| Author | Message | ||
     Xander New member Username: Xandersal Post Number: 4 Registered: 11-2006 |
Hola Todo, (for reference,I live in Patagonia with my bank account in the USA. I use the bank cash machines to get the money I need with a debit card for rent, untilities, etc.) A few months ago Banco National lowered the amount I can get from their cash machines from $900 pesos per day to $300 per day. And, Banco Patagonia lowered theirs from $500 pesos per day to $300 per day. When I'm in the US, this same card will give me $500 USD ($1500 pesos) per bank per day. Meanwhile my Swiss friend here with a Swiss bank bank account can get $2000 pesos or more per day per bank. Does anyone have a clue what is going on? This is not a limit on my debit card or the amount of cash I have in my account...it seems to be an arbitrary decision by some bureaucrat in Argentina. Thanks, Xander | ||
| WTMendoza.com Junior Member Username: Welcometomendoza Post Number: 37 Registered: 7-2007  |
Yes - this breakdown in service was concluded by many expats to be a an issue of Visa vs. Mastercard. Most likley your card has the Visa Emblem, and your Swiss friend has the Mastercard emblem. So it seems to be an issue with Visa Emblem, and there seems to be nothing to about it except request your home country bank issue you a card with a MasterCard emblem so you can have the higher limits. Hurry - by the time you get your new card, "they" may turn the tables again  (smiley) | ||
| WTMendoza.com Junior Member Username: Welcometomendoza Post Number: 38 Registered: 7-2007 |
Also, if you are living here semni or totally permanently, it;s worth it to establish home-country check writing priveldges with your local exchange house. You still will pay 2% but it's a great backup. | ||
| Xander New member Username: Xandersal Post Number: 5 Registered: 11-2006 |
Hi WT Mendoza, I'm not sure what you mean by a local exchange house. Do you mean a place that changes money? And that they will initiate a transfer with a personal check from a US bank? (For me, Paypal would be better than writing a check, or interbank transfer.) I suppose this way of moving money is considered "black"? Gracias por todo, Xander | ||
| Ana New member Username: Magdalena Post Number: 1 Registered: 12-2007 |
Hi, I'm new to the site- love what I've read so far. I'm moving to Buenos Aires in February to teach English. I'm wondering, what is the best way to have access to my money? Should I keep it in my US Washington Mutual account and just withdraw from the ATM machines (mine's Mastercard) or should I wire it (or something else) to get it into a bank account I open in B.A. (We're talking about around $3,000 USD). Please comment! | ||
| Christopher Henson New member Username: Sandiegochris Post Number: 14 Registered: 7-2007 |
Hi, Ana.....you have asked a very good question that many of us have experience with here in Buenos Aires. First, the only way you will be able to open a bank account in Argentina is if you are Argentine, legal resident of Argentina, or open an account in someone's name that is the first two ( and trust them with your $3000). I have Washington Mutual account as well, and they charge a 1% foreign currency exchange fee in addition to $2-3 per withdrawal. I pay $20 month in ATM charges more or less......it is best to withdraw a larger amount and keep cash to avoid the charges (like 500 pesos), but then you need to be concerned about securing it. I recommend that you look around in the states for a bank that charges no ATM fees anywhere in the world.....I know Capital One Bank offers this, but you have to visit a branch in Texas, Louisiana, or Virginia to open the account. I plan to open an account with them when I return stateside. | ||
| movingtoargentina.typepad.com Intermediate Member Username: Sapphos Post Number: 108 Registered: 2-2006 |
Christopher, I have to respectfully disagree with you on part of your reply. You can in fact open an account in BA it's just a matter of finding a bank willing to do it and getting your CDI beforehand. Many banks will turn you away but there's always one or two that will work with you. Ana, that said, I would be very leery of opening a bank in Argentina unless you have a major reason to do it. Any banking you need to do can be done with your foreign bank and bill paying can be done with your debit card or cash withdrawn from the bank. If you do open a bank account do not keep much money in it. Citibank still has relatively high limits that they allow to be withdrawn but realize the the Citibank in Argentina will really have no ties to those in the U.S. hope this helps Laura Ebook Moving to and Living in Buenos Aires, Argentina http://movingtoargentina.typepad.com | ||
| Christopher Henson New member Username: Sandiegochris Post Number: 15 Registered: 7-2007 |
Laura, banking regulations have tightened up here in Argentina since 2005/2006 according to my Argentine lawyer. I doubt it will be that easy to open an Argentine bank account even with CDI in 2007/2008. If you have found this to be contrary and recent, please let us know which specific banks are willing to work with just a CDI. Any information you can provide this forum that is helpful is appreciated. Thanks in advance. Chris American Gay Life in Argentina http://americanlifeba.blogspot.com/ | ||
| movingtoargentina.typepad.com Intermediate Member Username: Sapphos Post Number: 109 Registered: 2-2006 |
Chris, unfortunately it is and always has been a hit or miss proposition. One person might have luck with a certain bank or bakn official and the next person doesn't. I know people who have gone to several banks before finding one who would work with them. Then again it is Argentina and it can help to know the right person. I think we all know that rules are broken all the time and that nothing is ever written in stone, sometimes a good thing and sometimes not. Laura Ebook Moving to and Living in Buenos Aires, Argentina http://movingtoargentina.typepad.com | ||
| Ana New member Username: Magdalena Post Number: 2 Registered: 12-2007 |
Wow- thanks for all the info! I forgot to include how long I was staying in Bs As(6 mo.- 2 yrs)- I don't know if that changes anything. Since I have no major reason to open an Argentine account I will probably just keep my account here (and search for one with no fees). Laura, you said that bill-paying can be done with a debit card- does that mean my US debit card? What about a mastercard? (or other credit card) Can I use my US card for other daily purchases or is it mostly cash? Thanks again for all the responses guys!! | ||
| Roberto Board Administrator Username: Admin Post Number: 1403 Registered: 12-2004 |
Speaking of ATM withdrawals, could anyone confirm if banks have recently set lower maximums? I've heard no more than usd $100 per machine -at least on BNP-. | ||
| Simon Fawkes Member Username: Expatba Post Number: 51 Registered: 1-2007  |
A friend of mine opened an account with BNL (now part of HSBC) in 2006 with just proof of addesss (his title document), a CDI and a passport. Regarding ATM withdrawals - it seems that when I use a foreign Visa card I'm capped at 300 pesos. When I use a Mastercard I can take out up to the daily limit allowed for that card (although depending on the ATM I may have to do it as a series of consecutive transactions if the machine has a transaction limit - when the machine asks if you want another service select yes, and then choose withdrawal and go through the process again as many times as it takes). Hope this helps Simon Fawkes Author, The Complete Guide To Real Estate Investment in Argentina, ISBN 1430303980, http://www.amazon.com/exec/obidos/ASIN/1430303980 | ||
| Christopher Henson New member Username: Sandiegochris Post Number: 16 Registered: 7-2007 |
Roberto...my experience recently has been that I can get 300 pesos out using my ATM card with a VISA logo and can get up to the maximum using my other Mastercard ATM card but doing it in multiple transactions. From what I read and understand from my friend at the U.S. embassy is that it is a VISA company issue not the individual issuing bank...I think many of the embassy staff experienced this problem and complained to the ambassador. My Canadian friends that live here are experiencing the same issue related to VISA. I don't know what the proper resolution is to this situation, which is why I recommend people get an ATM card with the Master logo instead. BTW - I use my VISA credit card to pay for things here in BA as it is more often accepted than Master, then pay my bills online. Hope this helps someone. | ||
| Tom New member Username: Tomatalki Post Number: 11 Registered: 10-2007 |
I can add my experience. I opened an account at Bank of Argentina in April, 07 with a CDI and a Passport. Also I have an account with a small bank in Seattle and am able to withdraw up to 3000 pesos a day (mastercard logo) with no costs or fees. Tom | ||
| WTMendoza.com Member Username: Welcometomendoza Post Number: 75 Registered: 7-2007 |
Here in Mendoza there are 3 banks that will open bank accounts for foriegners with CDI numbers (easy to get CDI): Galicia Banco Frances HSBC In the case of the first two banks, I have top Mendoza maanagerial contacts in my rolodex that will correct any problems if you end up going to a branch where they play dumb. In the case of HSBC, there has not been any denial of service that I know of yet, hence no need thus far for a managerial contact. So if anyone has a problem in Mendoza, just let me know. If you are living here part year or all year, I always suggest having an account with a few thousand pesos in it, so you can get the debit card, and participate in the great discounts that are offered monthly for supermarket discounts and other of that kind of thing. It also been our experience here that if you home country debit card has a master card logo on it, you usually have no problems taking money out, but if it is Visa, you are currenly restricted to fairly low extraction amounts. Good luck! | ||
| Roberto Board Administrator Username: Admin Post Number: 1405 Registered: 12-2004 |
Thank you all. So Mastercard... > up to 3000 pesos a day (mastercard logo) with no costs or fees. That is a nice chunk of change. I'm surprised at the no fees/costs thing. Regions/Bofa are making a killing at usd $5 to $8 per transaction. Tom, would it be possible to know the name of the bank in case there is a remote chance they have branches out of state? Or pm me privatelly if that is better. | ||
| Simon Fawkes Member Username: Expatba Post Number: 52 Registered: 1-2007 |
Roberto Quite a few banks don't have any ATM costs or fees - however they make their money in other ways, namely the exchange rate they apply to the transaction will be tilted in their favour and is unlikely to be quite as good a rate as from one that charges. It's swings and roundabouts. Simon | ||
| Richard Graham New member Username: Richg Post Number: 7 Registered: 6-2007 |
From a UK perspective, the Cirrus card issued by Nationwide allows you to withdraw 600USD per day without charges. The exchange rate is also very similar to the daily XE.com quotes. | ||
| Benco Junior Member Username: Benco Post Number: 33 Registered: 4-2007 |
I am happy with my Maestro/EC-cards that allow me to withdraw 2500 pesos per day each. The rates are good, and there is a reasonable fee of 1 percent. With my Visa credit card the rates are slightly worse and the limits are ridiculously low. | ||
| Matt New member Username: Arglife Post Number: 4 Registered: 1-2008 |
I have cards from three different countries and they all seem to have different daily limits on them. In fact one of them doesn't let me get cash out at all from my savings account though the same card has a linked credit card account which does allow withdrawals. | ||
| Adam Walker Member Username: Adam_walker Post Number: 75 Registered: 4-2007 |
Has anyone found the limit on Mastercard logo change as of April 2008?? Literally, since the 1st of April, I havent been able to draw more than AR$300, even though I used the same machines up to the day before, when I was drawing $1200-1400 a day. I am actually hoping it's just me and I can get something done about it to return to my old limit... any feedback guys? | ||
| WTMendoza.com New member Username: Welcometomendoza Post Number: 2 Registered: 7-2007 |
I am hearing the same feedback from the field....what the heck. Has anyone tried the Visa emblem card during these days? This is why I setup a check cashing relationhip with an exchange house here , as a backup....it's 2% but no silly 300 peso restrictions. There has to be a specified reason for this, published soon...on this ATM issue. | ||
| Arial Intermediate Member Username: Arial Post Number: 187 Registered: 10-2006  |
I am back in the States now (for 1 week) but could not get more than $300 at the ATM in Argentina on my Citibank Visa. A family member in Argentina told me the same was true of him. No more than $300 in any single withdrawal. | ||
| Richard Graham New member Username: Richg Post Number: 24 Registered: 6-2007 |
Yesterday I found that my limit was reduced from 600 USD to 100USD as well, all very inconvenient. This was with a Uk cirrus/maestro card. | ||
| Keith Mangan New member Username: Kreation Post Number: 19 Registered: 9-2006 |
Hey Adam; Working off Mastercard too Just went up to see my limit and found the same thing; the machines were quite so I was able to experiment a bit.I worked my way down from ARG2800 (my usual limit)and ended up at 300 before it would let me withdraw. However when it asked if I wanted another transaction I said yes and tried again for 300; I got through this 5 times before it said I couldnt use the card in that machine again today.Then I jumped to the next machine and done the same thing and again in a third.. So I figure its a machine thing not a Mastercard thing..Now I'm sure Mastercard will be on to me for weird transactions;but what can you do???? Hopefully the same lark can work for yourself. Keith | ||
| Adam Walker Member Username: Adam_walker Post Number: 76 Registered: 4-2007 |
Hey guys Keith .- I did exactly the same last night, up to $1200... while I am able to get cash out this way, indeed I ended up with a blovck on my account, and had to deal with a real "nice guy/arrogant pig" on the phone asking me "why would i possibly ned to make 3 transactions all at once... good job I am 8000 miles away! So next step is to see how uch this costs me each transaction. I have already been spending a fortune in fees to my bank in the UK, I kind of expect this to go up with this mew strategy... making a 2% deal WTMend talks about quite a good deal. I dont suppose there is anything that can be done!? Maybe we can get the "piquteros" out banging their pots for us?? ;) | ||
| Roberto Board Administrator Username: Admin Post Number: 1618 Registered: 12-2004 |
Adam, do you have a checkbook with you? | ||
| Adam Walker Member Username: Adam_walker Post Number: 77 Registered: 4-2007 |
Hey Roberto - sorry, this got thrown in the spam folder, only just fished it out... I do (I think) - you have some ideas?! I am just a couple of weeks away from having my own Arg bank account anyway - so I should be able to transfer funds across etc. I have read in other threads you'd suggest keeping Pound and Euro accounts - is it easy to transfer money across? I paid an estate agent via a bank tranfer, it took 2 months to get to him (no lie)... does every time you want to put pesos from an Arg account in a European savings account take this much time?! | ||
| Roberto Board Administrator Username: Admin Post Number: 1625 Registered: 12-2004 |
Adam can you please post the link to the thread where I recommend keeping pounds or euros? I do not recall. But I believe transfering in any currency will be subejct to the same rules by the central bank. Checks drawn on an A-list bank can be easily cashed out at a small discount in specific 'casas de cambio'. In general, expect problems and delays when dealing with money flows. Note that Argentina defaulted on its debt not so long ago and all money channels may have some sort of restrictions/regulations. For larger amounts, casing checks may be the fastest and possibly cheapest way to go. | ||
| Adam Walker Member Username: Adam_walker Post Number: 78 Registered: 4-2007 |
hola a todos! Hope we are all well and enjoying the smoke free sky here! WTM or anyone else - can they advise me on where I might go for a wire transfer (a good exchange house is the Microcentre?)... Do we think the changes in ATM withdrawals is because of this default? Thanks! | ||
| WTMendoza.com Intermediate Member Username: Welcometomendoza Post Number: 244 Registered: 7-2007 |
Are you in BA or Mendoza? Regardless - let me kmow - cheers | ||
| Roberto Board Administrator Username: Admin Post Number: 1648 Registered: 12-2004 |
Adam, try Banco Piano Casa Central: San Martín 345 (1004), Capital Federal. Tel.: 4321-9200/4326-9004 E-mail: info@piano.com.ar | ||
| Adam Walker Member Username: Adam_walker Post Number: 79 Registered: 4-2007 |
I am BA WTM Thanks ROberto - I have heard of this place, although my girlfriends abuela got a lot of fake money from there one time... others have said its a decent place - amyone had any dealings there? |
