American law student coming for exchange in ba

[scottgro]

Hi everyone,

I am heading down to BA in a week to study law at the Universidad de Palermo. I attend NYU at home and we have an exchange.

Anyway, it is not my first time in BA (I worked at an NGO for my summer break last year).

I have some of the same general questions that both newcomers and long-time BA expats seem to have. I am trying to figure out the best strategy with regard to the ever changing exchange rates.

Do people seem to recommend Xoom? The location people are using to pick up is a couple of blocks away from my apartment last summer - GREAT medialunas on the corner of juncal y libertad.

Or should I come down with thousands of US dollars? This is something I do not feel entirely comfortable with. In general, last summer I preferred to use my credit cards to pay for most items, as to avoid walking around with cash.

I understand this time I would be losing a lot of money if I do this. So, do I go with Xoom, or try to use the blue market? Advice welcome.

I also will have time to do some English teaching, though my primary purpose of my trip is to maintain my Spanish and travel. Any advice or leads for English teaching/tutoring positions, please let me know. I have a B.A. in History and Spanish, and as I alluded to earlier, I am a third year law student at NYU Law.

I will be living at Torre Palermo Uno - unless I find something far more reasonable later on.

Saludos,
Scott

 

[Bajo_cero2]

You should come with cash. Wire transfers are paid in pesos at the official rate. The same regarding paying with credit cards.
When you will be out of cash, you can go to Uruguay for more using ATMs there.

Check here:
http://www.dolarblue.net/
You can get the compra rate of the blue, it means 5.78. You might get the sell rate but it is more difficult.
Regards

 

[sesamosinsal]

Xoom is all-the-rage presently. I make a few monthly transfers to them, and I've never had one fail. Given the exchange rate, it's worth it. I've not withdrawn money from an ATM since April/May.

Should that option fail at some point, I'd recommend a Schwab bank account for ATMs. Schwab doesn't charge any fees and refunds 100 percent of the fees charged to you. In this way, you will get the best exchange rate.

I never use credit cards here. But back before Schwab, I always used my Capital One card. You might be aware of CO. If not, they charge no fees whatsoever for international charges. This is a good option if you can't get Schwab, and want to minimize your ATM activity.

 

[sesamosinsal]

You should come with cash.

If the OP isn't here long-term, I'd recommend this as well. At the very least I'd bring some (physical) dollars for rent, I suppose. Fortunately I pay rent in pesos.

 

[scottgro]

thanks for the responses so far. From what I gather, Xoom wire transfers are not paid at the official rate. I have been checking the rates daily, and they are often more than 25% better than the official rate.

That is interesting about the Schwab bank account. I will look into that before I go - since I leave in a few days.

I have a CO and am aware. I also have a chase preferred sapphire plus, which is also no fee. Great rewards and I will turn to that card when necessary.

Thanks!

 

[scottgro]

If the OP isn't here long-term, I'd recommend this as well. At the very least I'd bring some (physical) dollars for rent, I suppose. Fortunately I pay rent in pesos.

I will be here about 6 months. I can actually pay my rent via a bank transfer from my US account to the property company's US bank account. This will not cost me that much in fees.

 

[ElQueso]

Never use ATMs to withdraw money here except in emergency. The current official rate 4.58 pesos to the dollar, while Xoom and other places will change money upwards of 6 to 1 right now. Getting money out of ATMs and paying for things with your US credit card or debit card will cost you A LOT of money that you don't need to lose. Not the fees (as a Schwab account would let you get past that) but the horrible official exchange rate, which all banks use.

If your strategy involves ATMs at all, think about Uruguay, but just to get money, you have to factor in the cost of the boat back and forth ($300 - 500 pesos more or less I think? It's been awhile since I've gone to Uruguay).

The ideal way long term is to make a few contacts and find a cueva that allows you to wire money to them and get it in cash here in BA. Most will give you dollars as well, and the peso rate is usually just under the rate that investors get on buying and selling currency/bonds. I wouldn't be surprised to find that a a good percentage of potential classmates at UoP will know some people.

That is kind of gray - the government doesn't like these guys. I've never heard of anyone getting in trouble using them though, and I've used them off and on for 5 years, for the last 6 months on a monthly basis, and never had a problem.

The problem with Xoom is that they have limits on the amount of money you can send. Even then, you can increase that amount, but you have to go through hoops. But it's definitely a good way to send money to yourself at first, until you find better means.

 

[fuccolini]

if you don't come with cash you will regret it

 

[scottgro]

Is it possible to set up xoom before I leave? Or do I have to set up the transfer once I am in Argentina in order to receive a phone call to a local number?

My rent is US 1700. The management company is understandably asking nearly 9300 pesos if I pay them in pesos. Using Xoom's rate, I would save nearly $250 (inclusive of fees).

I will probably have to pay first month in USD, but pay later months in pesos, assuming the continued advantageous rate that Xoom offers.

I will come with some cash - but I tend to hedge, and having so much cash on me in BA makes me nervous. More than half of the people I know down there have had incidents.

 

[sesamosinsal]

My rent is US 1700. The management company is understandably asking nearly 9300 pesos if I pay them in pesos. Using Xoom's rate, I would save nearly $250 (inclusive of fees).

Holy smokes. That apartment better be immaculate!