Western Union money transfer

[ElQueso]

Having a "proper" bank acount gets me the luxury of not having to leave my house to pick up funds at a Wetern Union agency.

The closest ones are a fifteen minute drive from my house and there is no guarantee they would have the $150K -$200K availabe when I get there.

You mean because you are using the credit cards for monthly expenses, then paying it off? But you still need to go to WU at some point, right?

We use our bank account to pay everything and then settle up at the end of the month (except things we can buy on time w/no interest - just bought a new fridge and TV on 6 payments with no interest at Fravega), but I still have the issue of getting money into the country to pay everything.

Perhaps the cost of the bank to bank transfer would be less than the 5% charged by Western Union, but if I understand correctly, any business (registered with AFIP) that issuse invioces to foreign clients must transfer the funds to an Argentine bank (within five days of payment?)...

...and those funds in dollars must be converted to ARS at the official rate, resulting in a 50% (mas o menos) lower net amount received as compared to using Western Union, either deposited in an Argentine bank acount

If my information is correct, the dollars received cannot be directly withdrawn from the Argentine bank account, only the pesos after the conversion at the official rate, but I would be happy to be wrong.

No, you are pretty much correct. I think the money goes through the central bank, is converted to pesos until approved (ostensibly no more than 30 days), then to dollars again when sent to your bank, and then back to pesos when placed into the account. At least that's the way it was explained to me by the guys at the company I used to work with here (the majority of whom, BTW have left Argentina for greener pastures, mostly to Europe via descendant programs to get citizenship based on their immigrant grandparents or parents. The brain-drain of fascist socialism...)

And yeah, that official rate is made for the country to steal value from its citizens so a great many here can get paid to not work, or work as little as they can.

 

[steveinbsas]

Having a "proper" bank acount gets me the luxury of not having to leave my house to pick up funds at a Wetern Union agency.

The closest ones are a fifteen minute drive from my house and there is no guarantee they would have the $150K -$200K availabe when I get there.

You mean because you are using the credit cards for monthly expenses, then paying it off? But you still need to go to WU at some point, right?

Yes I use one credit card to pay for almost everything except meat, LP gas, drinking water, and eggs, which I recently started buying from a friend instead of the store.

I never have to go to a Western Union agency to pick up the funds, as the funds are deposited into my Santander Rio account, almost always on the same day I make the transfer.

We use our bank account to pay everything and then settle up at the end of the month (except things we can buy on time w/no interest -

I have no issue regarding getting money into the country to pay for everything each month, but my total monthy costs to pay for everything except food is presently less than $40,000 pesos. And that figure includes all utilities, fuel, insurance, taxes, drinking water. internet, bank and CC fees, and household supplies.

I get all the cash I need at the YPF station or the supermarket in Punta Alta, once or twice a month, without ever going to the bank or using an ATM. I can get up to $20.000 pesos at a time and I have not yet had to get more than $20K in one month.

just bought a new fridge and TV on 6 payments with no interest at Fravega), but I still have the issue of getting money into the country to pay everything.

I stopped buying new items offering payments with "no interest" on Mercado Libre, as six months of "no interest" can add as much as 50% to the total amount paid versus one payment and 12 paymrnts at "no interest" can add as much as 100% to the total amount paid.

Recently, Mercado Libre has changed the way many items with "no interest" are published. Now the publications indicate that 3, 6, or 12 payments can be made at the "same price" as in the publication, without the words "no interest."

PS: I am not sure if that change was volitional or mandated by the government.

 

[steveinbsas]

I have no issue regarding getting money into the country to pay for everything each month, but my total monthy costs to pay for everything except food is presently less than $40,000 pesos. And that figure includes all utilities, fuel, insurance, taxes, drinking water. internet, bank and CC fees, and household supplies.

I get all the cash I need at the YPF station or the supermarket in Punta Alta, once or twice a month, without ever going to the bank or using an ATM. I can get up to $20.000 pesos at a time and I have not yet had to get more than $20K in one month.

A year ago the above numbers were $20.000 and $10.000 ARS.

 

[Quilombo]

Rates have finally been updated after a week: 1 USD = $359.75 ARS

 

[steveinbsas]

Rates have finally been updated after a week: 1 USD = $359.75 ARS

It doesn't always "pay" to delay a transfer, hoping the rates might go up in the next week.

A week ago the price of this item was $7.490 ARS:

Griferia Canilla Monocomando Lavatatorio Alta Tubo Recto Lar - $ 28.993,3

Encontrá más productos en Mercado Libre

articulo.mercadolibre.com.ar

This is just one example of how much prices can rise in Argentina...and how fast.

 

[Quilombo]

It doesn't always "pay" to delay a transfer, hoping the rates might go up in the next week.

A week ago the price of this item was $7.490 ARS:

Griferia Canilla Monocomando Lavatatorio Alta Tubo Recto Lar - $ 28.993,3

Encontrá más productos en Mercado Libre

articulo.mercadolibre.com.ar

This is just one example of how much prices can rise in Argentina...and how fast.

Totally agree, I learned from that mistake previously

My logic since has generally been to use credit cards to pay for as much as possible anywhere I can, and then to send the money for the credit card bill when the rate is good.

The stamp tax is worth it because you save more than the city/province charges, and the city is going to eliminate it (so they say) once the co-participation funding thing is sorted.

Also, the dolar qatar is now cheaper than the blue, so if you have bills to pay in other currencies or travel abroad it's cheaper to pay with an Argentine card and then sell dollars for pesos and pay the bill.

Dollar Qatar: $369.96
Dollar Blue (Buy): $382
You save: $12.04 ARS per dollar you spend this way

 

[Quilombo]

WU @ $361.22

 

[Traveler]

WU as of 18:30 Jan 31 $370.56

 

[darachu]

What's up with WU? finally they have a good rate but i am trying to set up a transfer from the US (cash) to ARG bank account and keep getting errors, the bank name is incorrect. Have tried with different accounts and its just not working. I guess no one can help with this, im just expressing frustration, unless someone out there knows what to do?

"There's a problem with this bank name. Please check and re-enter it using only letters, numbers, and spaces."
I am selecting back from their list, have used it before, and have tried re-entering everything. To me it seems they are avoiding doing the cash-to-Arg transfers right now.
ARGH!

 

[Traveler]

What's up with WU? finally they have a good rate but i am trying to set up a transfer from the US (cash) to ARG bank account and keep getting errors, the bank name is incorrect. Have tried with different accounts and its just not working. I guess no one can help with this, im just expressing frustration, unless someone out there knows what to do?

"There's a problem with this bank name. Please check and re-enter it using only letters, numbers, and spaces."
I am selecting back from their list, have used it before, and have tried re-entering everything. To me it seems they are avoiding doing the cash-to-Arg transfers right now.
ARGH!

Just completed a seemless US bank to Argentina cash pick up today. No issues.