Yep. Unfortunately this is true. I've used ATM's here in Buenos Aires almost everyday for years. Never any charges until yesterday (July 15, 2009). It wouldn't be bad if they were just charging u$s 3 and you could withdraw a high amount like $500- $1,000 US at a time. The problem is last year the banks started limiting almost all ATM cards to only 300 - 350 pesos at a time. So you are going to be charged this $3 US fee each time. So if you need U$S 500 and have to withdraw 5 times you're going to be charged that fee 5 times plus what your bank back home might charge.

Definitely bad news for tourists and for ex-pats that live in Buenos Aires.

The Schwab card is really good but be forewarned if you travel quite a bit or if you are an ex-pat living overseas that uses it too much to withdraw currency they will cancel the account. It happened to me and to many others I know that live outside of the USA.