Setting-up something to get USDs in Uruguay

[French jurist]

This will be likely my weirdest post on BAexpats (not sure though ).
Well, I guess many people will go "wow" reading it (critics welcome of course... But if you think about it, it makes sense. There are risks of course).

For those who are interested in withdrawing USDs in Uruguay but don't have the time to go there, or the amount withdrawn is not worth the trip, it could be good to send someone who can be trusted to do the trip.

This is only valid for people who can get a second debit card with a top-up/maximum to be withdrawn (debit/reloadable card). Obviously, it's not about sending someone with a card (and the code) linked to an account full of $.

Method:
- "This person" I know goes in Uruguay with various debit cards (again = reloadable type ones = can't be withdrawn more than the money on it. Indeed there's a risk, no question about that).
- Only applies if you can get such a debit card and want to withdraw (e.g.) 1.000 USD twice a month in Uruguay. Only a card that can't be used for more obviously (that's the main point about it).
- The person going to Uruguay can only bring back 10.000 USD in total (I'm already in for 2.400 USD each trip btw).
- As stated above, I already know who can do it (and I won't give the details here). Only info I can provide: very easy to check about this person for reasons I also won't disclose here (but will to people who would be interested enough).
- I have no personal interest in this operation (not making a cent out of it) except the fact that I'm also interested in using this method to withdraw USDs from my USD account.
- Only people from the forum with a few hundreds posts already can apply + a one year presence on the forum (obvious safety).
- Commission to be paid to the person going there and bringing back the USD bills = 5% (all expenses included).
- Preferably, this would work for people wanting to withdraw a minimum of 1.000 USD (more practical that way).


Risks:
- Being stolen/scam/whatever: why not, this is indeed a very odd proposal. But even in this case, the risks are limited to the amount that can be withdrawn (and if you can't take out USDs otherwise in Argentina = 25% gain on each operation = balance that with the risk factor).
- Risk that the person doing the "mule" gets stolen/robbed = the risk is not equal to zero (could never be) but doing things the right way should prevent this (first of all by being discreete from the scratch). Main risks are outside the Buquebus terminals on both sides and this can be managed to some extent (I won't disclose how neither here).

Profit/gain:
- Getting USD bills when it's actually tricky to get them in Argentina. The spread between the official dollar rate & the "blue" one being what is is (25/30%) = do your math with the risks implied (they obviously exist but are limited if things are done properly).


Last: for those interested, additional measures/or changes can be made (to be discussed). I think I'm not the only one making a living in USDs & considering it's not worth it to spend a whole day travelling back&forth from Uruguay (my card is limited to 2.500 USD daily = hence 8 x 300 USD withdrawals).

Again: this is only for people from the forum who registered +1 year ago & who have a few hundred posts (this can't be negotiated. Safety first).

And that's legal too.

 

[el_expatriado]

Most cuevas will charge much less to get your dollars abroad into the country and you don't have to trust them with a debit card. This seems really complicated and expensive.

 

[French jurist]

And how do you do it if you have some kind of e-wallet with a debit MasterCard for instance?

How much do they charge?

I'd be really pleased to find a cheaper solution, sincerely.

As for expensive: I welcome any better solution. This one costs 5% (with risks indeed... Even in a cueva there's no 0% risk I guess btw).
Just asking (trying to find the best solution, that's all). Finding the best way to deal with this situation could profit to a few of us I guess...

 

[Sleuth]

Or, take a vacation to Miami and bring back $10,000 yourself? Use the $500 commission plus difference in blue market rates to cover your costs.

The situation you describe seems way too complicated and with too many risks for most people.

 

[earlyretirement]

I agree with the others that this is complicated and expensive. Never a good idea to give out your debit card to anyone let alone a complete stranger.

 

[fifs2]

This will be likely my weirdest post on BAexpats (not sure though ).
Well, I guess many people will go "wow" reading it (critics welcome of course... But if you think about it, it makes sense. There are risks of course).

For those who are interested in withdrawing USDs in Uruguay but don't have the time to go there, or the amount withdrawn is not worth the trip, it could be good to send someone who can be trusted to do the trip.

This is only valid for people who can get a second debit card with a top-up/maximum to be withdrawn (debit/reloadable card). Obviously, it's not about sending someone with a card (and the code) linked to an account full of $.

Method:
- "This person" I know goes in Uruguay with various debit cards (again = reloadable type ones = can't be withdrawn more than the money on it. Indeed there's a risk, no question about that).
- Only applies if you can get such a debit card and want to withdraw (e.g.) 1.000 USD twice a month in Uruguay. Only a card that can't be used for more obviously (that's the main point about it).
- The person going to Uruguay can only bring back 10.000 USD in total (I'm already in for 2.400 USD each trip btw).
- As stated above, I already know who can do it (and I won't give the details here). Only info I can provide: very easy to check about this person for reasons I also won't disclose here (but will to people who would be interested enough).
- I have no personal interest in this operation (not making a cent out of it) except the fact that I'm also interested in using this method to withdraw USDs from my USD account.
- Only people from the forum with a few hundreds posts already can apply + a one year presence on the forum (obvious safety).
- Commission to be paid to the person going there and bringing back the USD bills = 5% (all expenses included).
- Preferably, this would work for people wanting to withdraw a minimum of 1.000 USD (more practical that way).


Risks:
- Being stolen/scam/whatever: why not, this is indeed a very odd proposal. But even in this case, the risks are limited to the amount that can be withdrawn (and if you can't take out USDs otherwise in Argentina = 25% gain on each operation = balance that with the risk factor).
- Risk that the person doing the "mule" gets stolen/robbed = the risk is not equal to zero (could never be) but doing things the right way should prevent this (first of all by being discreete from the scratch). Main risks are outside the Buquebus terminals on both sides and this can be managed to some extent (I won't disclose how neither here).

Profit/gain:
- Getting USD bills when it's actually tricky to get them in Argentina. The spread between the official dollar rate & the "blue" one being what is is (25/30%) = do your math with the risks implied (they obviously exist but are limited if things are done properly).


Last: for those interested, additional measures/or changes can be made (to be discussed). I think I'm not the only one making a living in USDs & considering it's not worth it to spend a whole day travelling back&forth from Uruguay (my card is limited to 2.500 USD daily = hence 8 x 300 USD withdrawals).

Again: this is only for people from the forum who registered +1 year ago & who have a few hundred posts (this can't be negotiated. Safety first).

And that's legal too.

Nice thinking! This is what Buenos Aires brings to most expats
- a heightened sense of creativity to workaround even the most rigid systems
- a sense of community - offering to help out with no personal gain

Good for you FJ..many will criticize it seems but at least it's a tangible offer for many expats unconnected with a cueva.

 

[dennisr]

First, from personal experience ($) FJ's integrity and honesty is impeccable. The man is a saint.
Did something on the same order awhile back, leave a card with a friend for unexpected expenses in Argentina. Easiest and quickest way to transfer funds to Argentina when I was on the road. It was a stand alone Visa travel card. The card contains no personal bank information or personal identity. Could transfer funds with a phone call or computer. Funds available within an hour. Worst case, out the funds I had loaded on the card.
Like FJ says, there is degree of risk, but when your back is against the wall, you have to be creative and begin to trust.

Good luck FJ

 

[French jurist]

Thanks to all!

Indeed, as I pointed it out, there obviously are risks but well, on a debit/reloadable card they are limited to the balance on it.
Risk factor is like in poker: risk of being cheated or a problem to occur vs. gain (25/30% on multiple withdrawals over time)=like risking 1.000 USD if potentially that makes a gain of 6.000 USD in one year (i.e. withdrawing twice 1.000 USD per month).

Second, I found nobody interested so everybody can relax, ah ah.

Third, I'm really not the only one in this case so, due to the circumstances, it's interesting to find the best way to get USDs cheaply here.

Hopefully I don't have just 10 messages on the forum.

I'll need to check if it's also possible to cash out money at the desk in Uruguayan banks. That way I would go by myself for 10.000 USD increments. If someone tries this solution and it works for such a debit card, thanks for letting the forum know. Will be useful to many.


Anyway, since that's almost ten years now I live in Argentina, no surprise I become one!