Foreign credit cards purchases at MEP rate

[steveinbsas]

Nah...no one will check anything. It's not against the law nor is it a taxable transaction to use a foreign payment method if one is argentine resident/citizen.

While it may not be taxable or criminal for a resident or citizen to use a foreign payment method (aka credit or debit card), if the purpose of this new "scheme" is to offer only legit tourists the better exchange rate, is it actually possible for the system to be designed (if it isn't already) so that only the tourists will receive that conversion rate when making said purchases, while residents and citizens would only/always receive the official rate?

 

[Stafford]

So who is running down to the closest ATM this morning to give this a try? Perhaps not those of us with residency… but very curious. Perhaps take out $10 and check your bank to see what exchange rate you get. If you don’t get MEP, this group can pitch in to cover the difference ha ha

 

[antipodean]

While it may not be taxable or criminal for a resident or citizen to use a foreign payment method (aka credit or debit card), if the purpose of this new "scheme" is to offer only legit tourists the better exchange rate, is it actually possible for the system to be designed (if it isn't already) so that only the tourists will receive that conversion rate when making said purchases, while residents and citizens would only/always receive the official rate?

How could they do that? I mean Argentina doesn’t even stamp passports anymore. In the past in order to avoid IVA on hotel accommodation, you’d need to show a foreign passport + entry stamp + pay by foreign card. This sounds like it will all be processed the minute you hit the green button to accept payment on your foreign card without any further fluffing around.

Plus if a cashier asks for DNI / passport just give them whatever number comes off your mind (very few actually ask for the physical document these days post-pandemic… and if it’s a foreign card it isn’t using the DNI input as a security layer to ensure a successful transaction either)

Also, I’d question the legality of actually forbidding / preventing Argentine residents to use their own foreign issued card in Argentina if they want to - they have a right to access and spend their money after all, wherever it is located in the world. Declaring their bank accounts and paying their taxes is another issue altogether.

 

[El manolo]

From someone else: So I just used my American visa credit card and this is the exchange they gave me. Could be because I’m a resident. If it sounds to good to be true it’s because it usually is.

 

[D.B. Cooper]

From someone else: So I just used my American visa credit card and this is the exchange they gave me. Could be because I’m a resident. If it sounds to good to be true it’s because it usually is.

Thanks for being the guinea pig of the group. Caveat Emptor,...Maybe the new system hasn't kicked in yet.

 

[Quilombo]

One of the frustrating things about news outlets in Argentina is they often report government comments about implementing things as fact as opposed to actually confirming said actions have taken place. I checked every day this week, and there's no mention in the Boletin Oficial that this has been implemented, which absolves the payment processors/banks from having to act yet as they legally haven't had to change anything.

 

[hoda0010]

Both Visa and Mastercard allow you to check the foreign conversion rate they apply. My guess is that these will show the updated rate whenever this takes effect. As of now, they're still showing the official.

Mastercard Currency Converter | Currency Exchange Rate Calculator

Mastercard currency converter tool calculates foreign exchange rates for all the major currencies worldwide to enable cross-border purchases and ATM transactions.

www.mastercard.us

Exchange Rate Calculator - Currency Converter

Exchange Rates & Currency Conversion Calculator - Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.

usa.visa.com

 

[lunar]

From someone else: So I just used my American visa credit card and this is the exchange they gave me. Could be because I’m a resident. If it sounds to good to be true it’s because it usually is.

It's not clear who is "they", and why the price is stated as 88 dollars to get started. Isn't it supposed to be the other way around: the price is in peso and you are paying in dollars?

Do you think Visa and Mastercard will try to figure out whether you are a resident or no? I doubt so.

There may be an option to choose a special conversion rate when using a payment processing terminal at a store.

 

[Rich One]

How will the Foreign tourist rate apply over online purchases made by tourists.

 

[Fiscal]

paid for my Starbucks today with chase sapphire. $1130 pesos was $7….