Hola:

Anyone had problems cashing AMEX cheques?

I have heard that ATM allow 300 peso limits and I was wondering if anyone had recent limit experiences when cashing larger amounts of US$ AMEX cheques?

I prefer to use a near by bank rather than the AMEX office as we will be in an apartment in Recoleta and I would like to avoid going all the way back from downtown with a lot of cash.

Many thanks.

Woodie

I never use Traveler's Checks. There is a fee to buy the checks, a fee to cash the checks and a fee to change currencies. That is, if you can even find a place to cash the checks. The banks have odd hours & you must present a passport.

I gave up using Traveler's Checks years ago. Now I buy some currency before I leave the States & supplement with ATM use.

We just returned from Argentina. All ATMs we used had a 300 peso limit; however, you can get 300 pesos multiple times, i.e. take out 300 pesos and immediately thereafter do another transaction for withdrawal of 300 pesos, etc.

300 pesos is approximately USD 100.00 correct? I have just learned that my bank is now charging we USD5.00 everytime I use an ATM in a foreign country. I am thinking about exchanging money at the EZE bank. (Bank de la Nacion) If you have done this what size bills did you take with you to exchange? It has been years since I took AMEX cheques. Then I brought them all back home. I only take them now in case of emergency.

Thanks.

I suggest you bring one hundred dollar bills.

It is often a good idea to make a small purchase at any large supermarket (they all take dollar bills, but the rate is so-so) and pay with 100 dollars. They HAVE to give you change, but there COULD be a minimum purchase.

Have a great time in our town, sylbea.

The atm withdrawal limit seems to change on a daily basis. I was not able to withdraw more than 600-700 pesos at a time, but thinking 3 to 1, I thought I had a lot of money! Bank of Patagonia and Bank of France atms seemed to do best.
interesting in that the bank atm in Puerto Iguazu was very tight, and 500 pesos seemed to be the limit. However, in the National Park the atm was more lenient.
Ask for something in the neighborhood of 580 or 590 pesos. You'll get some smaller bills in addition to the 100's.
Bigger grocery stores and fancier restaurants didn't balk at taking larger bills. The corner grocery guys hate them. I wouldn't even attempt it with a taxi driver. But you can walk into almost any bank and they'll break down some larger bills.
Travelers checks are dinosaurs. My wife and I each carry one of them worth $100 US strictly as a backup.
I was surprised that the pesos I purchased in the US before we left for BsAs (from Travelex) came with a pretty decent exchange rate. It was very comfortable purchasing them in my home town.
My mentor's (avrooster) suggestion is excellent as well.... Bring US $100 bills. They're not hard to exchange. There's a spot about a block up from the Alvear Palace Hotel in Recoleta, and the rate was pretty good.
Hey,have a great trip! BsAs is great.

I am surprised to learn that $100 bills are so easy to exchange in Argentina. I was in Peru recently and NOBODY would exchange $100 bills.

sylbea, I suggest asking your bank to increase your withdrawal limit. If they refuse I would open a second account in a bank with lower fees and higher withdrawal limits. $5 per withdrawal is a rip-off.

Sylbia wrote that she was charged $5.00 for a foreign ATM withdraw.

With a maximum of 300 peso for US $ 100, that works out to 5% charge by her home financial house for that transaction.

Does anyone think that the local bank in BsAs provides their service free?

Foreign charge by credit card companies is 2.5% in addition to the local credit card server's charges. So lets assume that the local ATM charge half of that at 1.25% [I am sure it is higher].

We are now looking at 6.25% minimum to use the ATM.

Multiple withdraws do not reduce this cost.

Last year in Costa Rica, I changed US$ AMEX cheques for $US cash at a maximum of 1%, many times at 0%. As a member of the American Auto Club [Canadian version] I did not pay for the cheques but of course did pay for the dollar exchange Canadian to US rate. Which must also be paid when using ATM. Even paying for AMEX cheques, I doubt my total cost would be as high as 6.25%.

So my dinosaur traveler cheques suit me just fine.

My original questions have still not been answered so if anyone does have an answer, I still want to know.

Has anyone experienced a maximum when cashing US AMEX cheques to US dollars? To Argentine peso?

What limits have you experienced?

Any other problems cashing these cheques?

Woodie

My atm/debit card is issued through my local credit union. It has the Masterdcard logo. The crdit union allows 4 out of network atm withdrawals per month. I was not charged any fees for those four atm withdrawals I made in Argentina. Whether or not it was tied in with the exchange rate, I have no idea, but the bottom line is that I had no add-on charges for using the atms.
I also used another card (Visa and Cirrus logo) issued by yet another credit union. They also allow 4 withdrawals per month out of network. I was charged a small "foreign conversion" fee per atm withdrawal, but no extra banking fees that I can see.
tptr

Georgewoodie...I agree. Your question has not been answered. I have the same question.
I've been traveling around the world for over three decades and I've been fine with traveler's checks and the exchange rate has been decent.
I do not want to use my American-issued, bank ATM card if I don't have to and I've never used it abroad.
I have used my ATM cards issued from foreign banks in some countries however. But, I figure that if I have a card problem, like the machine eating it or it cracking/bending/warping etc.. and the machine not taking it or the machine not taking it then at least I'm in the country where the card has been issued and can go into my foreign bank and straighten it out. Plus, my American bank charges $5.00 per transaction.
As for traveler's checks being dinosaurs,in some countries it may be harder than others, but I take them with no problem when I'm in Bangkok and take them all the time to Paris.
Had I not had them last year, I would have been up a river without a paddle because when I tried to pay my apartment, in Bangkok, with my American-issued, credit union debit card,that doesn't charge a fee, it was declined.
I had even been into the credit union and told them that I would be in Bangkok and would use it to pay the rent. I was given the OK to use it.
When I got home, I asked why it had been declined and was told that Thailand was on the high fraud list and that no card issued by their credit union could be used there. So, of course I asked why I had been given the OK. Well, the person who okayed it didn't realize that Bangkok was in Thailand. Had I not had lots of Amexp traveler's checks (no fee), I have Platinum, along with my Thai-issued ATM card with some money in my account, cash,and an Amexp credit card, I would have been in BIG trouble and the rent would not have been paid and I wouldn't have had any money. Happy Travels!

I sent an e-mail to the AMEX office in Buenos Aires asking what their fee was to cash AMEX US$ cheques into US dollars cash and have yet to get an answer.

I am hopeful that their rate will give me an idea of what the banks there will charge if they are comparable.

If I get a reply I will post it.

Perhaps someone has done so, knows and will post that information?

Woodie

Hi, woodie!

I UNDERSTAND (not absolutely sure) that the Amex branch near Plaza San Martín will cash your Amex traveler cheques without any charge.

I'll do some research, to try to be more positive.

I also UNDERSTAND there could be a hefty discount elsewhere.

Looking forward to having you and your DW back in our country soon.

Woodie: I called the local Amex head office, located in front of the Plaza San Martín and they said there would be a 1% discount for changing your Amex traveler cheques into dollar bills.

However, I'm not terribly sure the "analyst" (LOL!!) knew what he was talking about. After all, Woodie, this IS Argentina and we LOVE it, in spite of all that kind of thing. LOL!!

JIC the above is not clear, that 1% charge would apply if you change at the Amex office.

Thanks Avrooster:

You are more of an asset to AMEX than the AMEX staff! They have yet to answer my e-mail.

Thank you for your kind effort on behalf of my question re traveler cheques.

It is a couple of years since our last trip to Argentina and we are getting more and more excited to once again enjoy the friends we have made there, the local people, the enjoyable sights, great tango and music and of course the wonderful steaks, great leather shopping and just a pleasure to be there and out of our cold Canadian winter.

See you soon and thanks again for the cheque information.

Woodie

AMEX

I wrote to AMEX October 28 asking about their rate to cash their cheques.

I have never received a reply.

It is now 19 days so either they are so slow as to be retarded or they just don't give a **** about customers.

In any case, I undertook to let the group know the results of that e-mail.

Answer -- NONE.

Thanks to this forum, I did get an answer.

Woodie

Georgewoodie...It's too bad they haven't gotten back to you. What's their e-mail address? I'll e-mail them. I need to know what the charge is for exchanging AmExp traveler's checks into pesos. I don't want to use an ATM card while in Buenos Aires. Happy Travels!

Guenmai: as I said above, Amex told me they charge 1% for converting traveler cheques into dollar bills.

However, you want pesos.

I suspect you'll get a better rate from a good exchange house than from Amex.

To know the fair prevailing rate, check out

http://www.dolarhoy.com/indexx.php

It will show you that today, anything above 3,30 pesos per dollar was a good price. Amex gave you today 3,24 pesos per dollar, according to their hotline. They should be behind bars, if you ask me.

Have a great time in our country.

Thanks a lot for the info. It's good to know that the 1% is also for changing dollar traveler's checks into pesos.
I've been using AmExp traveler's checks for over three decades and that's the first I've heard of them offering lower rates than an exchange place. In other countries, I've always gotten decent rates from them directly. How awful.
I'll be staying in Recoleta in late August, for a week, so hopefully I can find an exchange place, within walking distance of wherever my rented apartment will be.
I like to exchange almost all of the money I will need for my stay at the beginning of the stay and then not have to worry about money matters anymore. And I probably won't spend that much as I'll only be there a week and it's always cheaper with an apartment and eating in a lot. Thanks again. Happy Travels!

Guenmai: Your "the 1% is also for changing dollar traveler's checks into pesos." is not what I said.