TransferWise comes to Argentina

[steveinbsas]

The exchange rate on Transfer Wise "zoomed" to $26.20 this morning.

 

[steveinbsas]

The exchange rate on Transfer Wise "zoomed" to $26,20 this morning.

The rate had jumped to $26,975 as of 12:30 today.

At 1 PM it was $27,35

If an expat with the visa rentista - for which a $30,000 peso per month ($2000 USD at the time of the last increase) income is required - had made a transfer of $1950 USD yesterday they would have received $49.384 pesos.

If they made the transfer today at 1 PM they would receive $52.514 pesos.

YIKES!

Excuse my while I make a mad dash to Wal Mart for the first tine in 30 months (with Argentine credit card in hand).

 

[steveinbsas]

A couple hours ago Rich posted this inn another thread:

The future of the dollar from la Nacion today

Sorry wrong thread....

Google Translate
https://www.lanacion.com.ar/2164554-hasta-donde-va-ir-tipo-cambio

Options: Follow The theoretical parity of external balance of the Peso: Must devalue 21% more, hence this August should close with a 36.9 $ / u $ s. This devaluation would give us a lot of reality in the future in exchange matters as it is corrected each day according to local inflation minus international inflation.

The exchange rate on Transferwise just shot past $30 to one for the first time. The rate at 12:30 PM was $30,32 pesos to $1 USD.

If it closes at $36.9 by the end of August, that would mean an 18 percent increase in the comparative value of the dollar in the next nine days.

My Argentine credit card cycle resets tomorrow night at midnight.

I'll make some purchases on Mercado Libre early Friday morning and then I'm going shopping.

I'll make my next transfer on the third of September (the last day to pay the credit card for the past month's purchases).

PS: Just one example of how advantageous it is to use an Argentine credit card:

On June 6th I bought a chain saw on Mercado Libre. The price was $3290 and the seller offered 12 payments without interest. By July 15th the price had increased to $4990 and the interest free option had been eliminated.

 

[TWB103]

A couple hours ago Rich posted this inn another thread:



The exchange rate on Transferwise just shot past $30 to one for the first time. The rate at 12:30 PM was $30,32 pesos to $1 USD.

If it closes at $36.9 by the end of August, that would mean an 18 percent increase in the comparative value of the dollar in the next nine days.

My Argentine credit card cycle resets tomorrow night at midnight.

I'll make some purchases on Mercado Libre early Friday morning and then I'm going shopping.

I'll make my next transfer on the third of September (the last day to pay the credit card for the past month's purchases). View attachment 5134

PS: Just one example of how advantageous it is to use an Argentine credit card:

On June 6th I bought a chain saw on Mercado Libre. The price was $3290 and the seller offered 12 payments without interest. By July 15th the price had increased to $4990 and the interest free option had been eliminated.

One can take advantage of the unstable $arg but one has to be on the ball or one can just as easily get stung. Couldn't one.

 

[GMXam]

I have also just used Transferwise to transfer money from a USA based bank to an AR based bank for the first time and encountered zero issues.

I created my account Wednesday night, verified two small deposits Thursday morning, and received the deposit/transfer Friday afternoon. I supplied my account information for each account and my CUIL. Easy peasy.

There was a significant difference in the amount received for the same amount transferred and paid when compared to Xoom: $ 3000 ARS.

 

[GMXam]

...my $ 3000 ARS difference was based on a $2030 USD all inclusive total (transfer, exchange rate, and fees) when comparing Xoom to Transferwise...

 

[PaulBee]

I have used TransferWise several times and am very happy ! Thanks BA Expats for letting me know about it ! I only had to email them a copy of my ID. Sometimes I have to phone my Canadian bank for them to allow me to pay for the transaction, using my Canadian debit card, but that`s no big deal.
As far as sending an international bank transfer to my Argentine bank (no, not one of the private banks, such as Piano), I`ve been through Hell ! 2 months, numerous phone calls and visits later, the money still hasn`t been deposited to my Argentine bank account as the instructions requested perfectly. I refused to wait any longer for them to do whatever necessary to make the deposit. Finally, my Argentine bank says if I courier them a message requesting the return of my own money, they will do so. Fingers crossed !

 

[khairyexpat]

First time, … sounds strange. Am I doing this wrong?
Was not asked to create an account (well, besides creating a password) ,,, or to submit any documentation whatsoever.

Only asked me:
Name
email
Phone number
Address
CUIL
CBU of my Argentina bank
Then it logged me into my Canadian bank for direct debit.

And suddenly it tells me "Your Transfer Has Started" and the payment will be deposited into my Argentine account by Thursday Sep 6.
That is it. No documentation whatsoever, .. no DNI, no passport, no bills in my name to verify domicilio, nothing nothing

Sounds ridiculously too easy to be true … can`t be that easy …. please tell me what did I do wrong?

 

[GMXam]

First time, … sounds strange. Am I doing this wrong?
Was not asked to create an account (well, besides creating a password) ,,, or to submit any documentation whatsoever.

Only asked me:
Name
email
Phone number
Address
CUIL
CBU of my Argentina bank
Then it logged me into my Canadian bank for direct debit.

And suddenly it tells me "Your Transfer Has Started" and the payment will be deposited into my Argentine account by Thursday Sep 6.
That is it. No documentation whatsoever, .. no DNI, no passport, no bills in my name to verify domicilio, nothing nothing

Sounds ridiculously too easy to be true … can`t be that easy …. please tell me what did I do wrong?

Nope, it’s correct, that’s it (unless there are typos...). You will have to verify your account with a couple of deposits (unless it asks you to log into your bank from the list...mine wasn’t in the list so it required verification). If yours requires verification like mine, keep your eye out for this email, check your account for these deposits throughout the day, and enter the amounts as early as you receive them and it shouldn’t delay the process at all.

 

[khairyexpat]

Nope, it’s correct, that’s it (unless there are typos...). You will have to verify your account with a couple of deposits (unless it asks you to log into your bank from the list...mine wasn’t in the list so it required verification). If yours requires verification like mine, keep your eye out for this email, check your account for these deposits throughout the day, and enter the amounts as early as you receive them and it shouldn’t delay the process at all.

Thank you.
Indeed they logged me into my bank account that was already on the list.
Must admit I`m still skeptical …. (sorry to say)
Can`t be that simple … can it?