Prohibition on drawing from accounts in pesos from outside Argentina from April 3rd

[luisman75]

By the way, the official rate for USD in Venezuela is 4.3 BSF x 1 USD, and the black market rate is 9.0 BSF x 1 USD.

We will see the black market rate increase here in Argentina the next months, for sure...

 

[davonz]

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.

You should read my post again.
I never said you have to have money on the CC. What i said is you have to have money on it, as in a positive balance, or else if you use it for cash withdrawals you will be charged interest on that cash withdrawal and any other balance on it.
eg: if you buy something worth US$1000 while overseas, your balance on the card is now -US$1,000, then you withdrawal US$1,000 cash, so your balance is now -US$2,000. From the moment you withdrawal the cash you are then charged interest on the whole balance - US$2000, and usually it is a very high interest rate - 15% to 20%. This might dissuade people from using their credit cards for withdrawing cash.

 

[ndcj]

By the way, the official rate for USD in Venezuela is 4.3 BSF x 1 USD, and the black market rate is 9.0 BSF x 1 USD.

We will see the black market rate increase here in Argentina the next months, for sure...

Be careful with predictions like that.

The same prediction was made with the original restrictions, and those didn't come true either. Currently, the difference between the best available "en blanco" rate and best available "en negro" rate is only 8%.

 

[surfing]

"By the way, the official rate for USD in Venezuela is 4.3 BSF x 1 USD, and the black market rate is 9.0 BSF x 1 USD."

Is this "the model"?

 

[nicoenarg]

You should read my post again.
I never said you have to have money on the CC. What i said is you have to have money on it, as in a positive balance, or else if you use it for cash withdrawals you will be charged interest on that cash withdrawal and any other balance on it.
eg: if you buy something worth US$1000 while overseas, your balance on the card is now -US$1,000, then you withdrawal US$1,000 cash, so you balance is now -US$2,000. From the moment you withdrawal the cash you are then charged interest on the whole balance - US$2000, and usually it is a very high interest rate - 15% to 20%.

Some banks will charge you interest regardless of whether you have "excess balance" or not. The reason being that as long as the money is on the credit card, it belongs to the bank. So if you want to be able to use the excess amount, you need to call up your bank and ask them to transfer it to your account. It depends on your issuer how this goes. Also, usually the interest for cash withdrawals is different in percentage to the rest of the interest that you pay (in case you don't make full repayments) and that interest is only applied to the cash amount that you withdrew and not the rest of the purchases.

Anywho, it is always better and wiser NOT to take money out of your credit card because of how high the interest rates are.

 

[luisman75]

Controls on foreign exchange is becoming very hard, and that just leads to people who want to travel or merchants who need to pay their suppliers outside, to go to the black market (if they are not up to date with AFIP, of course)...

 

[dennisr]

The way it was, think things may have changed some, at least with AMX. If you have a credit balance( +$$) on your credit card, you can withdraw cash to the amount of the credit with NO charges. The reason I say things may have changed is, tried making an overpayment with AMX recently for just such a situation, withdraw dollars on my credit card with no charges. AMX would not accept the overpayment. Whereas, *a year or two ago, making an overpayment was never a problem. The only work around I could figure out was by luck, cancelled an airline ticket and the airline credited my account. Was able to withdraw cash*with that airline credit with no charge.

 

[luisman75]

"By the way, the official rate for USD in Venezuela is 4.3 BSF x 1 USD, and the black market rate is 9.0 BSF x 1 USD."

Is this "the model"?

Yep...a good copy of the venezuelan model-revolution.

The differente is, that here in Argentina you just need to be OK with AFIP (although you can only buy USD according to your annual and declared income)... in Venezuela this is not enough, and you can earn thousands (of BSF) a month, but currency trading is exclusive to the government. They decide to sell you or not.

 

[mcaffa]

You can still withdraw funds overseas as long as you can transfer money to your U$S account.

The big problem is if I want to buy more dollars than what AFIP will allow me to purchase.

Say I have $10,000 pesos in my account and want to buy dollars and transfer them to my U$S account. If AFIP only authorizes U$S 500, for example, I'm still screwed. I can't touch the rest of my money from abroad.

 

[dennisr]

"The official said ...... move does not apply to credit card transactions in which Argentines purchase items abroad in foreign currencies."

http://online.wsj.com/article/BT-CO-20120311-713687.html

Hmm, AFIP will have access to all foreign CC purchases by Argentine citizens: CC statements? No beating the customs agents at EZE?..