Money And Banking

[amsam]

Hi all, I've learned a lot from these forums in preparation for my upcoming time in BA, thanks a lot!

My biggest question is about money. We're going to be here for about 6 months and I'll be getting paid US$ deposited into our US bank account. I understand we want to get the "dolar blue" exchange rate, probably using xoom (?) and getting cash out in pesos. Does that mean we just carry around pesos everywhere and pay cash for everything in BA? It sounds a bit dangerous to me, since I'm used to using a card for most transactions in the US. But I guess using a card in BA would mean getting an Argentine bank account or using a US card and getting the terrible official exchange rate. Do you all think it would be worth getting an Argentine bank account for 6 months, to deposit our Xoom pesos into?

I also hear that when I come into the country I should bring a lot of US$ cash for finding an apartment, too-- it seems a bit risky to walk around with hundreds of $ since there's a fair bit of crime in BA, but if you guys say that's the Argentine way, I'll do it!

 

[Ceviche]

i think you will probably be safer back home in USA.

 

[GS_Dirtboy]

Zoom is working (so far). Also check out blue chip swaps. You buy Argentine bonds on the market in the US. Then you sell those bonds here for Pesos as you need them. Not blue rate but much better than official.

*zzzzzzzzzzzzzZZZZZZZZZZZZZAAAAAAAAAAAAAAP!* Ow! That hurt!

...I mean ... uh ... the so-called "Blue Dollar" exchange is illegal.

(PM me regarding the apartment. I can help)

 

[cbonanni]

Lot's of people do it. Just put on your best stupid face and no one will bother you. You would be surprised how some people dress down with half a million bucks in their backpack.

GS , watch where you attach those alligator clips......

 

[amsam]

Thanks folks, so I take it it's not worth getting an Arg bank account? I'm fine with living an all-cash life if that's how it's done.

 

[camberiu]

Thanks folks, so I take it it's not worth getting an Arg bank account?

if you value your cash and you will not have income in Argentina, no.

 

[amsam]

Thanks Camberiu

 

[lucha54]

you can't get an Arg bank account without DNI. Even if you have a DNI, it's a headache, then you are in 'the system' (many of us here are doing our best to stay out of it even though we like living here!).

Don't be paranoid about carrying cash. Be smart, split it up, wear a money belt, splurge on door-to-door cabs when you have large amounts on you to make up for the huge advantage of selling your dollars in blue. See if you can borrow $9,500USD (or anything but not more than $10K on the plane!) before leaving from a friend or family member, tell them you'll transfer it back to their account or Paypal monthly as you make it in income. This is better than using Xoom. Hold on to that cash (lock in a suitcase in a hard to reach place if you want- but in 6 months in a tourist-friendly neighborhood I highly doubt you'd get your apartment broken into; but just in case!) and only change however much you need, as needed. I cannot stress this enough. Like $500usd at a time. The rate can change a LOT in a week.

Also try your best to find a temporary rental in pesos. They have them on zonaprop.com in the Alquiler Temporal section. Type in your search criteria and on the results page you can select $ instead of $USD and it will remove all of the ads posted in dollars.

Good luck!!

 

[kirathecastaway]

I'm new to BA and just used up the last of the cash I brought. Can anyone give me a recommendation on the best way to get more at the blue rate? (xoom/uruguay/other?)

I've been told xoom is great but I'm not too sure how it all works, I could really use the help.

 

[cbonanni]

Go to the xoom website and it is very easy.

For apartment rentals, you can check with GS_dirtboy , or use Airbnb , and pay for everything in the US , via a credit card. That would keep the cash you need down.