Western Union

[LongIslander]

I just sent some funds via WU to pay a bill and I got 1,193 just now. Crazy crazy. When I was first there it was $1 US = 1 Peso. Then when I moved there shortly after corralito it was 3 pesos to $1 US. Now 1,193. Very surreal.

Here is the historical exchange rate chart at the official rate:

Historical exchange rates of Argentine currency - Wikipedia

en.wikipedia.org

I also got 1193 pesos today.

 

[StatusNomadicus]

MEP: $1,116 (My girlfriend's card charged at $1,032 today).

Friday 05Jan should have been 1104 if you check https://www.ambito.com/contenidos/dolar-mep.html - so pretty close. and expected to lose 6.1% or so to the bank on top of that.

what i find most compelling about cryptocurrency is the ability to supplant expensive services like remittance and Western Union. i remember my Ugandan and Kenyan co-workers a few jobs ago would make $300 USD a month and send back money to their family for a fee of $30 USD. i was so mind-blown that there was such insecurity and no other route to send money, so they were willing to lose 10% on the job that they worked 6 days a week, 12 hour days in Iraq, for 11 months a year, and essentially were donating 10% to WU. and South American remittances are going up ten percent yearly!

Remittances to Latin America and the Caribbean Set a New Record

Remittances received by Latin American and Caribbean countries are projected to reach a record $155 billion in 2023 if the trends observed to date continue, according to a new report by the Inter-American Development Bank. This is an increase of 9.5% compared to the $142 billion received in...

www.iadb.org

 

[GraceH]

I sent money to my friend today in Argentina. I got 1,159 to $1 US. I paid a $5.99 fee to send $100. I could have sent $200 for $8.99 fee.

 

[JoshLinder]

I sent money to myself this morning. I paid 1158.50 to $1 dollar. No line at all which was nice. Other days there was a line. I think more people are just using their credit card.

 

[Katyx]

I just picked up money at WU this afternoon. I sent funds to myself. The rate was 1,134.90 to $1 dollar. No line at all. The city is much quieter now with many locals traveling. Was nice not to wait in line.

 

[MikeRoss]

I just sent myself a WU wire. I also got the rate today of 1134.90 so it hasn't changed today.

 

[GlasgowJohn]

I just sent myself a WU wire. I also got the rate today of 1134.90 so it hasn't changed today.

Yip, unlikely to change now until Monday morning.

 

[StatusNomadicus]

1,159

1134.90

of note for those with USA credit cards with no foreign transaction fees, today's rate (Sat 13Jan2024 as of 11am) the Visa real-world rate is 1017.59 ARS/Dollar

so if you're getting 1135, it might not be that beneficial to carry around huge stacks of cash (unless you're getting a sweet +10% efectivo discount), but if you're getting 1159 it could be worth it. note that the Blue Dollar is showing 1070/1120 compared to WU and MEP.

 

[MikeYoung]

FYI I sent myself some funds today and picked it up in Palermo Soho. Rate I got was 1134.90 pesos to $1 US. No line at all. Beats the blue rate. I exchanged some money yesterday at a cueva and only got 1050 to $1 US.

 

[Che Vos]

My aunt send me today money for WU. I get 1,134.90 for $1 USD this morning.

 

[MikeYoung]

My aunt send me today money for WU. I get 1,134.90 for $1 USD this morning.

I also sent money to myself this afternoon and that is the same exact rate I got. 1134.90 pesos per $1 buck.

 

[Aussieland]

This is like Groundhog's Day. I sent myself some funds this morning via the App that I will pick up here in a bit and I also got 1,134.90 to $1USD. So more of the same today.

 

[Nasdaq]

This is like Groundhog's Day. I sent myself some funds this morning via the App that I will pick up here in a bit and I also got 1,134.90 to $1USD. So more of the same today.

Same. I sent money today and got same. 1134.90 to $1

 

[earlyretirement]

Yep. I've always maintained that I think the blue rate will go back up after the end of this month. No one knows for sure but at the end of the year people always need more pesos. It will be interesting to see but I'd guess the blue dollar will start going up.

Gap is wideing.

UPDATE 1-Argentine black market peso hits record low as gap to official FX tops 50%

Argentina's black market peso exchange rate weakened a sharp 5.6% on Wednesday to a record low of 1,250 per dollar, with its gap to the official rate widening above 50%, underscoring renewed pressure on the embattled currency. The South American country is battling inflation over 200%, which...

finance.yahoo.com

 

[Soytoy]

Same. I sent money today and got same. 1134.90 to $1

Groundhog's Day is over. I sent myself and picked up this afternoon and the rate I received was 1,265 pesos to $1 US.

 

[pennyless]

Just sent some money to myself to pick up later today. Rate was 1,265 for $1 dollar.

 

[Nasdaq]

Just sent some money to myself to pick up later today. Rate was 1,265 for $1 dollar.

Rate finally went up! It is good to see the blue dollar going up again. I wonder how far it will go up by end of February?

 

[Betsy Ross]

I picked up some money this afternoon. The rate was 1,289 to $1 USD.

 

[Flamingo]

FYI. Today the WU rate was 1,295.50.

 

[Starfish]

WU rate today was 1,295 again. Sent to myself.