Prohibition on drawing from accounts in pesos from outside Argentina from April 3rd
- Thread starter ndcj
- Start date
French jurist said:
If you withdraw from a CC you either have to have the money on your account to start with, or you are charge interest on the whole outstanding amount on the card (including purchases), and its usually a very high interest rate.
ndcj said:
This reminds me of that old adage..."snatching defeat from the jaws of victory". As such, I maintain my last posting that this country would be better run by Golden Retrievers. Heck, Golden Retriever puppies could formulate a better economic policy than the current administration.
davonz said:
You don't have to have money "on your account", credit cards don't have accounts with money in them. You spend and accumulate debt up to your predetermined credit limit and once a month the issuer sends you a bill for the money you've spent.
mcaffa said:
You can still withdraw funds overseas as long as you can transfer money to your U$S account.
I guess the rational is that if you can afford to travel internationally, you should have sufficient justifiable resources to have or obtain permission to buy dollars, then you can just move what you need into your U$S account.
Right or wrong, this really just brings ATM withdrawals into line with the same restrictions that exist for other methods (cash, wire transfer, etc).
It's surely designed not so much to stop outbound tourists as to stop people collecting their rent or other earnings abroad (see the communication A5295 that comes with this one).
If you're a tourist, you can buy your dollars before you leave in the parallel market, just at a cost of around 8% -- which is about the same cost of withdrawing your daily ATM limit from an Argentine bank overseas after you take into account the exchange margin plus the ATM fees at both sides. In the end, it's pretty much a wash, or maybe even a little cheaper if you travel to a non-USD using country.
On the upside, at least you can still use your credit card (and settle your transactions when you get back here in pesos) because in that case, you're acquiring a debt in a foreign currency, not buying that currency.
mcaffa said:
Same as Venezuela....people there have access to only 2500 USD per year to travel with a credit card and after the submission of thousands of formal requirements before a government agency, such as air tickets, passport, blah, blah, blah...
The whole process for buying USD at the official rate takes between 2 and 4 weeks, and there is also the possibility that the government denies your application...and when they return to Venezuela, they have to file an affidavit justifying how the 2500 dollars have been spent, with the respective receipts, invoices, etc.
Argentina goes straight to the "venezolanocubanizacion"...
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