New Exchange Rate On Wednesday
- Thread starter glasgowjohn
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Sockhopper
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Serafina,
Do you mean banks in Italy or in the EU? Would you please name ones you know that prohibit use of their atm cards to withdraw cash from atms in Arg. I'd hate to find myself in BA penniless for 3 months. I would appreciate anything you know.
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I've been wanting the blue market to end since it began which was when I moved from Canada to France rather than to Arg which I'd been about to do. My source income isn't in $US, euro nor sterling (blue rates' darlings) but, instead, in $CAD. To get $AR cash at blue in Arg would require me to conduct THREE currency exchanges involving FOUR currencies conducted inside each of 3 countries and paying 3 Western businesses their respective fees to go from $Canadian to euro to $US to $AR which becomes costly and hard to deal with in France where banks' weekly cash withdrawal maximums are smaller than I was used to in North America.
Also, French banks don't sell foreign cash to individuals and so I'd be at the mercy of rip-off private, legit exchange houses here when I came to buy $US cash with euro -euro that I'd withdrawn in bits and hidden at home so as to have my hands on finally the cash needed to support a 3-month stay in BA which I've been wanting to do for 3 years. I also cannot insist on a French exchange house giving me crisp $US bills. That's like telling them I'm part of the local mafia.
'Xoom' doesn't work for people who don't have US-located bank accounts. Its European counterparts haven't earned a consistently reliable reputation re transfers to Arg. They're 'iffy', and also won't let me pay them directly from my Canadian account because I no longer live there and am doing business with them in Europe, not in Canada.
My position of being a Canadian or Australian, etc expat in a country that's neither the US nor Arg and who'd love a 90-day stay in Arg can hardly be unusual. Many such expats nowadays are retirees who are not employed in their new country of residence which is not the source of their pensions. Our choice has been since the 'blue' to either conduct 3 separate currency transactions or to use the official rate at BA's atms and suffer paying 1/3 more for the same dinner that people at the next table are eating. How is a visitor supposed to feel welcomed in that environment? Our other option is to wait until Arg has just one currency rate applicable to everybody. We've been doing the latter.
.
The (unconsidered? unimportant?) effect of the blue rate is its discriminatory 'tiered' pricing, a thing that tourists detested so much when it was done by foreign countries (not by the private financial sector as it is in Arg now) that that practice was stopped about 40 years ago so as not to injure their tourism industries.
Having 2 exchange systems determine the price due is outrageous when it's based on which cash currency is accessible without penalty to only some foreigners who want to visit Arg. 'Blue' also fails to recognize the plethora of new international anti-money Iaundering controls that have been thrust upon Western banks internationally since 2012. It promulgates the myth of the monetary world outside Argentina being a cinch when, in fact, there's some new restriction or hurdle implemented almost monthly in our hemisphere. It's not just Argentina's rules that make accessing one's own legally obtained money difficult.
I can only hope that under Macri, the blue and official will move to par at some point.
Do you mean banks in Italy or in the EU? Would you please name ones you know that prohibit use of their atm cards to withdraw cash from atms in Arg. I'd hate to find myself in BA penniless for 3 months. I would appreciate anything you know.
-----------------------
I've been wanting the blue market to end since it began which was when I moved from Canada to France rather than to Arg which I'd been about to do. My source income isn't in $US, euro nor sterling (blue rates' darlings) but, instead, in $CAD. To get $AR cash at blue in Arg would require me to conduct THREE currency exchanges involving FOUR currencies conducted inside each of 3 countries and paying 3 Western businesses their respective fees to go from $Canadian to euro to $US to $AR which becomes costly and hard to deal with in France where banks' weekly cash withdrawal maximums are smaller than I was used to in North America.
Also, French banks don't sell foreign cash to individuals and so I'd be at the mercy of rip-off private, legit exchange houses here when I came to buy $US cash with euro -euro that I'd withdrawn in bits and hidden at home so as to have my hands on finally the cash needed to support a 3-month stay in BA which I've been wanting to do for 3 years. I also cannot insist on a French exchange house giving me crisp $US bills. That's like telling them I'm part of the local mafia.
'Xoom' doesn't work for people who don't have US-located bank accounts. Its European counterparts haven't earned a consistently reliable reputation re transfers to Arg. They're 'iffy', and also won't let me pay them directly from my Canadian account because I no longer live there and am doing business with them in Europe, not in Canada.
My position of being a Canadian or Australian, etc expat in a country that's neither the US nor Arg and who'd love a 90-day stay in Arg can hardly be unusual. Many such expats nowadays are retirees who are not employed in their new country of residence which is not the source of their pensions. Our choice has been since the 'blue' to either conduct 3 separate currency transactions or to use the official rate at BA's atms and suffer paying 1/3 more for the same dinner that people at the next table are eating. How is a visitor supposed to feel welcomed in that environment? Our other option is to wait until Arg has just one currency rate applicable to everybody. We've been doing the latter.
.
The (unconsidered? unimportant?) effect of the blue rate is its discriminatory 'tiered' pricing, a thing that tourists detested so much when it was done by foreign countries (not by the private financial sector as it is in Arg now) that that practice was stopped about 40 years ago so as not to injure their tourism industries.
Having 2 exchange systems determine the price due is outrageous when it's based on which cash currency is accessible without penalty to only some foreigners who want to visit Arg. 'Blue' also fails to recognize the plethora of new international anti-money Iaundering controls that have been thrust upon Western banks internationally since 2012. It promulgates the myth of the monetary world outside Argentina being a cinch when, in fact, there's some new restriction or hurdle implemented almost monthly in our hemisphere. It's not just Argentina's rules that make accessing one's own legally obtained money difficult.
I can only hope that under Macri, the blue and official will move to par at some point.
Sockhopper
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Serafina, I meant to apologize to you. When I keyed 'quote' to your post -the one of yours to which I've just responded, above - it wouldn't 'take' for some unknown reason.
Crema Americana
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Well... 
While I want to go back to a floating currency as much as anyone, this is bad timing for us since we're in the US. Will they also get rid of the 35% tax on credit card purchases? We better hurry up and get our Christmas shopping done.
I remember when the arbolitos on Florida St. were a ripoff compared to the bank.
While I want to go back to a floating currency as much as anyone, this is bad timing for us since we're in the US. Will they also get rid of the 35% tax on credit card purchases? We better hurry up and get our Christmas shopping done.I remember when the arbolitos on Florida St. were a ripoff compared to the bank.
nicoenarg
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Well...
I remember when the arbolitos on Florida St. were a ripoff compared to the bank.
Uh, whatever you spend today on your Argentine CC's today will have the rate of dollar at the time your statement closes. In other words, it doesn't matter what you do. And yes all different dollar rates are going away, 35% is "dolar tarjeta".
Girino
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One of my Italian bank I am sure don't allow it, not even by my explicit request. I have never checked with my US banks. Each bank has their own rules and might limit / forbid transaction is certain countries considered unsafe or where are known issues between institutions or due to fiscal regulations. I think also the credit card circuit (visa, mastercard, amex, discovery) plays a role in this.
Examples below:
Argentina: Limitazione prelievi. (Withdrawal limit) - Blocco totale prelievi (escluse le ricaricabili).Nessuna limitazione per gli acquisti. (No withdrawal allowed, except for pay-as-you-go cards. No limit for purchases)
Cile: Limitazione prelievi. (Withdrawal limit) - L'importo massimo per singolo prelievo è limitato a 100€. (Max withdrawal limit €100/day)
Colombia: L'importo massimo per singolo prelievo è limitato a 150€.(Max withdrawal limit €150/day)
Perù: Limitazione prelievi. (Withdrawal limit) - Blocco totale prelievi a banda, nessun limite prelievi con chip.
Brasile Limitazione prelievi. (Withdrawal limit) - L'importo massimo per singolo prelievo è limitato a 150€(escluse le ricaricabili). (Max withdrawal limit €150/day, except pay-as-you-go cards)
USA - Limitazione prelievi. (Withdrawal limit)
L'importo massimo per singolo prelievo è limitato a 200€. (Max withdrawal limit €200/day)
Nessun prelievo è consentito in Illinois. (No withdrawal allowed in Illinois)
Per le categorie merceologiche MegaStore/grandi magazzini (Walmart, Best Buy), l'importo massimo per singolo acquisto è limitato a 49€. (For megastores / malls such as Walmart or Bestbuy, max amount per purchase €49)
glasgowjohn
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I am looking forward to using my Scottish American Express card again
