Australian advice on ATMs in BsAs?

[BA Barrio Busquador]

I was hoping there might be some Australians on the forum who access funds in their Australian banks via ATMs in BsAs / Argentina. (I am mentally writing my complaint to the banking ombudsperson on my return from Argie about exhorbitant fees) but in the meantime I am aggrieved by the fees the banks charge me to access my own money overseas - then I have to add whatever the ATMs in Argentina will charge...

E.G. If I use my credit card with a positive balance of - let's say - $1000K, the bank will charge me a $5 fee + (and this is my major gripe) 3% "conversion fee"!!! Surely the computers do the conversion??? I fail to see the effort required by the bank to warrant 3%.

Anyway.

So I have Visa card, and a card with Maestro / Cirrus. How much can I hope to take out of an ATM and what will the bank in Argentina charge me?

Also, more generally, (and I have searched the forum without success), what's the best bet for some pesos at the airport? Pay with USD or card?

Thank you for any tips!

 

[sesamosinsal]

I'm not from Australia, but here is some info:

- Argentine ATMs will charge $4.00 USD per transaction.

- You best bet would be to bring some dollars and get some pesos at Banco Piano. They do accept credit cards for such transactions -- at least they did in 2008. Bringing USD, however, is the best idea. Argentina is notorious for not being reliable with credit cards and having empty ATMs. BP or any casa de cambio in the airport will probably give you an awful rate, but it might calculate to be better than withdrawing from the ATM.

- And finally, I would imagine that you're aware of this, but the Argentine government does levy a reciprocity fee against Australians, as well as Canadians and Americans. I believe that it's $100 USD for Australians, for each entry.

 

[irishvan]

I have a Bendigo Bank visa debit card and I can withdraw a maximum of 1000 pesos at any banelco atm. I think it costs around 13 pesos, cant remember. the bank fee is $5 I cant withdraw dollars because of a visa restriction. I did make some tentative enquiries about changing this but have not followed up as Im moving to brazil where theres no fees.(not just for that reason)
Cant help you with the airport as I dont enter on an oz passport.

 

[darmanad]

It's not an Aussie thing, mate.
In addition to the ATM use fee, currently 16 pesos per transaction via AR's Link or Banelco ATM system, most, but not all, credit and debit cards issuers (banks) do assess a foreign currency transaction fee (FCTF) for ATM withdrawls, cash advances, and merchant charges involving payment in a foreign currency to that of the issuing bank. So do the clearinghouses used by the banks to settle accounts, principly Visa and Mastercard. Those FTCF were challenged in a law suit as insufficiently disclosed and improperly assessed. See http://www.ccfsettlement.com/faqs/#idQ2, the website for the class action credit/debit card fraud case, the settlement of which is now on appeal. The settlement does not eliminate or even limit such ATM use fees or FTCF. On the contrary, the settlement expressly condones such fees and only spells out how they are to be disclosed going forward.

http://flyerguide.com/wiki/index.php...reign_Exchange provides info re many card issuer's fees. Most card issuers now charge anywhere from 1-3 % of the amount of the card transaction as a FCTF. Part of this amount is paid over to the card clearinghouses (Visa,Mastercard) and part is kept by the card issuing bank.

This FCTF is in addition to the even more insidious "cash advance fee" charged for using a credit card in lieu of a debit card to get cash from an ATM. That's an additional 3% - definitely to be avoided.

Some card issuers have become popular with travelers because they waive the ATM use fee and keep the FTFC fees low or "non-existent." I am not sure, but I think Fidelity and Schwab debit cards routinely reverse all ATM fees (up to a certain amount annually) and "collect" a 1% FCTF for payment over to the Visa/Mastercard clearinghouses. Its the clearinghouses themselves that charge these card issuers the 1%. Prior to the CCF class action this 1% was "hidden" because it was built into the exchange rate provided by VISA/Mastercard. It is now set forth in excrutiating detail buried deep in the fine print of those voluminous disclosure statements you periodically receive with your monthly statements.

The daily limit that you can withdraw is established by the bank that issued you the plastic. Most Bs As ATMS have a 1000 peso limit per transaction. If your card's daily withdrawl limit is higher, you can do multiple transactions, but you will pay 16 pesos for each one.

If you need cash at the airport, then go to the Banco de la Nacion window in the terminal located right outside the secure area when you leave customs. They give a good exchange rate for cash. The other cambio houses in the terminal are a ripoff.
I don't believe you can get cash with your plastic from Banco and it would be pretty expensive if your card is a credit card (as opposed to debit). Carry some AU cash and convert it there when you arrive or at any Banco de la Nacion downtown.

Bottom line: Do not use a credit card at an ATM to get cash.

 

[davonz]

I have a CBA atm card, and i get charged about 15 pesos (arg ATM bank fee) plus $5 (visa transaction fee) plus $1 to $2 for the CBA conversion fee.. so most of the fees are taken by the arg banks and visa (which the transaction goes through)..

I always bring US$ cash and travellers cheques for argentina, and then use my visa card for large purchases (like airline tickets) and try never to use the ATMS as like you i just get ripped off and dont like it.. I change the cheques at banco francis as they dont charge a fee and always give me a good exchange rate too..

 

[BA Barrio Busquador]

Thanks all for your replies.

So if we bring USD (which we are going to have to, at least to pay for our apartment in BsAs), the best way is to exchange that at the banks for best rate?

 

[HowardinBA]

sorry I thought ATM was A Test Match........................

 

[BA Barrio Busquador]

That's about the extent of my knowledge of it, both cricket and bankie ones...