Western Union money transfer

[quilleroarg]

I checked the WU site at 1 PM this afternoon.

The rate was $207.55

About an hour later the rate was $213.50 (and that's where it apparrently "closed" for the day).

PS: Didn't someone predict the rate might increase to offset the recent increase in transfer fees (before the zero fee codes were revealed)?

That might not be the actual reason for the sudden rate increase, but it was a good call either way.

I'm also grieving about not getting the 213 rate

 

[lunar]

That might not be the actual reason for the sudden rate increase, but it was a good call either way.

Western Union has reported earnings today

Western Union Reports Third Quarter Results

DENVER, November 02, 2021--Western Union reports third quarter financial results and updates its 2021 full year financial outlook.

finance.yahoo.com

The newly introduced transaction fees were likely used to calculate projected revenue numbers. If the fees remain in force people will probably go into buying and selling bitcoins route instead.

 

[Quilombo]

Didn't someone predict the rate might increase to offset the recent increase in transfer fees (
That might not be the actual reason for the sudden rate increase, but it was a good call either way.

The WU exchange rate tracks the CCL Libre, which Monday was $210 or so, and $215 today. https://www.lavoz.com.ar/politica/d...e-a-subir-y-el-ccl-libre-se-acerca-a-los-215/

 

[dsp27]

I checked the WU site at 1 PM this afternoon.

The rate was $207.55

About an hour later the rate was $213.50 (and that's where it apparrently "closed" for the day).

PS: Didn't someone predict the rate might increase to offset the recent increase in transfer fees (before the zero fee codes were revealed)?

That might not be the actual reason for the sudden rate increase, but it was a good call either way.

El dólar contado con liquidación se disparó a 213 pesos por la presión de los inversores en la previa electoral

El dólar libre operó con una leve suba y volvió a los $197 por unidad. En el mercado oficial el Banco Central vendió USD 40 millones. El Riesgo País subió a 1.733 puntos y se mantiene en el nivel más alto desde el canje de deuda

www.infobae.com

 

[sneakrnet]

Just got $213.50

I get that WU follows the CCL Libre, but at some point the government is going to intervene like they did last year with the MEP/CCL brecha, no?

What is your guys' strategy? Always bet against the peso in the long run of course, but are you taking advantage of these rates? Reverse puré? Sell USD at $213.50 to WU and buy it for $197? All good things must come to an end, so I'm curious what other peoples thinking is on the matter.

Why would anyone bother to do the pure unless you are really desperate, the profit is really small unless you circulate large amounts of cash and you will get attention and get in trouble.
What you can do is effectively get 10-20 percent discount on purchases you make with your ARG card abroad with the brecha.

Transferred $1000 today @ 213.50 and bought the blue at 198.

Gain of 15500 pesos, or US$78, or 7.8%, in one day (based on the blue rate), for moving your money from one place to another. I don't call that a small profit. And you should be able to transfer a couple thousand dollars without a problem.

And there's something else to consider. It's hard to get dollars to Argentina. It costs significant money to do so. So if you like to have an emergency supply of dollars here, you can save ALL of those costs as well. I calculated that for my situation with my US bank (using actual numbers from my last trip), for me to bring 5000 dollars from Uruguay costs today 9 pesos/dollar. So in addition to the 15.5 pesos per dollar I gained today, I can count another 9 pesos of savings in getting my dollars here.

Not a bad deal at all.

This large spread between WU and the blue is probably a short term phenomenon/opportunity, but you never know. This is Argentina, after all.

 

[studiodio]

i have been doing WU transfers from my us bank to my santander bank for quite some time. i just noticed that for the last few months i have had 5 percent deducted from each transfer with the note "¨regimen de recandacion sircreb z".......i assume its a tax? anyone else have this?

 

[jblaze5779]

Based on my last 4 transfers from WU to my Arg account the total pesos deposit amounts have been equal.

Not sure what's up with yours.

 

[sneakrnet]

i have been doing WU transfers from my us bank to my santander bank for quite some time. i just noticed that for the last few months i have had 5 percent deducted from each transfer with the note "¨regimen de recandacion sircreb z".......i assume its a tax? anyone else have this?

It seems to be a withholding of funds towards paying a tax, according to an agreement between countries. I don't know why you're paying it, but I only read a quick description of the tax. It could be your situation (how much, where you're from, etc.), or it could be the bank. I never heard of anyone else paying this tax for doing money transfers. If the total you paid is a lot of money, you might talk to an accountant, investigate trying to get it back, and also the possibility of changing banks. Did you provide detailed financial information (with form numbers for sources of income, etc. from your country), when you opened your account?

 

[Edu R]

i have been doing WU transfers from my us bank to my santander bank for quite some time. i just noticed that for the last few months i have had 5 percent deducted from each transfer with the note "¨regimen de recandacion sircreb z".......i assume its a tax? anyone else have this?

One or more of the provinces, including CABA, is presuming you are running a business of some sort and that you are not paying what's called "Ingresos Brutos", which is a tax on gross income. When this happens, the province will withhold up to 5% of any income. The actual rate of the tax varies, but they withhold 5% "just in case" and then you have to request a refund on any difference.

This is not necessarily a Western Union thing, and very likely applies to any money deposited to your account.

You need to contact an accountant ASAP so that they can figure out your situation. The money withheld is very difficult to get back so I would suspend any incoming money (if possible in your situation) until you get this sorted out.

Edit: yes, this happens to people that do not run businesses either, the provinces are very aggressive about collecting this tax so they will consider even very weak "indicators" such as selling something in Mercado Libre once.

 

[jblaze5779]

214.05