Foreign credit cards purchases at MEP rate

[ashton]

Just went to an ATM to test out what rate they would give me.

Pulled out 10,000 pesos and the ATM had a fee of 4,839.04 so total debit was 14,839.04 pesos. Logged into my bank account and saw a debit of $18.40 USD. Indicating an exchange rate of 806.46 — which is what the Visa website shows that has been linked numerous times.

My bank (Schwab) refunds all atm fees including international so I'll get the 4,839 pesos back at the end of the month.

____

If I wanted to exchange $100 with Western Union they are giving a rate of $1 USD = 877 pesos as of this moment. Plus a $15.99 fee. So you pay $115.99 and receive 87,720 (effective rate of 756).

It's wild to me people are still using WU with visa now offering more favorable rates, yet still always see giant lines outside of them

The best rate is ofc going to be exchanging physical USD for pesos but I am very willing to pay a 5-10% fee to have the convenience in just swiping my foreign visa credit card.

 

[grosso95]

The best rate long term is actually usdt/crypto to pesos. Assuming you can buy crypto with low/no fees.
The one I go to is faster and less hassle than WU.

 

[pepper]

Yeah I understand that. My example like emirates (Dubai owned) uses Argentina’s payment processor when the country is switched to Argentina. It all depends on the airline if they uses it or not.

Sorry but can I ask. i am in B Aires now. going to be booking a flight back to Europe soon. Will i get the MEP rate if I use my Mastercard?

 

[SinPulgas]

The best rate long term is actually usdt/crypto to pesos. Assuming you can buy crypto with low/no fees.
The one I go to is faster and less hassle than WU.

Better than physical dollars?

 

[AdrianB]

I have been using a european MasterCard credit card in Argentina throughout this year. Always worked fine with the refunds that shows up on the account in a few days after the purchase. But earlier in November I noticed that I was no longer charged the offical exchange rate. I was charged the final exchange (calculated after refund) as soon as the purchase went through, which was great.

I read on Mastercards website that they stopped doing refunds in Argentina from November 9th and that they now calculate and charge the final rate directly.

"Transactions authorized from November 9, 2023, the benefit will be applied directly at the time of purchase. The refund system which was in effect from December 2, 2022, will no longer be used."‎

Now to the problem. Since the first week of November (before November 9th) I haven't received any refunds connected to my purchases in argentinian pesos in Argentina. It just stopped before the 9th. Around the 9th I realised I was charged the final rate directly.

But then a few days later - all my recent purchases charged in pesos during November - changed the exchange rate again - from the final rate back to the official rate. And no refunds either during the past three weeks. So I was charged the new and final exchange rate but then a few days later those purchases settled at the official rate.

Another strange thing is that a european American Express still gives me refunds in November. So this system obviously still works.

Anyone else out here who have had these problems with the wrong exchange rate or missing refunds earlier in November?

I contacted the bank but they had no idea of what was going on. Hopefully they will find a solution on these charges that just turned from the final exhange rate to settle in the offical rate a few days later... but I just wanted to let you all know.

I had the problem of missing refunds with Revolut Mastercard. Contacted them and they confirmed it was a problem because of Mastercard's change how they process this which was already mentioned here. They told me I will get the refunds in a few days and I did.

 

[pepper]

I had the problem of missing refunds with Revolut Mastercard. Contacted them and they confirmed it was a problem because of Mastercard's change how they process this which was already mentioned here. They told me I will get the refunds in a few days and I did.

I did a purchase with a European Revolut Mastercard last week and got my refund yesterday.

 

[AdrianB]

I did a purchase with a European Revolut Mastercard last week and got my refund yesterday.

Do you have both Revolut Visa and Mastercard? Are the exchange rates the same for both? Because revolut usually uses their own exchange rate regardless of the card but I haven't tested this yet in Argentina.

 

[pepper]

Do you have both Revolut Visa and Mastercard? Are the exchange rates the same for both? Because revolut usually uses their own exchange rate regardless of the card but I haven't tested this yet in Argentina.

I have a Revolut metal Mastercard. My experience was I paid 298 euro and received 166 refund.

 

[Jtee125]

Just went to an ATM to test out what rate they would give me.

Pulled out 10,000 pesos and the ATM had a fee of 4,839.04 so total debit was 14,839.04 pesos. Logged into my bank account and saw a debit of $18.40 USD. Indicating an exchange rate of 806.46 — which is what the Visa website shows that has been linked numerous times.

My bank (Schwab) refunds all atm fees including international so I'll get the 4,839 pesos back at the end of the month.

____

If I wanted to exchange $100 with Western Union they are giving a rate of $1 USD = 877 pesos as of this moment. Plus a $15.99 fee. So you pay $115.99 and receive 87,720 (effective rate of 756).

It's wild to me people are still using WU with visa now offering more favorable rates, yet still always see giant lines outside of them

The best rate is ofc going to be exchanging physical USD for pesos but I am very willing to pay a 5-10% fee to have the convenience in just swiping my foreign visa credit card.

Though not everywhere accepts card. It they did id stick with card and not use WU but often cash is the only option

 

[joftoronto]

Hi:

Quick question from a Canadian expat about to arrive for 3 months. Do any other Canadians know if Canadian credit cards, ie. Visa, also benefit from the MEP rate (obviously exchanged to the Canadian exchange rate which is now about .735 per 1 US dollar)? I have both Canadian and US credit cards but was wondering if any other Canadians had any experiences using their Canadian credit cards? Thanks. Jay (of Toronto)....