Western Union money transfer

[NomadTrader]

My quick, hot take here, jBlaze: From reading some of the materials, this won't directly affect Western Union transfers. These restrictions won't apply to any transactions outside the jurisdiction controlled by Argentina. WU transfers officially take place in one of the caribbean islands.

Simply put: I presume WU transfers will continue.

The waiting period and transaction size limits they are imposing, in my view, are an attempt to smooth out spikes in the exchange rate. In the run up to elections, you could see news come out that could fuel currency speculation leading to dramatic swings in the peso. The policies being enacted within Argentina's jurisdiction could have an affect on dampening speculative plays on the currency.

Looking at this a bit more - the time periods are being 'modified' not imposed-they are actually easing the current time restrictions- and the transaction size limit of 50K is per bank account (down from 100K; and the affect parties undoubtedly have 100s of accounts) - So this is almost meaningless and not really creating any difficulty on the affected parties. -My guess is this is show theater to give the impression that the government is clamping down. Perception intended to affect public psychology so that folks don't run to dump their pesos. No actual restrictions as far as I can tell.

 

[jblaze5779]

Cool. Good thoughts here. I was thinking maybe this would impact wu's ability to keep up with transfer demands.

 

[Neil]

Ok cheers, can you do it same way as Brubank? All they wanted was a photo of my DNI was surprisingly easy.
Same questions still stands then do AFIP get involved?

Brubank will not receive W.U transfers,unless things have changed recently.? Can anyone verify this?

 

[steveinbsas]

This morning's rate is $167.55.

That just about equals the "all time high" set last year...just before the rate was "driven" back down to about $135.

I don't think we'll see a similar decline this time.

 

[on the brink]

Thursday rate: $173 paid for "cara grande" dollars at the local cueva.

 

[steveinbsas]

This morning's rate is $167.55.

That just about equals the "all time high" set last year...just before the rate was "driven" back down to about $135.

I don't think we'll see a similar decline this time.

Western Union's rate edged just over $168 to 1 USD late this afternoon.

I Just checked and XOOM's rate was just under $158 to 1 USD.

With a no fee bank to bank transfer of $500 USD, Western Union wins by $5000 pesos (if my math is correct).

 

[Caribbean Cool]

The WU rate now is below the Blue for the first time since I have been following the peso. This is a definite tone change.

 

[jblaze5779]

The wu doesn't follow the blue. It follows the ccl. The government made up some more hoops for folks trading in the ccl to jump through. Gotta keep this shit show together for 2 more months until the elections.

 

[jblaze5779]

Anyone else see the story about trading companies stopping mep and ccl transactions today? Wonder if this is a risk to the wu rate.

 

[antipodean]

EUR is still going for 201 to the peso... considering EUR blue is 205, it is still above the CCL and new "CCL Libre".

If I understood this change, it should not affect WU if they are operating with CCL / MEP since the main requirement is that they can only transfer to and from accounts in their own name e.g. WU wherever to and from WU argentina, and not via intermediaries?