Changing Dollars

[RWS]

I am curious as to why any cambio would offer lower rates than the posted daily exchange rate? . . . . Do they lose money on every transaction, but make it up in volume?

They might! More than one exchange rate exist simultaneously, and smaller sums can be bundled together to take advantage of better rates for larger sums -- a species of arbitrage.

Differing rates can also be hedges against the future, an anticipation of rates that will favor the moneychanger.

 

[Neil]

I just returned from Banco Galicia...using my passport cambio'd for 3.81 no problems...!

 

[steveinba]

Neil, 3.81 is not exactly a fantastic rate. The current ask is 3.863 on the dollar and the midpoint is 3.83. 3.81 is likely the current bid and the lowest rate I would expect to get from a bank. I was hoping to get closer to 3.85. I have seen bars that offer change from dollars as high as 3.85. Obviously I don't want to rely on a bar to change my dollars every week though.

 

[BlahBlah]

That's probally because they don't want to be registered as people who change

 

[John.St]

Neil, 3.81 is not exactly a fantastic rate. The current ask is 3.863 on the dollar and the midpoint is 3.83. 3.81 is likely the current bid and the lowest rate I would expect to get from a bank. I was hoping to get closer to 3.85. I have seen bars that offer change from dollars as high as 3.85. Obviously I don't want to rely on a bar to change my dollars every week though.

The going rate out west 2009 AUG 18 was 3.81 in casas de cambio and 3.86 in Banco de Cuyo, I have checked today (now yesterday) as I have a couple of USD to change; interbank rate is 3.8334.

You should be able to get around 4.10 in counterfeit pesos

 

[jp]

www.dolarhoy.com

Up to minute prices, find the best rate going and head for the casa de cambio.

Generally no account needed or passport required and generally the best rates available.

 

[John.St]

Some recent history, average rates for year:

Argentina, 2000 - 2008

2000: 0.9995 (New) Pesos Argentino
2001: 0.9995 (New) Pesos Argentino
2002: 3.0633 (New) Pesos Argentino
2003: 2.9006 (New) Pesos Argentino
2004: 2.9233 (New) Pesos Argentino
2005: 2.9037 (New) Pesos Argentino
2006: 3.0543 (New) Pesos Argentino
2007: 3.0960 New Pesos Argentino
2008: 3.1442 New Pesos Argentino

http://www.measuringworth.org/exchangeglobal/

 

[Napoleon]

If you're in Palermo (more specifically the Plaza Italia area), the is a casa de cambio on Jorge Borges about 1 or 2 doors from Santa Fe. It is a small, totally drab and difficult to believe casa de cambio, but they give pretty good rates for US dollars.

 

[steveinba]

I am in Palermo right near the Ministro Carranza stop on subway D and close to Las Canitas. Anyone know any good casas de cambio nearby?

 

[arty]

a friend of mine would always hit the one on lavalle between maipu and the next street towards the center. he would ask a couple of places and try to get the best rate. he would also avoid going on fri/sat as they give worse conversations those days.