Best way to access Canadian funds from BA

[elclandestino]

I also have an HSBC card and there are fees at both ends - in Argentina and at home. It is free to bank within Canada, but not internationally.

It's not possible for Canadians to open a bank acccount with Citibank from Argentina. There is only a couple of branches in Canada and you have to do it there.

This is truly a problem for Canadians, and probably Europeans. We don't have access to US Funds on a regular basis, even though we have US dollar accounts in our Canadian banks. For example, I receive US cheques for my book but must deposit in person, not through a bank machine.

I'm an HSBC account holder as of many years. Originally opened it in the UK. Later had no single problem opening it in Singapore, Hong Kong and US. But, couldn't in Argentina

 

[LostinBA]

I would advise bringing in something under the 10K limit so that you don't have to declare it and taking money out as needed from the ATM. You'll pay about 7-9 USD per 1000 peso limit/withdrawal but it's safer and 90% of the time, works just fine. Don't sign your lease agreement in USD...only pesos or you'll find yourself in a world of problems with the new dollar controls.

The "ceuvas" give the blue-chip exchange rate which is usually .30-.60 pesos higher than the "official" central bank rate but they are "illegal" even though all the business people and corrupt politicians use them...

 

[meligon]

LostinBA thanks for this. I sent money via Western Union last week for school and they received it (in USD). I was also asked to send money via Western Union to pay for my room (in USD)? My understanding is I cannot open a bank account, I cannot change any pesos back to dollars, anything else i need to know? Hope Argentina is worth all this hassle...

 

[Sleuth]

Open an account with HSBC or Citibank. Then use their ATM card at branches here with no fee. Charles Schwab also has no fee ATM cards, but I think it has limited withdrawals.

Schwab has no limits. You need to make sure to open a Schwab Bank High Yield Investor Checking account from schwab.com and not an account at schwabbank.com as they are different products.

I just added my wife to my account and we can now take out $5000 pesos per day between our two ATM cards.

Unfortunately for the OP it's limited to US residents or citizens.

 

[irina]

Whenever I've traveled I've always used ATM's, it's just always been the easiest thing. I use Fidelity (similar to Charles Schwab I suppose) so now I get free withdrawals (no fees from the bank and they refund you whatever the local bank charges you) from anywhere and I've saved quite nice chunk of change with it. But if you are coming for just a few months don't bother changing any of your banks, just use your ATM and you'll be fine.

 

[meligon]

OK well I'm with TD and have not heard of a no fee international bank account. Sleuth I am Canadian so unfortunately Schwab won't work for me. Sounds like most ppl just use the ATM

 

[Mahara]

Sorry, didn't realize HSBC charged fees on some accounts. If you're a Premier member it's free, There's a minimum deposit and I'm not sure what it is.

It's $500,000.

 

[jb5]

Our business account is with them too....no lines!

 

[Neilcampbell31]

I am off to BA in three weeks and I am looking into this at the moment and it seems pretty hard to avoid fees from the UK.

Santander offer a no-fees account but you need to have £30k in your account and pay in £1,000pcm

HSBC has a Premier account but you need to have £100k in your account.

Otherwise it seems that it is going to be 1.25% charge per transaction from the UK bank.

Does anyone know how much the local banks charge on the BA side?

 

[scarface]

Local Banks charge US $4 (17.16 pesos) per ATM withdrawl (max 1000 pesos).
I suggest that for 3 weeks you bring a bunch of cash, preferably dollars though euros would be ok too. Not so much for the avoidance of ATM fees, but for for the informal/black market rate for the dollar which is now 4.78 (vs 4.2 at ATMs) and is likely to grow.