Brining cash to Argentina

[rosstheexpat]

Greetings,
I have read that the true inflation rate in Argentina is somewhere between 10 - 20 percent. I plan to go there soon and I was wondering if I should take a lot of cash (US dollar) with me - since if I convert my money to the Argentinian Pesos, it would lose its value dramatically.

Does anyone has any trouble conducting daily commerce with such high inflation rate? Do ordinary Argentinians accepts other currencies? If so, how circulated are the other currencies (i.e US dollar)? Any advice?

-Ross

 

[YanquiGallego]

The dollar is starting to become more and more accepted, even by some taxi drivers who traditionally have always been more old school.

The joke is that they are so hard to find that people will ¨throw themselves under a moving bus¨ for a USD today.

 

[sesamosinsal]

Hi Ross,

Two things:

1.) Bringing dollars is always a good idea if you can. Remember that anything over $10,000 USD requires declaration at customs. If you're caught with more and don't declare it, you might have all of it confiscated by the AFIP, the Argentine tax authority. I wouldn't advise bringing more than the $10,000 because declaring that you have that kind of money on your person in Argentina is dangerous. Just this morning there is a story out about a couple who was nearly beaten to death and threatened with electric shock if they didn't hand over a huge sum of money. Police suspect that it was an inside job, i.e. someone knew that they had the money, a bank teller perhaps.

2.) Are you a U.S. citizen? If you are, I highly recommend obtaining a Charles Schwab High Yield Investor Checking Account before you leave. No, you don't have to invest anything. You can use it just as a normal ol' bank account. The kicker is that they refund you all of your ATM fees. Here in Argentina, they charge you $4 USD per transaction. So, you can withdraw money when you want, how much ever you want, wherever you want. Furthermore, Schwab gives you peso at the market rate. So, if you go to Google and type "1 usd = ars", you will more than likely get right around the same rate, +/- 1/3 - 1/2 (ARS) cent. This rate is almost always the same as any exchange house here, and sometimes it's even better than the rates they provide.

Hope that helps!

 

[dennisr]

If this is your first visit and have no contacts/friends in Argentina that can help you pimp your dollars, would advise using ATM as has been suggested. Exchanging in the black is very attracrive, but does come with risks if you are the new kid on the block. Keep it simple.*

Good luck

 

[BROOKLYN]

have you ever thought about bringing in travelers checks in the sum of 1,000. instead of bringing the loot in a suitcase

 

[Ries]

travellers checks are an oddity in BsAs, pretty much cashable only after a half hour or more at the bank.
And they cost transaction fees at both ends.

Suitcase?
Cash never leaves my body when I travel. In fact, it gets carried close to the skin. I know women who literally put it in their bras...
If its under your clothes, nobody ever sees it or knows its there.

Argentines like CLEAN hundred dollar bills.
No tears or rips, no scotch tape, no corners missing, no rubber stamp artwork on em, no diary entries in sharpie.
Go to the bank and get new 100's. Get a little travel bag that goes on a strap around your neck- they sell em at REI and triple A in the states. Put no more than ten grand in new benjamins in the bag, put it under your shirt, and dont worry about it. If you are of the female persuasion, wear it diagonally under your arm.
Pretty much everybody you meet in Buenos Aires will be interested in yer hundreds.
My wife changes em at her favorite shoe store. Most of my Porteno friends are up for some greenbacks, too. Changing dollars for pesos is no problem. And the big advantage to bringing dollars in Zero transaction fees at either end.

 

[sesamosinsal]

My wife changes em at her favorite shoe store. Most of my Porteno friends are up for some greenbacks, too. Changing dollars for pesos is no problem. And the big advantage to bringing dollars in Zero transaction fees at either end.

With a Schwab bank account, you pay nothing in transaction fees -- no ATM access fee, nor any foreign transaction fees. Everything is market rate, and at the end of the day, it's just like taking cash out from an ATM at home.

And FWIW, the best rate given at casas de cambio right now are at 4.32 ARS per dollar, whereas with your Schwab debit card you'd be getting pesos at 4.33.

 

[BROOKLYN]

travellers checks are an oddity in BsAs, pretty much cashable only after a half hour or more at the bank.
And they cost transaction fees at both ends.

Suitcase?
Cash never leaves my body when I travel. In fact, it gets carried close to the skin. I know women who literally put it in their bras...
If its under your clothes, nobody ever sees it or knows its there.

Argentines like CLEAN hundred dollar bills.
No tears or rips, no scotch tape, no corners missing, no rubber stamp artwork on em, no diary entries in sharpie.
Go to the bank and get new 100's. Get a little travel bag that goes on a strap around your neck- they sell em at REI and triple A in the states. Put no more than ten grand in new benjamins in the bag, put it under your shirt, and dont worry about it. If you are of the female persuasion, wear it diagonally under your arm.
Pretty much everybody you meet in Buenos Aires will be interested in yer hundreds.
My wife changes em at her favorite shoe store. Most of my Porteno friends are up for some greenbacks, too. Changing dollars for pesos is no problem. And the big advantage to bringing dollars in Zero transaction fees at either end.

thank you! can you show me how to smuggle coke into kennedy airport>lol

 

[citygirl]

With a Schwab bank account, you pay nothing in transaction fees -- no ATM access fee, nor any foreign transaction fees. Everything is market rate, and at the end of the day, it's just like taking cash out from an ATM at home.

And FWIW, the best rate given at casas de cambio right now are at 4.32 ARS per dollar, whereas with your Schwab debit card you'd be getting pesos at 4.33.

Is anyone even bothering to change at a casa de cambio? Heck, at tons of boutiques they're offering 4.60 to the dollar.