Post: #26

(01-23-2014 08:55 PM)Hencredible Casanova Wrote:  

(01-23-2014 08:53 PM)portofmanteau Wrote:  

(01-23-2014 08:38 PM)Vampire Wrote:  I am heading to Argentina in two months. The flights are locked in, so I can't cancel without losing money. Hopefully the power outages and protests fizzle out by then. It should be interesting.

Bring as much USD in $100 bills as you can.

Where do the black market moneychangers hang out? Calle Florida?

Yeah, Calle Florida has tons. You can also find some at the San Telmo market on Sundays.

Can anybody tell me where in Cordoba, Argentina the blue rate moneychangers hang out at?

Post: #27

(01-23-2014 09:06 PM)Fisto Wrote:  

(01-23-2014 08:53 PM)portofmanteau Wrote:  

(01-23-2014 08:38 PM)Vampire Wrote:  I am heading to Argentina in two months. The flights are locked in, so I can't cancel without losing money. Hopefully the power outages and protests fizzle out by then. It should be interesting.

Bring as much USD in $100 bills as you can.

I remember on another thread you were saying that people would go to a neighboring country (Uruguay?) and hit ATM's.

Could you go into a bank there and take out a cash advance?

I just went to Popular Bank in the Dominican Rep. and pulled out 4k no problem.

Yes, ATM's in Colonia del Sacramento (across the Rio de la Plata) give you your choice of Urugauyan peso or American dollars. I think there was a limit of $300 per swipe. So just do multiple transactions to get as many dollars as you need. Beware that the ATM at the ferry terminal will have a long line because everyone is grabbing US dollars before going to BA. The machine may even run out of US dollars. Go to a bank in Colonia and use their ATM; don't wait until you get to the ferry terminal. You can get cash advances at the bank but there is likely a limit on how much/dollars they can give you. Smaller denomination bills are harder to come by.

Post: #28

(01-23-2014 09:13 PM)Vampire Wrote:  

(01-23-2014 09:06 PM)Fisto Wrote:  

(01-23-2014 08:53 PM)portofmanteau Wrote:  

(01-23-2014 08:38 PM)Vampire Wrote:  I am heading to Argentina in two months. The flights are locked in, so I can't cancel without losing money. Hopefully the power outages and protests fizzle out by then. It should be interesting.

Bring as much USD in $100 bills as you can.

I remember on another thread you were saying that people would go to a neighboring country (Uruguay?) and hit ATM's.

Could you go into a bank there and take out a cash advance?

I just went to Popular Bank in the Dominican Rep. and pulled out 4k no problem.

Yes, ATM's in Colonia del Sacramento (across the Rio de la Plata) give you your choice of Urugauyan peso or American dollars. I think there was a limit of $300 per swipe. So just do multiple transactions to get as many dollars as you need. Beware that the ATM at the ferry terminal will have a long line because everyone is grabbing US dollars before going to BA. The machine may even run out of US dollars. Go to a bank in Colonia and use their ATM; don't wait until you get to the ferry terminal.

Thankyou for that but, I'm not asking about ATM's. I'm asking about walking into a bank and pulling out 4000 or more through a cash advance.

Post: #29

Vampire, i could not tell you about "cuevas" in Cordoba. If you go here in BsAs, learn to check if they are giving you fake pesos.

Post: #30

(01-23-2014 09:06 PM)Fisto Wrote:  I remember on another thread you were saying that people would go to a neighboring country (Uruguay?) and hit ATM's.

Could you go into a bank there and take out a cash advance?

I just went to Popular Bank in the Dominican Rep. and pulled out 4k no problem.

I've never done that, according to this thread (which is from 2012, ancient history by Argentine/Uruguayan standards) you can try Brou bank in Montevideo.

http://baexpats.org/topic/21612-recomand...h-advance/

Post: #31

(01-23-2014 09:21 PM)Fisto Wrote:  Thankyou for that but, I'm not asking about ATM's. I'm asking about walking into a bank and pulling out 4000 or more through a cash advance.

You'll get raped doing that in Argentina, if you're even allowed to. You would get the "official" exchange rate which is inflated. You're better off just bringing how much cash in dollars you would like to spend and exchanging it on the black market at a much more favorable rate, many times the official rate.

Post: #32

I personally hope bitcoin continues to make inroads in Argentina (see article below in Spanish).

http://www.clarin.com/sociedad/Argentina...94271.html

If it does, then all the problems with capital controls will be moot. You would be able to spend bitcoin down there just as easily as you could spend their pesos.

All you would have to do is put some bitcoins onto an online wallet like blockchain.info/wallet and then access the wallet on a computer or smartphone once in Argentina...and presto...you have spending power at the current exchange rate for BTC/ARP.

Post: #33

Time to brush up my spanish and put some marbles in my mouth.

Post: #34

(01-23-2014 10:48 PM)EisenBarde Wrote:  Time to brush up my spanish and put some marbles in my mouth.

I'll be there pretty soon as well.

Post: #35

At what exchange rate does it become a poosy paradise? Or is the culture so strong there a nuke could go off in BA and it wouldn't matter?

Post: #36

(01-23-2014 09:42 PM)The Texas Prophet Wrote:  I personally hope bitcoin continues to make inroads in Argentina (see article below in Spanish).

http://www.clarin.com/sociedad/Argentina...94271.html

If it does, then all the problems with capital controls will be moot. You would be able to spend bitcoin down there just as easily as you could spend their pesos.

All you would have to do is put some bitcoins onto an online wallet like blockchain.info/wallet and then access the wallet on a computer or smartphone once in Argentina...and presto...you have spending power at the current exchange rate for BTC/ARP.

Currently all the buyers I've found for BTC here are trying to pay me less than my coinbase cost to buy it (10% less or so). USD is king here.

Post: #37

(01-23-2014 11:14 PM)portofmanteau Wrote:  

(01-23-2014 09:42 PM)The Texas Prophet Wrote:  I personally hope bitcoin continues to make inroads in Argentina (see article below in Spanish).

http://www.clarin.com/sociedad/Argentina...94271.html

If it does, then all the problems with capital controls will be moot. You would be able to spend bitcoin down there just as easily as you could spend their pesos.

All you would have to do is put some bitcoins onto an online wallet like blockchain.info/wallet and then access the wallet on a computer or smartphone once in Argentina...and presto...you have spending power at the current exchange rate for BTC/ARP.

Currently all the buyers I've found for BTC here are trying to pay me less than my coinbase cost to buy it (10% less or so). USD is king here.

Good to know.

Hopefully, as Bitcoin becomes more adopted, the exchange rate will improve. Right now, there aren't enough buyers of BTC in Argentina to make the BTC/ARP exchange rate competitive.

Still, taking anything more than $10,000 in USD out of the USA is a hassle even when you exit the USA to Argentina (you have to fill out a form that gets sent to the IRS). If you don't fill out the right form and present it to customs, you risk getting your cash seized.

https://help.cbp.gov/app/answers/detail/...uggested/1

Post: #38

(01-23-2014 11:23 PM)The Texas Prophet Wrote:  Good to know.

Hopefully, as Bitcoin becomes more adopted, the exchange rate will improve. Right now, there aren't enough buyers of BTC in Argentina to make the BTC/ARP exchange rate competitive.

Still, taking anything more than $10,000 in USD out of the USA is a hassle even when you exit the USA to Argentina (you have to fill out a form that gets sent to the IRS). If you don't fill out the right form and present it to customs, you risk getting your cash seized.

https://help.cbp.gov/app/answers/detail/...uggested/1

People use cuevas (private exchange houses) for this operation.

Post: #39

Hell, I'm almost of mind to try just bringing in $9,999 and see how long it lasts.

Worst case scenario, I have decent lines of credit to get my ass back stateside.

Post: #40

I'll be down in March for a bit. I was just talking with some of my Argie friends this past weekend and the exchange rate was tracking 11.50-12 pesos per $1... Now it's a sold $13 today. Wow. Pretty interesting.

Gonna be tracking this situation pretty close until my trip. Also looking at Gold, as it's tracking closer to $1270

Post: #41

Shit. Seems like a lot of RVF guys are heading down to Argentina. I might go to if the prices there are good. Buenos Aires meetup?

Post: #42

Saw a news report today, the peso lost 16% of its value against the dollar - in two days.

Post: #43

A new resolution was made today by the finance minister, Argentines may be allowed to buy dollars legally again starting Monday:

http://www.lanacion.com.ar/1658112-jorge...a-y-ahorro

If this works, the black market dollar price will fall quite a bit. Everyone is in wait and see mode.

Post: #44

Wait, wait, the USA is the basket case. doesn't anyone know?

Post: #45

(01-23-2014 11:02 PM)beta_plus Wrote:  At what exchange rate does it become a poosy paradise? Or is the culture so strong there a nuke could go off in BA and it wouldn't matter?

Thank you for correctly spelling PP

Post: #46

Spoke with cueva today, black market rate is down between 11.5-12 and volume is very low, everyone is waiting until next week to see how the new law will affect things.

Post: #47

If anyone needs an 1-2 bedroom apt in San Telmo, send me a PM. Mine might be available.

Post: #48

http://argentinedollar.com/

According to this black market rate is at 17.3-17.8.

That is fucking amazing given that a year ago it was at 7. That's a 60-70% rebate compared to then.

Post: #49

(01-24-2014 11:16 AM)ElJefe Wrote:  http://argentinedollar.com/

According to this black market rate is at 17.3-17.8.

That is fucking amazing given that a year ago it was at 7. That's a 60-70% rebate compared to then.

Once things stabilize, which could be years, I am going to look into buying a place in BA for cheap. I won't try to call a bottom, but once it does rebound, I am maybe going to buy a place and rent it out via VRBO when I am not using it.

This CHAOS in emerging markets is very very good for travelers from the USA as long as safety isn't an issue.

Russia, Turkey, and Argentinian currencies are getting smoked, but only Argentina is officially done for. There really is NO way Argentina can get out of this it is going to get MUCH MUCH worse there. Dunzo.

Argentina never really recovered from their default, you can tell by the rates they have to pay on their debt, and their real inability to access capital markets......this Black Swan is going to officially finish their financial system off. I feel a bit bad reveling in their pain, but they did it to themselves.

The USA's balance sheet isn't that great either but there is one HUGE Monstrous difference. The USD is the reserve currency for the world, the only reserve currency, so we can get away with printing money here, which indirectly exports inflation to emerging markets. So the USA has a hand in this but holders of USDs will be rewarded in the end because of the USA being the reserve currency the world will get cheaper for holders of the USD, the developing world that is.

Post: #50

@Fisto - If you want to take advantage of the black market you can't use the formal banking system here. You just need bring cash with you or take a trip to Uruguay and withdraw cash there.

Real estate is the one asset class in Argentina that is fairly stable. It is priced in dollars and Argentines place their savings in real estate since it is more stable than the currency. I don't really see the real estate prices crashing too hard, even as this financial mess plays itself out here. In some of the upper class neighborhoods like Palermo Chico, real estate prices barely budged in 2001/2002.