Western Union money transfer

[steveinbsas]

As an editorial, I would expect this channel to be shut shortly. I doubt the govt/BCRA will tolerate it for long.

You could be right, but during the final years of the previous K administration, the dolar blu was significantly higher than the official rate and, though it was less than you could get in the cuevas, XOOM's rates (if memory serves) were somewhere near 12 to one when the pesos was officially 9 to one, and those transfers were entirely within the banking system (with the dollars being converted to pesos outside of Argentina).

 

[steveinbsas]

I would expect this channel to be shut shortly. I doubt the govt/BCRA will tolerate it for long.

PS to my previous post: Isn't this "channel" Western Union? If the payment is made in dollars and the subsequent conversion t pesos takes place outside of Argentina, on what grounds could the govt/BCRA shut it shortly?

Is there any basis a law (or perhaps a future decree) that stipulates that any transfers of funds from outside of Argentina must be made in dollars?

I don't work or have clients outside of Argentina that pay me in dollars that apparently (according to current regulations) must be sent in dollars and then converted to pesos withing five business days, but I do have retirement income in dollars.

Do you envision something like this being applied to all transfers of dollars to Argentina, essentially wiping out any competition among Western Union, Transferwise, and XOOM?

Do you envision the possibility of the govt to require that all temporary and permanent residents with the visa rentista or pensionado to have their monthly income sent to Argentina by wire transfer and then be converted to pesos?

The latter is a possibility I first envisioned after recently reading about those who are working in Argentina and billing foreign clients in dollars that now must be brought into Argentina and converted to pesos within five business days.

 

[pennsylvania]

PS to my previous post: Isn't this "channel" Western Union? If the payment is made in dollars and the subsequent conversion t pesos takes place outside of Argentina, on what grounds could the govt/BCRA shut it shortly?

Is there any basis a law (or perhaps a future decree) that stipulates that any transfers of funds from outside of Argentina must be made in dollars?

I don't work or have clients outside of Argentina that pay me in dollars that apparently (according to current regulations) must be sent in dollars and then converted to pesos withing five business days, but I do have retirement income in dollars.

Do you envision something like this being applied to all transfers of dollars to Argentina, essentially wiping out any competition among Western Union, Transferwise, and XOOM?

Do you envision the possibility of the govt to require that all temporary and permanent residents with the visa rentista or pensionado to have their monthly income sent to Argentina by wire transfer and then be converted to pesos?

The latter is a possibility I first envisioned after recently reading about those who are working in Argentina and billing foreign clients in dollars that now must be brought into Argentina and converted to pesos within five business days.

Regarding the Western Union channel: as a business, Argentina could require anything of them it wants so long as it operates here (even business transactions made internationally, though effectively enforcing it is a different matter). Businesses are ultimately at the mercy of the state and its laws.

If the government wants to shut down Western Union and friends, or require that all their transactions go through the central bank, it would be a trivial matter for the government to decree it so. It's far easier to shut down large businesses than it is to go hunting down every cueva.

Do I envision them being shut down? No. But I do envision them being forced to comply with much stricter requirements and their rates becoming very close to the official rates due to that.

 

[Caribbean Cool]

If If if....the things you guys worry about. If you aunt had balls she'd be your uncle. Other ifs are meaningless.

 

[artisans]

Following this Western Union evaluation of Steveinbs I just went on line and opened a Western Union account. The interface is impressive, slick. Just to confirm the results...
The 79+ peso / usd is only available if you walk into the WU office at US and pay cash AND pick up in cash at transfer destination. On U$1000 transfer, it's a $7.00 transfer fee.
The current 67.7166 peso / usd transfer rate is available by paying online with a debit card ($2.99 fee), credit card ($29.99 fee), bank ($0.00) fee. Each payment option has a window of time to process. Debit looks to be immediate.
Further, if you choose to pick up cash at Argentina there's a $7.00 fee. If you send to a bank account it's a $2.99 fee.
Personally not sure I'd trust the receiving Argentina bank not to complicate things under current circumstances.
I remember recently WU had a rep of being more expensive and complicated. Based on their current website, seems not the case.

This morning I'm returning to the WU website. Whatever was going on yesterday with their rates is more or less on the cards this morning. Exchange rate remains 67.7166. The rates changed paying online and receiving in a bank account with a debit card ($2.99 fee), credit card ($17.49 fee), bank ($0.00) fee. Paying online and picking up the cash at destination with a debit card ($7.50 fee), credit card ($21.50fee), bank ($5.00) fee. Pay in cash at origin remains on offer @ 79+ pesos.
*The first page when I signed on to WU the page was pre-set for transfers within the US. The fees for usd 400 transfer in the US, basically double the costs of transfers to Argentina.
*The HSBC Arg bank conversion rate started the day down about 2 pesos to 57 ars / usd. Now at 10 a.m., is at 58.44

 

[artisans]

I've been in the process of signing up with Brubank, an alternative means of managing money here, like an online bank with fewer constraints than brick and mortar banks. Yesterday they e-mailed this announcement from the Central Bank. (translated using Google Translate) FYI:
We inform that according to Communication “A” 6815/2019 of the Central Bank of the Argentine Republic, these are the new limits to operate with foreign currency:
Buying dollars: the monthly limit will be USD 200.
This limit includes what you bought DURING the month of October. That is, if you bought more than USD 200 during this month, you will not be able to buy again until next month.

Extraction of dollars abroad: you can only extract dollars abroad from your dollar savings account, you cannot make extractions from your savings account in pesos.

Purchases abroad: this operation is not affected.

 

[Neil]

Re: Burbank and Wilobank you cannot fund them through transferwise...

 

[Neil]

Western Union is playing games today, no cash for pickups, the rate is going down, and your transaction rate is not guaranteed until pickup..!

 

[Macanudo]

Was that at a major branch of Western Union? Did they say all the Western Union branches have no cash for pickup today?

 

[London2Baires]

The blue now down 8% today; market volatility anyone? :

Dólar hoy: ¿por qué el blue se derrumbó $7?

El billete paralelo se hundió un 9,5% hasta los $67, con lo que la brecha cambiaria se achicó al 5,6%, según un relevamiento realizado por Ámbito en cuevas de la city porteña.

m.ambito.com