Quote:
Originally Posted by soah
If you're only using the ATM for food and entertainment money, those ATM fees are never going to be more than a rounding error on your total expenditures for a 3 month trip. I'm all for pinching pennies but at some point you have to consider whether the risks of carrying additional cash and spending the extra time changing your money (ie, finding and actually transporting yourself to an exchange house and possibly waiting in line) is worth the savings.
700 pesos was the max withdrawal at a generic ATM the last time I used one which was quite a while ago. If that's still the same and 13 pesos is the ATM fee then that's just less than 2%. If you go out a decent amount but don't do anything crazy, you probably go to the ATM 6 times in 3 months at most, which is about 20 USD.
Of course there might also be a difference in the rates offered between the two options, but I'm assuming that they are about the same.
Just my 2 cents.
Sorry, but this is just bad advice. Almost all ATM's allow a cap of 1000 pesos/transaction now. If your bank is scalping you for a 3% FX fee, switch banks. Now. You should get a fairly tight interbank rate from ATM withdrawals. All Argentine ATM's charge you approximately 16 pesos a pop, and then your home bank can possibly charge you another $3USD (or something in that realm) fee on top of that. I need to go to the ATM considerably more than you...obviously different lifestyles, but unless you eat pasta at home every night and don't consume any alcohol, you are going to spend more than that.
Best is to open a bank account in the states that rebates ATM fees, like Charles Schwab. That will save you a fair amount on fees, as they don't charge a fee themselves, and will rebate the 16peso fee that is charged by the Argentine bank. It's not a bad idea to actually have a couple of banks at home, just in case there is an issue with your ATM card.
There are some new credit cards that are now waiving FX fees, which typically run around 3% on foreign purchases. The AmEx Platinum card is going to start waiving that fee by the end of next month (then again it has a $450 annual fee, but has a lot of other perks also). I think there is a new British Airways card from Chase that also waives those fees. I'm sure there are others, as well.
I would suggest bringing USD's for your rent and security deposit. Get spending money from ATM's, as I personally do not like having a wad of cash lying around.
Also, at EZE if you want to exchange some cash for pesos, there is a Banco La Nacion on the right just after the baggage scanners. They will give you a fair exchange rate. Don't use any of the other casa de cambio places in there or you will get scalped.
Just my 2 cents.