Atm Withdrawals, Schwab Cards And The New Exchange Rate...

[TwentyThousandRoads]

So -- everyone who knows the Schwab trick of getting your ATM fees and exchange rates refunded:

Apparently Schwab goes by the Visa listed rate, which Visa took 24 hours to update. So yesterday those transactions were charged at AR$9.80 to the dollar. Today though, they've caught up (kinda) and it's $13.25 or so.

So today is the first time I'm using ATMs to get cash in Argentina since 2011. I went to an HSBC branch. And apparently the limit is 700 pesos, and the fee is... 87 pesos for that? So a 12.5% grab and the most you can get is about US$50... is that right? That's insane. I know Schwab will take care of it and refund me later, but it seems absurd. My daily limit on the card is US$2000 per day from an ATM.

Are there ATMs here that have higher individual withdrawal limits? Or are we supposed to expect a 12.5% take from the bank for withdrawing money? I imagine ol' Chuck is going to have to break this off at some point, so I'd like to know if I can stem the tide.

 

[Traveler999]

Watching this with interest. Schwab hasn't been very good about refunding my ATM fees over the past year, especially with Colonia withdrawals (and in Italy and Turkey). So, my advice is to monitor your statement each month and call them if the fee rebate doesn't post. It may take several attempts, but they always credit my account if too much time hasn't passed.

 

[thorsten]

Are there ATMs here that have higher individual withdrawal limits? Or are we supposed to expect a 12.5% take from the bank for withdrawing money? I imagine ol' Chuck is going to have to break this off at some point, so I'd like to know if I can stem the tide.

Before they introduced the messed up currency policies, the ATMs from Citybank had a significant higher limit compared to the other banks (for US$ withdrawals). No idea how the situation looks nowadays though.

 

[TwentyThousandRoads]

@Traveler99. Indeed. I've had to call Schwab more than once to get those refunds, but they always take care of it.

@thorsten, the last time I tried a Citi ATM, on a day when I was desperate and needed a few pesos and couldn't make the cueva, their ATM wouldn't take my card at all. I'll try again and report back. Meanwhile, the dolar blue is still selling 7% higher than the official rate out of an ATM, not including any ATM fees...

 

[Girino]

Are there ATMs here that have higher individual withdrawal limits? Or are we supposed to expect a 12.5% take from the bank for withdrawing money?

ATMs have their limits, and it depends on the combo bank + your card.
In Colonia I used mine at various place they always let me withdraw max 300 USD at time, but I could perform multiple withdrawals until my daily limit (1000 USD per day, no monthly limit).

I recently went to Peru, noticed Schwab in advance that I was going to travel there, read on the internet that you can get USD from ATM in Cusco. So I asked Schwab to increase my limit 5 times-fold, and they nay-ed me. Bummer, but anyway...

Arrived in Cusco, I went straight away to various ATM, I was able to withdraw in local currency only, the max amount was around 200 USD with a 5 USD fee that they never refunded (I am gonna call them tomorrow to sort this out). Then Schwab blocked my card, which I had to unlock once I came back home.

They said they blocked it for too many attempts of withdrawal (I was able to make just one, the first). Luckily I had other cards with me.

I used my Italian pre-paid card to withdraw USD in Cusco.

 

[bernie01]

Any idea guys if all ready can withdraw dollars in Citibank atm machines since the cepo gone?

 

[BDA shorts]

Back around a year ago my Schwab card had the same problems in Peru. It choked on the airport ATMs from what I remember and I heard the same thing when calling, too many attempts.

Other than that though... I've heard plenty of people say they don't always catch the ATM refunds, but I check religiously and they haven't missed one yet for me.

 

[TwentyThousandRoads]

Just to update this, I stopped at a Citibank tonight and it was the exact same thing as HSBC. 700 peso max withdrawal each time with something like an 86 peso fee. And since it was Sunday night, we're back to old tricks: None of the three machines had any cash available once you got through the process.

So, by sextant and compass, Argentina marches boldly into the future. Maybe after they reconquer the Malvinas from those heathens they can set up a working ATM machine somewhere with an eternal flame, as a national monument to progress.

@Serafina - yes. In Uruguay you can withdraw as many times in a row as you want from the same ATM (if it doesn't run out of dollars), they just limit each withdrawal to US$300 and charge $6 each time, up to whatever your personal daily limit is. This is just the way the banks make money on the exchange. It's common to see Argentines over there use the machine five times in a row. The locals are surprisingly patient about it, but then it's not like there's anywhere you really need to be if you live in Uruguay.

 

[Rich One]

Just to update this, I stopped at a Citibank tonight and it was the exact same thing as HSBC. 700 peso max withdrawal each time with something like an 86 peso fee. And since it was Sunday night, we're back to old tricks: None of the three machines had any cash available once you got through the process.

So, by sextant and compass, Argentina marches boldly into the future. Maybe after they reconquer the Malvinas from those heathens they can set up a working ATM machine somewhere with an eternal flame, as a national monument to progress.

@Serafina - yes. In Uruguay you can withdraw as many times in a row as you want from the same ATM (if it doesn't run out of dollars), they just limit each withdrawal to US$300 and charge $6 each time, up to whatever your personal daily limit is. This is just the way the banks make money on the exchange. It's common to see Argentines over there use the machine five times in a row. The locals are surprisingly patient about it, but then it's not like there's anywhere you really need to be if you live in Uruguay.

Is your XP with ATM's in Colonia and how recent??
A word of warning, some Banks in Colonia can not read the new CC with chips . Among these are Banco Comercial now Nova Scotia, and also Banco Internacional. Some of the Banks that can read the cards are BROU, Santander and BBVA. Also some banks have limited each withdrawal to US$200.
Looking forward to your comments.

 

[jake-ben]

Anyone help, I thought Western Union would adjust their rate to the new official. Nope. Just went to Western Union to today to withdraw US$1725 in Arg. pesos and was quoted $16.471,42

That means the rate they are giving is still 9.54