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Parallel exchange rate up to 5.80 to $1 US

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San Diego...
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Parallel exchange rate up to 5.80 to $1 US

Due to all the turmoil and financial controls the US dollar has shot up in the past few weeks. Today it's up to about 5.80.

Tourists can utilize services like www.xoom.com to get up to 5.43 pesos to $1 US which is MUCH higher than the official rates.

I've spoken to several people that successfully used it so this might be an option for those of you staying in Buenos Aires and need larger amounts of pesos.

www.ambito.com/economia/mercados/dolar.asp

Notice the part on this link for "Dolar informal".

Edited: 23 May 2012, 03:04
San Diego...
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1. Re: Parallel exchange rate up to 5.80 to $1 US

Also, I forgot to mention if you use the promotion code "cruz" this month it looks to be completely free to send in. I had a few rental clients say they tried it and just used their passports to pick it up.

I think as long as you send less than 10,000 pesos it should be fairly quick.

Argentina
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2. Re: Parallel exchange rate up to 5.80 to $1 US

This is great news for those coming soon to Argentina:

food, shopping and most expenses here could end up costing about 20 % less than expected.

San Diego...
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3. Re: Parallel exchange rate up to 5.80 to $1 US

Exactly Verobaires! That's why I posted it. And it's all apparently legal as well. Too bad more people from other countries can't take advantage of it as many countries are excluded from Xoom. But if you look at the Expat websites, you will see many many expats and "permatourists" are using Xoom.

It doesn't make sense to use your ATM card and only get the artificially lower exchange rates.

This will help with the wicked inflation if you're getting 5.43 pesos to the dollar as they are paying today.

Dallas, Texas
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4. Re: Parallel exchange rate up to 5.80 to $1 US

Wow. I wonder what the black market rate for the dollar is there now (that is if the government is still restricting the purchasing of dollars by Argentines).

Ummm ... not that I personally would EVER exchange currency on the black market.

WQst

http://youtu.be/eTv-niYPBtU

Medellin, Colombia
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5. Re: Parallel exchange rate up to 5.80 to $1 US

Saint, kudos for the most valuable information. I've been closely following all the stories in the daily "La Nacion" about this parallel or "blue" market for USD.

One of my prime values in Travelling 101 is never to run afoul of the law in a foreign country. The complications that arise are far worse than any possible gain. So anyway, your post is a prized legal way to get the higher rate of exchange.

WQst,

Excellent vid on Santiago Chile. I too was floored by way they mix dynamism and charm into a recipe for well being.

San Diego...
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6. Re: Parallel exchange rate up to 5.80 to $1 US

Hi Geoffbob,

Thanks. I agree with you it's best if tourists stay on the right side of the law. Still, I don't really consider money exchange at the higher rates as anything wrong in the case of Argentina due to the crazy currency controls. (That's just my personal opinion).

But Xoom will help solve this and the company seems to have really solid financial backing and it has been mentioned in some reputable publications.

I haven't personally used it yet but they even have an option for me to send money to myself and have it deposited into my local bank account there in Buenos Aires so I might try it and see how it works.

It seems like a great option for tourists that don't want to pay nosebleed ATM fees and get the horrible exchange rate.

Buenos Aires...
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7. Re: Parallel exchange rate up to 5.80 to $1 US

I used Xoom only once last year to receive money from abroad. It worked perfectly, but I was only able to withdraw Argentine Pesos at Banco Frances, at the official exchange rate. Do you get a better exchange rate at the More Money Transfer locations? At the time they told me I could receive up to USD 2500 per month.

Medellin, Colombia
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8. Re: Parallel exchange rate up to 5.80 to $1 US

My reading has left me with the definite feeling that distortions produced by these crazy currency controls are making the Argentines very uncomfortable. I read where the police have begun making arrests related to the buying and selling at the higher rate. I do hope they work things out to everyone's benefit.

Saludos BA Sandy!

Edited: 24 May 2012, 04:55
San Diego...
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9. Re: Parallel exchange rate up to 5.80 to $1 US

BASandy,

If you use the "calculate fee" on the website it shows they are giving 5.53 pesos to $1 US today. I wouldn't go to the Banks but the More Money or other pick up location. My clients went to the other locations (Not the bank) and got the much higher rates.

But the rates keep going up. The peso is falling apart rather quickly. Today it's over 6 to $1 US on the blue informal market.

This is what happens when you artificially try to put restrictions on the market. It would be far lower had the government not tried to restrict and put so many controls.

Buenos Aires...
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10. Re: Parallel exchange rate up to 5.80 to $1 US

Saludos Geoff! Nice to see you again in the Argentina forums. And thanks for all the nice comments.

The AFIP has just closed down an unofficial exchange office next door that was selling dollars at $ 6 pesos.

Saint, that is good to know. I've always used Western Union but they offer a terrible exchange rate, always lower than the official rate. Let's see how long this lasts with Xoom.