAVIEW please explain your post on how expats make money on the exchange. I understand its better exchanging dollars to pesos using the blue rate. How does one exchange the pesos back to dollars. Thanks.
DAVIEW please explain your post on how expats make money on the exchange. I understand its better exchanging dollars to pesos using the blue rate. How does one exchange the pesos back to dollars. Thanks.It's called sarcasm, or perhaps just understated British humour.
DAVIEW please explain your post on how expats make money on the exchange. I understand its better exchanging dollars to pesos using the blue rate. How does one exchange the pesos back to dollars. Thanks.To repeat...
You cannot buy dollars at any official exchange unless you have a specific, written authorization from AFIP (the Argentine IRS).
Since you do not qualify for said authorization (you're not an Argentine citizen or resident, you don't have a provable source of income here in Argentina, you don't have an Argentine bank account, etc.), you cannot buy dollars at the official rate from any government authorized entity, including banks, official exchange houses, period.
You also cannot buy dollars at the official rate from any unofficial money exchange. It's not that they're physically restrained from selling you the dollars at the official rate, it's just that they won't do it because they're not stupid.
However, you can buy dollars with pesos at the blue rate at any unofficial money exchange, aka "las cuevas".
I trust that this sufficiently torpedos your aspirations for a financial windfall.
Thanks,
Jax
Member #3320
09-03-14, 14:18
To repeat...
I trust that this sufficiently torpedos your aspirations for a financial windfall.
JaxHilarious!
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