Atms Up Again?
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Wryter47
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It seems difficult to imagine how the rates could take such a huge jump. One negative to it all is that tourists will pay it without much complaining, leaving the rest of us to continue to pay whatever the banks choose to charge. (If tourists complain, that info seeme to filter up and change might occur.) I think the famous Sharespeare quote ought to be changed to bankers rarther than lawyers, although lawyers aren't so great, either. I have never seen so many ancillary charges tacked on to a monthly checking account statement. Thst's part of the reason so many commercial places say "without interest" in their ads... they make a ton of interest just in service and carrying charges. Ah, well, such is life when you're doing something else.
gracielle
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Wryter47 - [background=rgb(252, 252, 252)]One negative to it all is that tourists will pay it without much complaining, leaving the rest of us to continue to pay whatever the banks choose to charge. (If tourists complain, that info seeme to filter up and change might occur.) [/background]
I sympathize with the plight of the resident expats who have traditionally borne the brunt at the hands of the banking system. But short-stay tourists by in large make up a small % of users of ATM's which withdraw pesos. Those who read forums/blogs before traveling are advised to bring cash in new US$100 dollar bills. They can be exchanged at currency exchange offices which are mainly located on Sarmiento St. in micro centro. Minimun is US$100 per transaction. The rate last Thurs was AR$17.70 = US$1.00. The more adventurous ones seek out black market "vendors".
As Rich One so aptly posted, as the dollar exchange rate to pesos increases, so does the foreign transaction fee because it is based on a % of the total amount of each withdrawal amount. The exchange rate for May of 2018, according to futures, is pegged at AR$19.90.
Currently each ATM withdrawal of AR$2400, the max allowed amount per transaction by the local banks affiliated to BANELCO (AB) equals approx US$136.00 + the foreign transaction fee of $183.00 pesos which = US$10.34. On an aside, BANELCO affiliated foreign debit/cc cards allow a max of 2 ATM withdrawals per day whereas those affiliated with LINK (Banco Ciudad and Banco de La Nacion) allow 3 transactions per day.
Alternative to ATM withdrawals is to utilize wire services. Example....to receive the equivalent of US$136.00 in pesos thru PayPal/Xoom the fees range from US$4.99 for a local bank transfer to US$8.50 for debit/credit transactions for pick-up in pesos at a local vendor. Using as an example the Xoom fee for pick-up of pesos....US$8.50 x AR$17.70 = AR$150.45. As opposed to the higher local bank ATM foreign transaction fee of US$10.34 which = AR$183.00.
I would be curious to know what is the current foreign transaction fee for an ATM withdrawal of US$136.00 which US, EU, CAN, etc. banks charge foreign tourists visiting those countries?
I sympathize with the plight of the resident expats who have traditionally borne the brunt at the hands of the banking system. But short-stay tourists by in large make up a small % of users of ATM's which withdraw pesos. Those who read forums/blogs before traveling are advised to bring cash in new US$100 dollar bills. They can be exchanged at currency exchange offices which are mainly located on Sarmiento St. in micro centro. Minimun is US$100 per transaction. The rate last Thurs was AR$17.70 = US$1.00. The more adventurous ones seek out black market "vendors".
As Rich One so aptly posted, as the dollar exchange rate to pesos increases, so does the foreign transaction fee because it is based on a % of the total amount of each withdrawal amount. The exchange rate for May of 2018, according to futures, is pegged at AR$19.90.
Currently each ATM withdrawal of AR$2400, the max allowed amount per transaction by the local banks affiliated to BANELCO (AB) equals approx US$136.00 + the foreign transaction fee of $183.00 pesos which = US$10.34. On an aside, BANELCO affiliated foreign debit/cc cards allow a max of 2 ATM withdrawals per day whereas those affiliated with LINK (Banco Ciudad and Banco de La Nacion) allow 3 transactions per day.
Alternative to ATM withdrawals is to utilize wire services. Example....to receive the equivalent of US$136.00 in pesos thru PayPal/Xoom the fees range from US$4.99 for a local bank transfer to US$8.50 for debit/credit transactions for pick-up in pesos at a local vendor. Using as an example the Xoom fee for pick-up of pesos....US$8.50 x AR$17.70 = AR$150.45. As opposed to the higher local bank ATM foreign transaction fee of US$10.34 which = AR$183.00.
I would be curious to know what is the current foreign transaction fee for an ATM withdrawal of US$136.00 which US, EU, CAN, etc. banks charge foreign tourists visiting those countries?
jantango
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Those using foreign debit cards at Banelco are going to pay the withdrawal fees. We all know they are excessive, but we have to pay them. The banks are international and charge what the market will bear.
Citibank is headquartered in New York, New York
HSBC is headquartered in London, England
Santander Rio is in Spain
Banks are in business to make money, and lots of it. I remember the days when I had an account with a Savings and Loan. The big banks put them out of business.
I have my money in a credit union in the USA since 1984, and use XOOM for money transfers.
Citibank is headquartered in New York, New York
HSBC is headquartered in London, England
Santander Rio is in Spain
Banks are in business to make money, and lots of it. I remember the days when I had an account with a Savings and Loan. The big banks put them out of business.
I have my money in a credit union in the USA since 1984, and use XOOM for money transfers.
Just wait patiently for 1-3 years more.
Block chain technology will obliterate these ATMS / banks/exchange houses etc and the way money is used or transported on the planet. Good times are around the corner.
gracielle
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Dec. 27...I used my Schwab ATM card at Banco Santander Rio Banelco (AB). Extracted maximum allowed amount per transaction of AR$2400. Foreign fee...AR$185.50.
Used it minutes later at Banco Ciudad (LINK) for another AR$2400.00. Foreign fee....AR$111.30. A difference of AR$74.20. Either way Schwab will reimburse my account at the end of the month.
Why....who knows? Perhaps because the Red Link software has not been actualized yet today whereas Red Banelco had been???
Used it minutes later at Banco Ciudad (LINK) for another AR$2400.00. Foreign fee....AR$111.30. A difference of AR$74.20. Either way Schwab will reimburse my account at the end of the month.
Why....who knows? Perhaps because the Red Link software has not been actualized yet today whereas Red Banelco had been???
semigoodlookin
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You're kind of right, it is going to happen, but not in 1-3 years. For example, the Bank of Japan and European Central Bank have already said it will not adopt cryptocurrency yet and other major financial institutions are saying similar things. You may think banks will be obliterated by blockchain and digital currencies, but instead they will just look to own it. Also, it is not viable yet, plain and simple. Banks will start holding digital currencies in 2018, but wholesale changes are some way off.
It's been posted here multiple times:
If you[background=rgb(252, 252, 252)] have someone in the states who can send you $2999 ( transaction limit ) using [/background][background=yellow]Ria[/background][background=rgb(252, 252, 252)] money transfer you can pick it up in either dollars or pesos. [/background]
[background=rgb(252, 252, 252)]There is only a $10 fee if it is sent directly from a bank account. [/background]https://www.riamoneytransfer.com/
[background=rgb(252, 252, 252)]Do people continue indulging the local banks in order to be able to express their dismay on the forum?[/background]
[background=rgb(252, 252, 252)]The best and cheapest solution has been explained by Macanudo long time ago - I believe the annual limit is $20000K.[/background]
If you[background=rgb(252, 252, 252)] have someone in the states who can send you $2999 ( transaction limit ) using [/background][background=yellow]Ria[/background][background=rgb(252, 252, 252)] money transfer you can pick it up in either dollars or pesos. [/background]
[background=rgb(252, 252, 252)]There is only a $10 fee if it is sent directly from a bank account. [/background]https://www.riamoneytransfer.com/
[background=rgb(252, 252, 252)]Do people continue indulging the local banks in order to be able to express their dismay on the forum?[/background]
[background=rgb(252, 252, 252)]The best and cheapest solution has been explained by Macanudo long time ago - I believe the annual limit is $20000K.[/background]
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