ATM charges in Argentina

[SevenSeas70]

If you are visiting Argentina, watch out for the ATM charges when getting Argentine Pesos. These add up to approximately US$6.00 per transaction, and for some unknown reason the maximum amount you can withdraw in one transaction is 300-320 pesos (approximately US$100). This is not dependent on your bank but on the Argentine banks. You get a slightly better exchange rate at the ATM vs. exchange office ("Cambio"), 3.15 pesos/dollar vs. 3.11 on one day, but the advantage is eaten up by the bank charges. Exchanging cash is better (although perhaps slower).

[paul929207]

Thanks for the warning. We head there in about 4 weeks.

[ethan1171]

Do you know if credit cards are widely accepted in Argentina at restaurants? We plan to have some argentinian pesos with us for small purchuses but it will be nice to know if CC can be used at restaurants same as in US.

 

Ethan

[FlyerTalker]

Do you know if credit cards are widely accepted in Argentina at restaurants? We plan to have some argentinian pesos with us for small purchuses but it will be nice to know if CC can be used at restaurants same as in US.

Yes, at most of them. There are some catering more to "locals" that are cash only, but you can spot the credit card logos at the entrance to double-check.

 

Know that your credit cards will incur not just the forex charge (and exchange rate spread), but also a service charge of between 1% and 3% in addition.

[SevenSeas70]

Here's an example from my transactions on Feb. 2, 2008 in Buenos Aires.

 

VISA 3.05 pesos/USD

American Express 3.10

ATM (HSBC Bank) 2.98

 

(These figures are net and include all the charges and fees incurred.)

 

I don't know if these differences are the same every day, but it looked like AmEx was usually better than VISA.

 

Note also that most stores will give you a discount ranging from 5 to 10% if you pay with cash (pesos or dollars) versus charging your purchase.

[Peregrina651]

Know that your credit cards will incur not just the forex charge (and exchange rate spread), but also a service charge of between 1% and 3% in addition.

 

Not all credit cards add a service charge on foreign transactions. I use a CapitalOne card for just that reason. Call your credit card company and ask them their policy.