[Tango-L] ATM withdrawals and money exchanges in Buenos Aires (Janis Kenyon)

[Shahrukh Merchant]

> Banks are not exchanging dollars as before unless you have an account.
> Cambios are the only alternative for those who travel to Buenos Aires with
> dollars.

True, but misleading because:

(a) Some banks (like, obviously, the one at Ezeiza airport as Dani 
points out) DOES in fact exchange. Of course you may arrive on a day or 
time when it's closed, which won't help you that much. (By the way, the 
exchange booth near baggage claim is a ripoff--wait until you are 
outside the customs area in the public part of the airpor.)

(b) Some banks in the center do, but you might have to look around, 
since it is true that many of them will only change for account-holders 
and there is no obvious sign saying that. You will need your passport. 
The spread between buy and sell rate is typically 2-4 (i.e., for a 
one-way transaction you'd be paying 1-2% over the official rate). No 
recommendations here, since I never use them (I use exchange houses only).

(c) The implication that cambios (exchange houses) being somehow 
inferior whereas in fact they are superior for all but the extremely 
paranoid since they almost always give a better rate, and are open 
longer and at more convenient hours. In addition, there are many stores 
along Corrientes near Florida and on Florida that exchange money at even 
better rates and aren't official exchange places. Never got a single 
fake note or been short-changed at any of them either. (Even the 
shady-looking characters calling out "cambio, cambio" on the street in 
this same area are mostly barkers for these storefronts, although I 
wouldn't recommend changing more than a small amount out in the open on 
the street.) Most don't care whether you have your passport or not, so 
if you don't have it on you or don't like carrying it around, that's 
another advantage. Typical spread 1%, i.e., just about 0.5% charge for 
the service.

And indeed, changing any kind of currency in the US (at a retail level) 
is a huge ripoff with typical spreads of 8-20%, but I don't believe that 
Janis has ever recommended doing that.

Summary: You won't have any problem at all changing USD cash to 
Argentine pesos in Buenos Aires. Travellers' cheques, yes--forget about 
it (aren't they obsolete anyway?). ATM cards--for more than a few 
hundred pesos you might have problems with limits and you're probably 
going to have a 3% charge from your bank at least. Credit cards are 
accepted at most (but not all) places that charge enough to make it an 
issue, but more and more are charging 3% even for purchases.

Recommendation: Carry as much USD cash as you think you may need or are 
comfortable having on you and storing at your hotel or wherever you're 
staying, change it at money-exchange places, and use ATM and credit 
cards for the rest.

Shahrukh Merchant
http://www.LivinginBuenosAires.com/