CaribbeanCool
New member
My pick is Capital One. No foreign transaction fees. I don't pay a transaction fee when making purchases outside of the USA.
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Newcomer Foreign Credit Card purchases at MEP rate?
- Thread starter Opera Fan
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earlyretirement
Moderator
Schwab is simply the best. When I posted on BAExpats, Caribbean Cool was had no clue about Charles Schwab and kept recommending Capital One. Strange an expat wouldn't have heard about the Charles Schwab card which is the BEST I the world. I don't believe Capital One refunds ATM fees even though they don't charge a foreign transaction fee. The key is the rebating of ALL ATM fees.
Also, I just purchased an airline ticket inside Argentina and I used a Mastercard and was immediately posted to my account at almost the MEP rate. It's nice that it's like Visa now which posts immediately without having to wait for the refund.
JonToronto
Member
I have a quick question from a Canadian expat who will soon be visiting for three months. Are there any fellow Canadians who can share insights on whether Canadian credit cards, such as Visa, also enjoy the MEP rate (adjusted, of course, to the Canadian exchange rate, currently around 0.735 per 1 US dollar)? I hold both Canadian and US credit cards but am particularly interested in hearing about experiences with Canadian credit cards. Appreciate any insights. Thanks.
Canada Goose
Well-known member
Hi Jon! I am here now but leaving soon, and I can verify that the MEP rate applies to a Canadian Visa. I only used it once for a small purchase as a test. My suggestion would be to try it out with a small transaction before committing to a larger purchase. Nonetheless, I would recommend bringing USD and exchanging it for pesos as the credit card rate might not match the blue rate, though it's a handy option to consider. I brought $100 bills as I thought it would be tougher to use credit cards but it's very easy.
JonToronto
Member
Does anyone know of any places that exchange at the blue dollar rate on Sunday? Either Palermo or the downtown area that they trust. I arrived too late due to delayed flights yesterday to do any exchanges and we leave early tomorrow morning outside the Capital Federal for 4 days.
earlyretirement
Moderator
Yes, in Soho try Serrano 1563 in front of Plaza Serrano. They are open sundays from 11:30 AM to 5 PM.
So it seems like Visa always updates their rate for the day early while Mastercard does it much later(I think around 3 pm ET). For example, if you look at the Mastercard website right now the rate is still the same as yesterday and you will be charged this rate for transactions made before the new rate is published.
So if you have both Visa and Mastercard you can check to always use the best rate at the time. If the dollar increased in value Visa is probably going to have the better rate but if the dollar went down in value then probably the Mastercard rate from yesterday that still applies is going to be better.
The differences can be significant. I tested this on Monday and it was around 90-100 pesos between the cards.
So if you have both Visa and Mastercard you can check to always use the best rate at the time. If the dollar increased in value Visa is probably going to have the better rate but if the dollar went down in value then probably the Mastercard rate from yesterday that still applies is going to be better.
The differences can be significant. I tested this on Monday and it was around 90-100 pesos between the cards.
As far as I know, it's only Mastercard and Visa that work. But I could be wrong. I often am.
Canada Goose
Well-known member
Additionally, American Express (Amex) is also included. It's worth noting that the preferential rate isn't limited to North American cards; there are reports of European cards (including my non-US, non-EU MasterCard) working similarly.
According to reports, Visa provides immediate reimbursement or simply applies the preferential rate without apparent reimbursement procedures. MasterCard may take a few days, while Amex is known to take days, weeks, or even months. This topic has been extensively discussed here. However, there haven't been any reports regarding Diner's Club.
According to reports, Visa provides immediate reimbursement or simply applies the preferential rate without apparent reimbursement procedures. MasterCard may take a few days, while Amex is known to take days, weeks, or even months. This topic has been extensively discussed here. However, there haven't been any reports regarding Diner's Club.
Betsy Ross
Well-known member
American Express is accepted at most nice fancy restaurants but I don't always see it at smaller coffee shops or corner kioscos. Or maybe they do but not an AMEX sign up. I only see Mastercard and Visa signs.
CaribbeanCool
New member
I made a Visa purchase at 6 P.M. and was charged at a rate of 1037 pesos per dollar. I gave it a shot just to test it out. If my calculations are correct, this rate is better than Western Union, where the cueva rate is 980 pesos for 1000 dollars.
Hmm. Strange. Here it says it is 933.
Exchange Rate Calculator - Currency Converter
Exchange Rates & Currency Conversion Calculator - Use the converter to get an indication of the rate you may receive when using your Visa card. Learn more.
I recall reading a comment affirming that Discover card worked a while ago. It's processed through the Diners Club network. You might want to give it a try, perhaps by ordering an appetizer or a glass of wine, and then updating us. However, ensure that it covers international restaurants, not just those in the US.
RN in BA
Well-known member
Anyone have a clue if I can use my Discover card in Buenos Aires and get the MEP rate? I looked online and on TripAdvisor but I couldn't see any posts about it. I get cash back on my Discover Card so I'd like to use it but NOT if I don't get the preferred rate.
I haven't seen any stickers on the windows at any places. I asked at a few bars and restaurants but no one even knew what it was.
I haven't seen any stickers on the windows at any places. I asked at a few bars and restaurants but no one even knew what it was.
I have NEVER in my entire time seen a Discover card sign. I didn't even know they were still a thing! Ha.
No I have never seen Discover card accepted here. Locals don't want to have to have yet another terminal in their business.
Just to be clear I've been just changing $US 100 bills but I'm almost out of cash that I brought down on the trip. I went to this website and saw so many rates. https://www.dolarito.ar/
It's the MEP rate that I should get if I use my USA Mastercard or Visa or I think AMEX too? The rate looks very good compared to Western Union too. Is this what most expats are doing now at restaurants and stuff?
It's the MEP rate that I should get if I use my USA Mastercard or Visa or I think AMEX too? The rate looks very good compared to Western Union too. Is this what most expats are doing now at restaurants and stuff?
Che Vos
Well-known member
Most expats and even locals like my parents are using their credit cards from outside of Argentina. As long as they are foreign they will get the good rate close to MEP rate.
A member made a nice post about the daily rates here -
Banking - Credit Card real-world rate "MEP" transaction repo (Dec2023)
16Dec2023 credit card (MasterCard) rate for a large pizza at Teque Pizza (surprisingly good BBQ Chicken Pizza, 7/10 overall) 6400 Pesos / $6.98 USD = 917 ARS/Dollar, MercadoPago ticket (i'm just going to round these to a whole number from now on, for future comparison simplicity) hope no one...
www.expatsba.com
It is about 7% less than MEP rates listed online here
Cotización del dólar hoy, dólar blue | Ámbito
Cotización y el precio del dólar hoy. Seguí la información sobre el dólar, el dólar blue, dólar MEP, dólar CCL, dólar ahorro, dólar turista, el dólar Banco Nación, y el dólar mayorista minuto a minuto.
www.ambito.com
From what I understand the credit card brands charge a fee so it is usually about 6% to 8% less.
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