Originally Posted by
mgelber
Gaucho100K, how good is the exchange rate from US$ at a bank in BA? Wondering if I'll do better just bringing over US cash and changing it at a bank, compared to using an ATM and paying fees from both banks + a [small] spread.
If I were to walk into a bank today with US$1000, when the quoted exchange rate is 3.13825, how many pesos would I get? (Not trying to get an exact amount, just a general idea of the conversion spread at the bank)
My math has me getting AR$2968 for my US$1000 if I use ATMs, after paying multiple ATM fees on both ends and the exchange spreads my bank will charge me.
Do you think I would do better just changing cash? Even if the amount I receive is the same, I'd rather use the bank- then I can get lots of AR$20 notes for tips.
The best exchange rates are usually found at the Banco Nacion... and at some exchange bureaus in the MicroCentro (financial district). In Argentina, it is not customary to have commisions charged, so the rate you will see posted will be the rate you are paid. Remember that you will see two figures quoted... a buy and a sell rate... the amount you will receive in Pesos will be your USD x the buying rate.
Other commercial banks usually have larger spreads than the Banco Nacion... for example, its not uncommon to see CitiBank quote teller rates of 3.02 and 3.12 (for buy and sell respectively)... and at the same time you be able to find 3.08 and 3.12 at a Banco Nacion. If you have time... shop around and check who has the best buying rate... and also, if you will transact USD1000, it doesnt hurt to ask if they will not offer you an additional cent or so (but this only at Exchange Bureaus, not at banks).
Hope this helps....
Cheers,
Alex