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

[artur]

UPDATE: Just used my ATM card at Santader.. charges 78 pes fee + Max Withdrawal = $1500p ( i didnt test higher )

 

[90daysinargentina]

Question: I had been planning on bringing crisp $100 bills with me for my 3-month stay in Argentina starting on Dec. 30th, and then gradually exchange those on a weekly basis for spending money (my lodging and transportation is either pre-booked or will be paid with a CC), but this was before the devaluation. While I was certainly willing to jump through hoops for the old Blue Dolar rate, for one add'l peso I'm not sure it's worth the hassle unless it's a lot of money.

If I'm budgeting US$30 per day for food, taxis, drinks, bribes, etc., should I bring dollars for the entire 3 months or just for the first month and then plan on using ATMs (I get two free int'l withdrawals per month from my bank), Xoom and trips to Uruguay (which I'm doing in early February anyway) for the next two months? Or just use the ATM twice a month and keep it simple?

Btw, this is a great site. I've learned a lot just checking out the posts over the last few months. Hopefully I'll meet some of you!

 

[Rich One]

According to one guy I know, there may still be a certain ATM in a certain bank somewhere around Florida and Lavalle that's been dispensing US dollars this whole time. I've gone on epic quests to find this mythical thing, with no luck so far... but yeah, it's uncannily similar to trying to find your needle-in-the-haystack slot machine. I'd take issue with the comparison to Vegas, though. That's an insult to Vegas. This is more like the outskirts of Reno

This Unique ATM operates on Banelco or Link or perhaps another Unique system and has a unique Menu that gives the Option Pesos or Dollars?? Its an ATM gone AWOL..

 

[Ceviche]

Question: I had been planning on bringing crisp $100 bills with me for my 3-month stay in Argentina starting on Dec. 30th, and then gradually exchange those on a weekly basis for spending money (my lodging and transportation is either pre-booked or will be paid with a CC), but this was before the devaluation. While I was certainly willing to jump through hoops for the old Blue Dolar rate, for one add'l peso I'm not sure it's worth the hassle unless it's a lot of money.

If I'm budgeting US$30 per day for food, taxis, drinks, bribes, etc., should I bring dollars for the entire 3 months or just for the first month and then plan on using ATMs (I get two free int'l withdrawals per month from my bank), Xoom and trips to Uruguay (which I'm doing in early February anyway) for the next two months? Or just use the ATM twice a month and keep it simple?

Btw, this is a great site. I've learned a lot just checking out the posts over the last few months. Hopefully I'll meet some of you!

Rent a nice apartment with a safe. Come with 9999 USD.

 

[ElQueso]

90days, think about this: $9999 USD, at a difference of .75 between the current blue rate and the official rate, is roughly 7499 pesos you are losing out on if you could change at the blue rate directly - that's a lot of pesos (I have no idea how much you would bring for 3 months, but $9999 USD doesn't seem an unreasonable amount. Apply the .75 times how much you are bringing to see how much you would lose out on. I can buy groceries for the 5 of us for two weeks or more with 7500 pesos, or a bit more than a month of our oldest's college fees, and I know a lot of people who make about that much money here in a month!) Add in the cost to get money out via the debit card (both transaction charges if you're not using Schwab, and the fact that you will get a lower rate than the published official rate, though how much lower depends on your bank, may only be a few cents), as well as the current limits they have on how much you can pull out at a time (because you have to pay the transaction fee every time) and you will find that that is even more pesos you lose out on.

That's today. What's going to happen tomorrow and the next 3 months is anyone's guess.

One reason they are limiting the amount of money one can pull out of ATMs, I'm pretty sure, is because the largest bill currently is a one hundred peso note. they are filling the ATMs multiple times per day in some case because 100 pesos doesn't get you very far any more. Until they start printing bigger notes (which Macri has indicated he's going to do), I don't imagine the limits will go down. I have no idea if they will ever bring down the local transaction fees (somewhere in the neighborhood of $6 USD now).

I'd still bring as much cash as possible, but know that you can use your credit card and even take out cash from the ATM at times without killing yourself as it has been for the last few years, but try to not do that too much, only when needed.

 

[Rich One]

So much confusion... fortunately don't need to use the ATM...

 

[Girino]

I'd still bring as much cash as possible, Argentina is very unreliable card-wise, here cash is king! Since you are staying 3 months, I think you can bring plenty so that you will feel at ease and not having to run from ATM to ATM in case of sudden need of cash. You will also save in withdrawal fees.

 

[ElQueso]

OK, I had seen Ceviche's post with bringing down $9999 USD and missed your post of $30.day,

$30/day = about $2700 USD for 3 months. $30 USD a day = about $400 pesos a day at the official rate. You won't have to pay any bribes visiting here (I've only paid one bribe myself in 9 years living here, though I know businessmen who have to pay frequently). I give our girls between $150 and $200 pesos a night when they go out to party (a couple of times a month) depending on where they're going and what they're doing.

There may be really cheap places to drink, but our girls go, for example, to El Alamo where the entrance fee is 110 pesos and you get a 2 liter pitcher of beer. Mixed drinks are about 100 pesos in most clubs, according to them.

An average taxi ride may cost you between 30 and 80 pesos, depending on what time of day (night is more expensive) and how far you're going.

You can eat cheap, but it will get tiring fast. 100 - 150 pesos eating cheap (although lunch you may be able to do for less than 100). 200 to 250 pesos is a reasonable price for mid-level places at dinner, per person and good places can be upwards of 400 pesos per person.

Just so you know what the prices are like. May be, like I say, that you can economize better.

 

[TwentyThousandRoads]

@90 days, it doesn't really matter if you plan to spend a lot or a little. You'll still save money if you bring dollars. If you live in this country and go to the States you don't come back without as much cash as you can carry. Even now.
Three months is quite awhile in terms of prices and currents in this economy. The peso could easily be worth 30% less at the end of those three months. ATMs are notoriously always running out of money here, it seems like whenever you need one they're all empty (and that's how it's always been... even in 2006-7 when the economy was roaring back here). So bring dollars. And yes you can live comfortably on $30 a day (food, drinks, everything other than rent and utilities) ...if you're not going out to overpriced bars or partying all night.

I give our girls between $150 and $200 pesos a night when they go out to party (a couple of times a month) depending on where they're going and what they're doing.

I think this may be somewhat misleading, because AR$200 could be enough just to cover a taxi fare to and from a club at night. Now if your girls aren't buying a lot of drinks, have rides or whatever, that would make sense... but a night in boliches with covers, including cab fare from place to place can run AR$500 easily, and that's excluding dinner and assuming you stick to beer. [Double that at least if you're single and meeting girls or out with a girlfriend].

 

[90daysinargentina]

Thank you for the input, my $30/day is an average (i.e., some days I'll stay local, just walk and make my own meals and keep that savings for taxi rides, drinks and meals out on the weekends), but the estimates for daily spending are very helpful. I was kidding about the bribes, although when I got stuck in Egypt during the beginning of their Arab Spring in February 2011, they came in quite handy! It was in part that experience which gave me the confidence to do this trip alone. I'm sure with the political and economic changes that it will be an interesting time to be in the country (but hopefully not another revolution).