Blue Chip Swap

[GS_Dirtboy]

Does anyone know the current Blue Chip Swap rate?

Many thanks!

GS

 

[nlaruccia]

Wrong thread. LOL.

 

[thorsten]

12.59 according to http://www.buenosairesherald.com/article/168974/blue-dollar-unchanged-at-14-pesos-official-rate-climbs-to-842-pesos

 

[PhilipDT]

Bookmark this link:

http://www.ambito.com/economia/mercados/monedas/dolar/info/?ric=ARSB=CL

 

[GS_Dirtboy]

Thanks for the info. Has anyone does these operations? If so, I'd like to understand more about the moving parts, risks, etc. This looks like a very effective way to bring $ into Argentina.

GS

 

[thorsten]

Maybe I'm wrong here, but isn't the blue chip swap a way to get rid of pesos and instead get US$ in an account in a foreign country? So this would mean it's not a way to get US$ in the country (if you don't plan to withdraw it from the foreign bank account and bring it back in cash), but more a way to a) safe you assets from the local inflation and B) make a profit as long as the local government sticks to flawed fiscal and monetary policies.

 

[PhilipDT]

Thanks for the info. Has anyone does these operations? If so, I'd like to understand more about the moving parts, risks, etc. This looks like a very effective way to bring $ into Argentina.

GS

You need a broker in the US and one here. Both will charge commissions on everything. Here it is very normal for brokerages to ask for minimum deposits in order to open an account, all will also ask for you to demonstrate the origen of the funds and that all aplicable taxes have been paid.

When I looked into doing it I realized that I don't move enough money for it to be worth it. YMMV

There may be a tax implication in the US if you sell in pesos, I've never heard of it happening to anyone but...

 

[GS_Dirtboy]

Maybe I'm wrong here, but isn't the blue chip swap a way to get rid of pesos and instead get US$ in an account in a foreign country?

You can use a blue chip swap to move money in either direction.

 

[thorsten]

Hmmm, how does that work? The swap "direction" I know works as follows: you buy a US$ nominated asset with pesos here (so its cheap due to the fake official rate), transfer it to your account in a foreign country and sell it there for US$ (which lands in your foreign account). The gain comes basically to the artificially lowered official rate.
But I cannot see which kinds of assets (US$ or AR$ nominated) you could buy and transfer here? Also, I'd imagine that you can only sell them here for AR$ (or do you get actual US$ when selling US$ nominated assets?), which would trigger the official rate and thus be a minus trade. I guess I'm overseeing something, maybe you could just outline the process?

 

[nikad]

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