Exchanging Currency

[Questner]

At FunPete: I agree, however my institution covers withdrawal fees only, but not the ATM fees itself - you are blessed with a better choice as a consumer. If your institution gives you exact XE market rate, then you're blessed twice, I have no access it this service, even through exchange houses. My Mastercard or VISA charge 2.5% over XE rate. As for hotels, I don't pay ahead and pay at the hotel only and it helps with tax issue in Argentina or Colombia. I wish Brazil does the same.

[Questner]

To begin whith a lot of places give 10 to 20 % discount for cash. Plus changing dollars for pesos has a better exchange rate then the banks give you on your card. With the return of a corrupt goverment in a month this will become even more in favor of cash is king.

As I am posting now, 1 USD on my cc will cost me 61.25 ARS including 2.5% charged by VISA. Dolar blue rate 'compra' is 63.75 unless I find a kiosk which is going to offer a better rate. This is 4% advantageous to me if I had cash and not use my cc. However, I am a tourist and don't travel with piles of cash for security reasons. It costs me much more to withdraw pesos than 4% because of the 'smart' government who limits dispensing cash out of ATM. Where can I withdraw 30K in pesos in one transaction, for example at ATM on VISA System? Nowhere, plus the fees they charge, 420 Pesos on 4K to 5K withdrawal, which is robbery. Cash is always king, but that is what many Argentinians do, they suck cash, exchange it and deposit in Urugauay. The government will not achieve anything unless they make sure there is trust and economic benefits are shared.

[Questner]

A lot of places charge extra for using your credit card.

Cash is the best.

I guess you have not traveled much?

Multiple transactions and no extra fees for using cc. Sometimes, the vendor offers a discount if paid in cash, meaning no debit card or credit card transaction. It should be illegal, but who am I to teach Argentinians of how to manage their economy.

[Fun Pete]

Let me give some numbers:

In Florida cash exchange I got $1US = 65 AR Pesos today.

Using my credit card (I do not get charged any foreign exchange fees or so): $1US = 59.53 AR Pesos.

Using my ATM (my bank refunds ATM Fees): $1US = 59.47 AR Pesos.

Be carefull with ATM fees, they charged me 625 AR pesos (US$ 10.51) which my bank refunded. So if you use ATM it can get pricey, also I do not know what the withdrawal limit is?

As far as I can conclude, cash will give you about 10% or so more value, not so much of a big deal. I thought the blue rate was around AR75+ which would make it really beneficial. However, at 10% I do use my credit card when convenient. Also as far as a cash discount, sure any country, even in the US, when you pay cash vs. Credit card you can get a discount, for example no sales tax, etc.

One more note on credit cards: Foreigners as of now do not pay Hotel Taxes when they pay with a foreign credit card and have a non Argentinean passport. So in that case it is actually beneficial to pay with credit card, because the Hotel tourist tax is around 21% or so added to the room fee.

Good Luck.

FP.

[Gandolf50]

I beg your pardon? Things change, however for me this was the cheapest way to transact from foreign currency account outside of the country into ARS. I don't have local bank account, nor do I use local debit card or carry a lot of cash. You may help the discourse by providing full detailed explanation to your post, supported by numbers.

To begin whith a lot of places give 10 to 20 % discount for cash. Plus changing dollars for pesos has a better exchange rate then the banks give you on your card. With the return of a corrupt goverment in a month this will become even more in favor of cash is king.

[WorldTravel69]

A lot of places charge extra for using your credit card.

Cash is the best.

I guess you have not traveled much?

I beg your pardon? Things change, however for me this was the cheapest way to transact from foreign currency account outside of the country into ARS. I don't have local bank account, nor do I use local debit card or carry a lot of cash. You may help the discourse by providing full detailed explanation to your post, supported by numbers.

[Questner]

Are you crazy, or do you just like to give money away?

Tres3.

I beg your pardon? Things change, however for me this was the cheapest way to transact from foreign currency account outside of the country into ARS. I don't have local bank account, nor do I use local debit card or carry a lot of cash. You may help the discourse by providing full detailed explanation to your post, supported by numbers.

[Tres3]

Paid in every place I could with a credit card. Take an ID with you, input your PIN, and sign a receipt. Saves a lot over ATM withdrawals with their limits and fees. Cash exchange rates are very poor. They prohibit you from taking pictures of the exchange rates. So, I tell them, here I am writing them over a piece of paper, take a picture and send. Prices at stores sometimes are different depending on how you pay, in cash or by a card.

Are you crazy, or do you just like to give money away?

Tres3.

[Fun Pete]

At Florida the best deal I got today was 65 AR Pesos to the US$ The forum front page lists today's blue rate at 76.25, I didn't find anything near that. Most where offering between 59 and 65.

[BayBoy]

Trying to plan a visit. Whats the blue rate? Any recommended places for the exchange that are reliable.

There was a shop vis--vis recoleta, inside the store next to ice cream shop that was good. Thanks.

On the front page of the Argentina Private section look to the far right and scroll down a little ways. You will find the Blue Rate in the Exchange section. Changes every day.

[SanMichele]

Trying to plan a visit. What’s the blue rate? Any recommended places for the exchange that are reliable.

There was a shop vis-à-vis recoleta, inside the store next to ice cream shop that was good. Thanks.

[Questner]

Paid in every place I could with a credit card. Take an ID with you, input your PIN, and sign a receipt. Saves a lot over ATM withdrawals with their limits and fees. Cash exchange rates are very poor. They prohibit you from taking pictures of the exchange rates. So, I tell them, here I am writing them over a piece of paper, take a picture and send. Prices at stores sometimes are different depending on how you pay, in cash or by a card.

[Vegas Vic]

Thanks for the info, Gentlemen.

[Gringo Verde]

I haven't been to BA in a few years, but am returning in a few weeks. For the best exchange rate, is it still best to bring USD cash (new $100s) and exchange on Calle Florida or are the banks (via ATM) better these days? What kind of rates are you seeing? Can you recommend any specific locations? Thank you in advance.

When I was in BA a month ago the ATM exchange rate was about the same as the rate exchange houses pay for cash. I received 39, 38, and 37 pesos per dollar for $100 bills in September and October. As others have written, the advantage of exchanging cash over using ATMs is that Argentine ATM machines charge excessive fees that your debit card may not refund, and ATMs severely limit the amount you can withdraw per transaction (less than $200 worth of pesos last time I used one).

There are several new professional exchange houses along Calle Florida. Most show their exchange rates in the window, and they are probably all honest. Walk a couple blocks up Florida from the Plaza San Martin end and the rates get better. If you use one make sure they don't charge a commission on the exchange.

I have patronized an old shop in Galaria Colon on the 300 block of Florida for the past 10 years. His rates are competitive and I've never been shortchanged or received a bad bill there. The shop is on the right at the end of a long hallway that has a cafe with a lighted sign reading "BAR" at the very end. There is a sign above the entrance that reads "Local 92", I think.

There is a new exchange shop with a lighted sign in the window across the hallway from the guy I use. They offered about half a peso more than my shop last time I was there, but they require an original passport to make the exchange, and I don't carry my passport with me when I'm walking around the city.

[Tres3]

If you don't have fees from the ATM, I would do ATM. Otherwise the ATM fees seem very high to me. I don't see a big difference in the rate unless you're changing thousands of dollars

.

If you have a Schwab ATM card you avoid both the ATM fees and the foreign currency conversion fee. The foreign currency conversion fee varies by currency, and from bank to bank, and is usually buried (hidden) on the bank statement. Schwab rebates the ATM fee, and does not charge a foreign currency conversion fee.

Tres3.