Using my Australian issued Visa and MC I am limited to multiple withdrawals of AR600

Some ATMs offer both pesos and dollars. Citibank, for one.

This restriction is such bullocks..... I called a radio station today and talked about this... cant understand why the authorities dont allow foreign issued ATM cards to have higher daily limits. These small things end up costing the economy important tourist revenue $$$.... its annoying to have to do multiple withdrawals and allow your bank to take you to the cleaners with fees....

With everything computer driven these days, it would be easy to implement a higher limit for foreign issued cards.... apart from the fact that domestic issued cards have limits of AR$1000 per day, with some banks having higher limits when you use in-house or in-network cash-dispensers... one example is Citibank Argentina (one of my banks locally).

Are you being hit with multiple flat fee commisions if you do repetitive transactions? I ask you this because if you have now arranged for some fee reimbursement from your bank, you may be able to "play" the sistem by using ATMs from different networks.

Apparently, if you withdraw the maximum amount from Banelco network, you can still draw the limit on ATMs of the Link network.... alas, I still havent tried this myself.

JC, is that with a US Citi card? I've never been able to withdraw US$ with any US-issued cards (not Citi) at any retail bank.

I'm always offered the choice of pesos or dollars, but if I select dollars the transaction is denied . However if an Argentine friend with a local dollar-denominated account uses the same machine after me, he can withdraw dollars.

John

Unfortunately yes, flat fee with every transaction, minimum 4,- EUR or1% of withdrawal amount.

I've only seen one report on a bulletin board of someone being able to get more pesos from an ATM machine - a Brit with an UK HSBC card at a local HSBC bank. He wrote that he could get multiples of 700 pesos a couple of weeks ago, but only multiples of 600 today. Other posters are reporting the continuing restriction at ~320 pesos.

Hopefully the US Embassy will get an earful, and the consular officer responsible for the newsletter will be making some more enquiries (and most likely more bucking passing).

I'm here in BsAs, but since I get all my ATM fees refunded, I've not tried to see how much I can get. I usually request multiple amounts smaller than 100 pesos so that I can get small bills.

John

In fact it's a very easy software change. The same ATM machines have (overnight) been changed to dispense a maximum of 800, 500, 100, 300, then 320 pesos at various times in the past few years.

There was a report today that Banelco was still "in discussion" with the local banks. I guess it's difficult to give up the huge amount of money that's being gouged from customers.

I'm surprised that a class action suit hasn't (apparently) been filed in the US yet against VISA/MasterCard ...

John

Sounds like a good chance for an ambulance chaser to make some $$$$$....

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.

No, I was offered it, but never selected it. I figured that if it offered it to you, then it would give them to you. However, this is Argentina...

My unscientific anecdotal conclusion after withdrawing over the last few days is that ATMs affiliated with the Banelco network allow withdrawals of AR600 and those affiliated to Link allow AR320.

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

Folks.... aside from the anecdotal value... I dont see why visitors would want to get USD from an ATM machine..... since this may mean that you end up paying the buy/sell spread when you have to exchange to Pesos.

Unless you are going to make a purchase at a Merchant that will give you a "special" rate for your Dollars... I cant see why you would want a EZE ATMachine to give you Dollars.... (???)

Sorry... Ive just only now caught this..... the above shows me that the fees are killing you.... even if you went to a commercial bank that will give you the non-customer rate, you would for sure get at least AR$3.00 for every dollar... so even without going to a Banco Nacion or Exchange Bureau you are already ahead. This is a no-brainer in your case.