Getting pesos OUT?

[Caribbean Cool]

Done...thank you

 

[Caribbean Cool]

Per chat with WU...sending $1000 to the U.S involves a charge of $144 mas o menos...from Uruguay

 

[ben]

For a country hungry for dollars the situation originally presented only makes sense in one context....and not one to go near with a ten foot pole.

There are many people, locals and expats alike, that deal with this dilemma.

Most of it is not anything sinister. 20K USD in a suitcase in New York says “drugs” or at least “money laundering”. Here it means “regular people doing business”. Doing business here completely en blanco, indeed simply using the banking system here, is onerous enough in many ways, even when you’re more than willing to pay your taxes, that an enormous part of the economy runs on cash.

With that in mind, it is but natural that lots of people want to get their money OUT. Out of pesos, and out of the country. And that’s normal: dealing with relatively large sums of cash just doesn’t carry the nefarious connotation here as it would in most of the Western world. That’s why you have financieras by the dozen on many blocks in centro (not just Florida).

So doing this exchange would not be inventing the wheel by any stretch of the imagination. Cash here against wires in the US happens endlessly, every single day here.

 

[Caribbean Cool]

Thank you sir. Do you have any idea at what rate the dollars are converted to peso in BA?

 

[ben]

Thank you sir. Do you have any idea at what rate the dollars are converted to peso in BA?

That’s exactly what the blue rate is about. The street rate not regulated by the government or BCRA.

 

[Caribbean Cool]

The question is what is the conversion rate for

That’s exactly what the blue rate is about. The street rate not regulated by the government or BCRA.

A question....if I accepted pesos in BA against dollars delivered in the US the conversion has to be 75 or above...actually not a question

 

[ben]

The question is what is the conversion rate for

A question....if I accepted pesos in BA against dollars delivered in the US the conversion has to be 75 or above...actually not a question

Didn’t understand that at all.
In fact, I think you are mixing 2 operations: transfer of money (USD here against USD abroad), and exchange (USD for pesos).
Things go much smoother when these operations remain separate.

 

[Caribbean Cool]

Ben....they are one in the same. If I need $2000 per month to live in B.A. ....I can send $2000 via WU using a cash transfer...someone sending me my money....at 75 per. Call this choice one.

Or....someone pays me 75 x 2000 here is BA. and I send $2000 to their bank account in the U.S. from my U.S bank account.

if both transactions are done at a conversion rate (which WU will do)....net difference is zero.

So...if someone here in BA needs dollars delivered in the U.S....it can be easily be done for a fee somewhat north of 75

What am I missing in the analysis?

 

[ben]

If you want to mix it all up, feel free.
WU is happy to do that because they’re screwing you on both ends, may as well put it all in one pile.

Me, I would not charge nearly that far above the blue rate.
Today’s rate was about 66, 75 sounds outrageously high.
If you want to do that and find takers, power to you.
I would note, though, that people with pesos here usually know how things work here.
They are also, generally speaking, neither stupid nor in a hurry to part with their money.

 

[Caribbean Cool]

If you want to mix it all up, feel free.
WU is happy to do that because they’re screwing you on both ends, may as well put it all in one pile.

Me, I would not charge nearly that far above the blue rate.
Today’s rate was about 66, 75 sounds outrageously high.
If you want to do that and find takers, power to you.
I would note, though, that people with pesos here usually know how things work here.
They are also, generally speaking, neither stupid nor in a hurry to part with their money.