Atms Up Again?

#22
Schwab reimburses my account the worldwide foreign transaction fees at the end of every month. So out of curiosity yesterday I withdrew $500 pesos from ATM at Banco Ciudad (LINK). As opposed to the max allowed of $3000 pesos per transaction. Yet the foreign transaction fee charged was the SAME as if I had withdrawn $3000 pesos....$119.10.

Also compared yesterday's exchange rate of US$ to pesos if using my Xoom account I had received $3,000 pesos = US$157.49. Exactly the same as Banco Ciudad (LINK) BUT with the added cost of the Xoom transaction fee of US$8.50 = $160.30 pesos.
Exchange rate*: 1 USD = 19.048 ARS.
*In addition to the transaction fee, Xoom also makes money when it changes your U.S. dollars into a different currency. Xoom rounds to the nearest 0.05 peso.


The foreign transaction fee when using a Banelco (AB) ATM at Banco Santander Rio, ICBC, Banco Frances, Galicia, etc. CONTINUES to be 60% higher than the fee levied by LINK thru Banco Nacion and Banco Ciudad.

Conclusion....it's less expensive to withdraw cash from a LINK ATM than using Xoom or a withdrawing from a BANELCO ATM in that order.

Can anyone report what was the blue dollar rate yesterday at their local cueva?
 
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#23
Cuevas were buying dollars at 19.5-19.6 yesterday.

That exchange rate of 19.048 seems pretty bad - is that because Schwab charge a foreign currency conversion fee? The official Visa/Mastercard rates are pretty close to the spot which means your bank must be taking a peice of the pie.
 
#24
Somewhereinba....banks, foreign exchange houses, etc always take a piece of the pie because they are in the business of making $$$. I have no quarrel with their practices. My alternative is to bring US$10K in cash every year which I do. This year I need additional $$$. But some expats do not travel back and forth to the US every year.
 
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#25
Somewhereinba....banks, foreign exchange houses, etc always take a piece of the pie because they are in the business of making $$$. I have no quarrel with their practices. My alternative is to bring US$10K in cash every year which I do. This year I need additional $$$. But some expats do not travel back and forth to the US every year.
My bank doesn't charge fx fees but I'm not from the US. It still seems like USD cash > Blue rate is the best option if available. If banks reduced the withdrawal fees and increased limits past 3000 then it would be very close financially.
 
#26
Somewhereinba.....It still seems like USD cash > Blue rate is the best option if available. If banks reduced the withdrawal fees and increased limits past 3000 then it would be very close financially.
Agree.....but that is WHEN and IF that occurs and I doubt that will happen anytime soon. I deal with the here and now while I choose to reside here.
 
#27
Can those of you ATM users please post the most recent fees for withdrawals and limits? Seems like its different depending on which banks ATM you use? The dollar blue doesn't seem to be keeping pace with the official which makes the whole withdraw vs blue debate much closer - need to do the maths.
 

ghost

Registered
#28
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]
HUH?
 
#29
SomewhereinBA -Can those of you ATM users please post the most recent fees for withdrawals and limits? Seems like its different depending on which banks ATM you use? The dollar blue doesn't seem to be keeping pace with the official which makes the whole withdraw vs blue debate much closer - need to do the maths.

As of January 30, LINK at Banco Ciudad- max amount per withdrawal is $3000 pesos. The foreign transaction fee is $119.10 pesos per each withdrawal regardless whether one withdraws $100 or 3,000 pesos at a time. Max number of withdrawals per day is three (3).

In January, Banelco (AB) at Banco Santander Rio, ICBC, Banco Frances, Galicia, etc. allowed a max of $2400 pesos per withdrawal and the foreign transaction fee was $185-190 pesos. The max number of withdrawals per day was two (2). Somebody else will have to update these numbers as I exclusively use my LINK ATM card.