Western union exchange rate dollar to peso11/29/2023 And certain branches may impose a dollar limit per transaction and there will likely be transaction fees. It also may take a few days to access funds once sent, depending on delivery method. Visitors should be aware of potential snags: Lines and wait times can be long - even a few hours, locals told me - depending on the branch and time of day. Acquiring cash this way is legal.Ī Western Union spokesperson was unavailable to comment by press time on how the company is able to offer an equivalent exchange rate. The exchange rate offered by Western Union has been similar to that of the "blue dollar" rate on the black market. The cash is then acquired in Argentine pesos. Here's how the process works, in simple terms: Americans forward cash to themselves online - via a bank account, debit or credit card - and opt for pickup at a Western Union branch in Argentina. Western Union is among the most common and best ways for tourists to access a favorable exchange rate for cash, travel experts said. There are a few different schools of thought when it comes to exchanging money in Argentina. "Cash-demanding, in fact." How to get a good exchange rate in Argentina "You're in a very cash-friendly environment," Rothenberg said. "You come to Argentina and it's the complete opposite." "Travelers from the U.S., Canada and Europe are incredibly accustomed to flipping out their debt card and tapping the credit card charge machine," said Jed Rothenberg, director of LandingPadBA, a travel agency focused on Buenos Aires. For example, some lower-earning Argentines use part of their paychecks to buy a pallet of bricks they can build a house brick by brick, which they view as a better store of wealth than holding on to pesos, Zuegel said.įor tourists, this distrust of financial institutions is important to know because many merchants may not accept credit cards as a result - meaning visitors should expect to need some cash for their purchases. Sometimes, that influences behavior that might seem strange to a foreigner. So, many Argentines like dealing in cash and stashing it away from banks, experts said. The freeze lasted a year when customers regained access to funds, they discovered their dollar deposits has been converted to pesos, which had depreciated significantly in value. In 2001, the government restricted access to deposits. In 19, for example, it froze bank deposits and confiscated savings to finance operations and pay debt. They fear another " corralito," or a "little corral," a period in the nation's history when the government seized deposits during economic crises. Meanwhile, Argentines are distrustful of banks and financial institutions, economists said. Argentina is a 'cash-demanding' environment dollars into the country, with the added benefit of spending locally and supporting the economy, she said. What's more, a more favorable exchange rate attracts American tourists, who bring their U.S. dollars, meaning that, in simple terms, the government needs a constant flow of dollars to be able to pay its debt, de Bolle said. A big chunk of Argentina's national debt is denominated in U.S. While these cuevas (the private exchange houses) are technically illegal, the government largely seems to turn a blind eye. "I think the fact that there's more than one exchange rate is the symptom of this monetary mayhem." "Every day, every week, every month, the peso will buy you less and less," Petersen said. dollars relative to the official exchange is the rough equivalent of a year's worth of recent inflation, Petersen said - almost a no-brainer for any local intent on saving for the longer term. The black market rate reflects the value residents place on stability. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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