15% surcharge on foreign transactions on Argentine credit cards starting Sep 1

[nicoenarg]

this is also incorrect information. i use my arg. debit card internationally all the time. (just bought 3 cases of wine with it, this morning, in nyc!)

I was under the impression that debit card transactions weren't allowed internationally...or was that only ATM withdrawals?

 

[allcraz]

At lunch the guys were saying that it won't apply to online purchases - only purchases made physically outside Argentina...

Which I found here: http://www.lanacion.com.ar/1504041-la-afip-retendra-15-por-las-compras-con-tarjeta-en-el-exterior
El cargo, que "por ahora" sólo alcanza a los consumos realizados efectivamente en el exterior (Echegaray explicó así que esta obligación no alcanzará por el momento a las compras que se realicen por Internet)

They put "for now" in quotes because that's exactly what it means...maybe in October they won't put the 15% on online purchases, but by November you shouldn't be surprised!
As far as debit cards are concerned, I don't know if mine works outside Argentina. I've never tried, so I'll see what happens in November.

 

[anjuna11]

Clarín also mentioned that the 15% doesnt apply to online purchases made with credit cards or to any purchases made w debit cards.

If debit card purchases were prohibited, I think Clarin would have taken the opportunity to point that out but there's no mention.

Given that and mariposa's posts, I think we can say that as of today only cash withdrawals on debit cards are forbidden, no restriction on purhases yet.

Wonder if you could get cash back at a grocery store. Would probably look just like a purchase but obviously you couldn't scale it up without creating cause for suspicion.

Edit: Clarin timeline on the 'corralito cambiario' says that as of 9 Mar 2012 ATM withdrawals in foreign currency would only be allowed from accounts which are denominated in foreign currency. In other words, not possible to take out dollars abroad and be charged the official rate in pesos.

 

[mariposa]

I was under the impression that debit card transactions weren't allowed internationally...or was that only ATM withdrawals?

arg debit cards work just fine abroad if you physically make purchases in a store, a restaurant, any other establishment - anything at all (there may be a daily limit through) but don't work for online purchases. and, forget ATM withdrawals...

what is not clear is whether the 15% will apply just to credit cards or to debit cards as well. i suspect it is the latter.

 

[mariposa]

Wonder if you could get cash back at a grocery store. Would probably look just like a purchase but obviously you couldn't scale it up without creating cause for suspicion.

tried that, does NOT work!

 

[allcraz]

what is not clear is whether the 15% will apply just to credit cards or to debit cards as well. i suspect it is the latter.

I don't think so. It would say so, and I can't imagine that charge being applied to debit purchases...money that comes straight from your checking/savings account. But there have been many things I couldn't imagine happening here that have happened, so who knows.

 

[nicoenarg]

It is possible to slap a 15% charge on all debit card purchases when the statement is generated just like they are now doing with credit cards. All they'd have to do is tell people to keep an estimated amount in their bank account as to not accrue any fees etc.

I don't see it happening anytime soon though. The only reason I mentioned debit cards in my original post was because I was under the impression that one couldn't use their debit card outside of Argentina. It has been explained to me that it only refers to ATM withdrawals and nothing else.

Fact of the matter is there is not logical reason for this 15% charge to be there in the first place. And that's worrying. The point is not that 15% is too much or too little, the point is that this government knows that it can tell people what to do with their money and their lives (how much to spend when traveling for example) and it acts on it without restrain.

 

[mariposa]

in several articles i have read about the 15% they never used the term debit card but they kept going back and forth between "tarjetas de credito" and "plastico". so - who knows. and yeah, logic obviously doesn't enter in any of this...

 

[Carlosgreat]

and I thought 3% Foreign Transaction Fee on U.S. credit cards was annoying.

Good thing Capital one is one or the only one may be, not charging any fees for foreign transactions...

 

[Gringoboy]

In defence of the Argentine people, they certainly rose up against De la Rua in 2001, but of course that was a more serious economic crisis.
I think what we see today are insidious small thrusts of a very large knife, with a certain amount of of cynical care being taken to avoid the social unrest we saw back then.
I mean, people are uncomfortable with most of the measures taken over the last year or so, but I see very little dissent so far.
Lies down in darkened room................................................................................