Peso blue rate is 40% above bank rate

[davonz]

just looking at rates today, its shot up heaps since last wednesday, is now around 40% above bank rate.

http://www.ambito.com/economia/mercados/dolar.asp

 

[fifs2]

just looking at rates today, its shot up heaps since last wednesday, is now around 40% above bank rate.

http://www.ambito.com/economia/mercados/dolar.asp

At the risk of asking a stupid question is it legal to use the blue rate for credit card transactions? I ask because last week I made 2 purchases in dollars - they did tell me before the fact that the payments would be processed in pesos but they used the rate of 5.90 and my bank used the official rate of 4.52 so needless to say Im paying a heck of a lot more than the agreed price. I´ve raised it with the center where the payment was processed and theyre arguing it but I wanted to ask if there´s any legality in what they did before I set the dogs on them - and yes I was stupid to not confirm their planned exchange rate beforehand...

 

[solerboy]

At the risk of asking a stupid question is it legal to use the blue rate for credit card transactions? I ask because last week I made 2 purchases in dollars - they did tell me before the fact that the payments would be processed in pesos but they used the rate of 5.90 and my bank used the official rate of 4.52 so needless to say Im paying a heck of a lot more than the agreed price. I´ve raised it with the center where the payment was processed and theyre arguing it but I wanted to ask if there´s any legality in what they did before I set the dogs on them - and yes I was stupid to not confirm their planned exchange rate beforehand...

The bank operating your credit card would be obliged to work to the official exchange rate, the vendor has misled you.

 

[fifs2]

Thanks Solerboy that´s exactly what I thought and will now communicate accordingly. I called the bank today and they can put the payments on hold until any dispute is resolved so I´m feeling a little better covered..if not less ignorant!

 

[davonz]

last week I made 2 purchases in dollars - they did tell me before the fact that the payments would be processed in pesos but they used the rate of 5.90 and my bank used the official rate of 4.52 so needless to say Im paying a heck of a lot more than the agreed price.

They should be using the official exchange rate - all bank transaction are at the official exchange rate.

Where were the items purchased from, and were they priced in US$ or Pesos. If the price was in pesos, and they have charged you more that is theft especially if you have a receipt with a lower price on.

This sort of thing is going to happen more here now with the difference between bank/official rate and blue rate getting greater. With the confusion that the 2 difference rates makes for non-locals who havent seen this sort of thing before some people will take advantage of it to make some extra money.

 

[davonz]

Just read this:

http://en.mercopress.com/2012/07/17...-argentina-the-greenback-traded-at-6.31-pesos

"However in spite of the clamp and attempts to catch every possible dollar, Argentines managed to exit 131 million dollars during the last week."

It amazes me that with all the controls they get that much out. But i would love to know if the info for withdrawals is correct as i am sure the gov/central bank wouldnt be giving out correct info, and maybe it is alot more.

The peso is at 6.48 today. Getting close to the 7 that people expected/predicted it would reach by years end.

 

[camberiu]

The peso is at 6.48 today. Getting close to the 7 that people expected/predicted it would reach by years end.

Where are you seeing that rate? Can you repost the source here please?

Nevemind, the page was cached on my end. Sorry.

 

[nicoenarg]

Just read this:

http://en.mercopress.com/2012/07/17...-argentina-the-greenback-traded-at-6.31-pesos

"However in spite of the clamp and attempts to catch every possible dollar, Argentines managed to exit 131 million dollars during the last week."

It amazes me that with all the controls they get that much out. But i would love to know if the info for withdrawals is correct as i am sure the gov/central bank wouldnt be giving out correct info, and maybe it is alot more.

The peso is at 6.48 today. Getting close to the 7 that people expected/predicted it would reach by years end.

Morgan Stanley said the official rate of the peso ought to be 7 by the end of 2013. If this trend continues, the blue market rate will be somewhere around 15-20 by the time the official rate is at 7.

 

[earlyretirement]

Just read this:

"However in spite of the clamp and...r from the newspaper with a grain of salt....

 

[earlyretirement]

I saw the blue rate hit 6.70 today. Wow....this thing is going down faster than I ever thought.....

Anyway change any money today at that rate? I'm curious how far it will fall by the end of the year.