american express travellers cheques

[nedders]

I have heard many bad things about travellers cheques
and never used them myself i cant comment

but today i got a friend (local argentine) to phone up the American Express bank in BA (app. theres only 1 downtown, or at least a very small amount)
to ask regarding cashing in American express travellers cheques that are in
Sterling.

They said they dont charge any commission, nor handling fees,
and would give the exchange rate of today which is 6.7pesos for 1gbp
if i walked into branch today to cash one in!! :s

sounds too good to be true to me :s

what am i forgetting or missing???

especially when im getting rates of about 5.9 if i decide to get cash here in uk at bureau, and about 6.3 on visa debit card!
ps. she phoned up twice to ask

 

[khachosan]

I called yesterday to see if I could get dollars for my dollar AmEx TC. No, was the answer. I would have to change them for pesos at 4.6 (XE currency has the dollar at 4.2+). Then, I would, with the same cashier, change those pesos to US dollars. she wouldn't tell me the exchange rate, however the $1500us - 6090pesos-which would convert to $1537 us. Go figure that one. Once my TC's are gone I will not buy them again. No one will cash them except the banks or AMEX.

Here is a heads up on the AMEX credit card. It looks like it is possible to change my US card to an Argentinian one. More on that as it develops.

 

[John.St]

Right now the interbank rate is 1 GBP = 6.378 AR$ - 6.7 sounds like a fairy tale, especially as traveller's checques normally are several percent below par.

 

[davonz]

I have always used travellers cheques in ARG.. and have always got a good rate.. I usually cash at a banco francas branch close to me.. and once you cash once and they have your info in their computer system you dont need to give them phone number/address etc again..

The reason for travellers cheques here, is i can cash a small amount (US$50 or $100) and no fees, and the rate is always good.. Where if i use my atm card i get charged the $5 fee for the transaction, then a $1.50 for a visa fee, the the local atm charge - around 15 pesos or so.. and there is a limit on amount able to be withdrawn.. not so with travellers chq's.

Also for those who where here in early 2007, the reserve bank put a limit of 100 peso per withdrawal from ATMs with foreign cards.. so travellers chq were great then.. not that it has happened since, but you never know with this country..

I hardly ever use travellers chq's in another countries though, just ARG because of their weird restrictions etc..

I have also had to exchanged travellers chqs into US$ cash here, and they do go from US$ tvl chq to pesos to US$ cash.. but i havent paid much, the rate was still pretty good...

 

[John.St]

... Where if i use my atm card i get charged the $5 fee for the transaction, then a $1.50 for a visa fee, the the local atm charge - around 15 pesos or so.. and there is a limit on amount able to be withdrawn.. not so with travellers chq's.

If VISA card try HSBC - limit AR$ 1,000/24 hours, no local fee of AR$ 14.50

 

[random]

The rules are set by the Banco Central, not by AMEX. A few years ago you could cash AMEX traveller's checks in dollars (probably also sterling, but I don't know that) and get paid in dollars, BUT there were two conditions: 1. you had to have the AMEX platinum card, not just the standard gold card; and 2) there was a Banco Central-imposed limit of US $5000 per month.

I think the rules have tightened since then.

I suspect that you will have a difficult time getting an Argentine credit card, unless you are somehow already in the "system" here in terms of tax payments, etc. Getting a credit card here really has nothing to do with credit worthiness, it seems to me that it has more to do with whether or not you are already on AFIP's radar. For example, if you have a job that gives you a fixed salary (en blanco, obviously) then you can show those records and you will be approved for a credit card. Alternatively, at some banks (eg, HSBC) you could become a Preferred Client by depositing US $100,000, and then you will be eligible for a credit card (and I am sure you will also be on AFIP's radar then!). But even that rule may have been tightened in the last couple of years, I don't know.

As far as I know, the best method is still the CitiBank blue ATM machine.

 

[Sleuth]

Here is a heads up on the AMEX credit card. It looks like it is possible to change my US card to an Argentinian one. More on that as it develops.

Let us know about this. I'd love to do the same and take advantage of the promos here.

I have a Standard Bank visa, using my DNI and CDI, but it is under my wife's account. She had to argue with them for awhile in order to convince them that they could give me an account with only a CDI.

 

[starlucia]

Went to the AmEx office today to inquire about traveller's cheques, and thought I'd share the latest (ever-changing) info:

To buy or cash cheques here in Argentina, there is no commission for those with a DNI, but a 1.8% commission per cheque for foreigners/non-residents (this after the first woman I talked to assured me that there is no commission for tourists, either.)

The purchase limit is $4.500 USD per month.

You can buy dollar denominations using dollars or the peso equivalent, but if you cash them here, the only payout is in pesos. The payout is redeemed at the cotizacion del dia.

 

[ghost]

I called yesterday to see if I could get dollars for my dollar AmEx TC. No, was the answer. I would have to change them for pesos at 4.6 (XE currency has the dollar at 4.2+). Then, I would, with the same cashier, change those pesos to US dollars. she wouldn't tell me the exchange rate, however the $1500us - 6090pesos-which would convert to $1537 us. Go figure that one. Once my TC's are gone I will not buy them again. No one will cash them except the banks or AMEX.

Here is a heads up on the AMEX credit card. It looks like it is possible to change my US card to an Argentinian one. More on that as it develops.

Don't do that!

 

[nlaruccia]

My Argentine friend is waiting to receive a payment from a North American friend in the U.S., who is afraid to Fedex cash and thought they could send a traveler's cheque. I've heard a traveler's cheque can be cashed at Banco la Nacion in Microcentro or in Ezeiza airport. But can an Argentine cash a traveler's check emitted in the States? Does anyone know what the limit is or what the rate or fees are? I'm wondering if they can send via Moneygram. What's the last complicated way for an American to send money to an Argentine?