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Currency Exchange

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Travelseeker
8/12/2019 21:32 EST

I wanted to ask some locals & Foreigners that live in Argentina about the severity of the recent stock market crash and how badly has it affected the currency exchange from USD to Argentinian Pesos

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TomP
8/13/2019 10:32 EST

It depends on which side of the coin you view.

I regularly send US$2,000 to my Vineyard Manager for the vineyard operations.

Last month I sent US$2,000 that generated approximately AR 80,000 pesos.

If today I send the same US$2,000 it will generate over AR 100,000 pesos.

Conversely, if I live in Argentina and want to sell AR pesos for US dollars the reverse is true, I must pay AR 100,000 for US$2,000 when just a few weeks ago it only required AR 80,000 pesos to buy US$2,000.

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Searching4Peace
8/14/2019 20:05 EST

Yesterday and today I went to exchange dollars. The closing yesterday was +/- 59 to 1 USD. Today was 60 to 1 USD. Yet, the highest offer yesterday was 51 pesos to 1 dollar, and today 52 tops. Now these Argentines got us gringos under the leash, and if we want their worthless pesos, we have to give them our hot dollars. That's how the cookie crumbles in these countries. Pathetic!

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Searching4Peace
8/14/2019 20:05 EST

Yesterday and today I went to exchange dollars. The closing yesterday was +/- 59 to 1 USD. Today was 60 to 1 USD. Yet, the highest offer yesterday was 51 pesos to 1 dollar, and today 52 tops. Now these Argentines got us gringos under the leash, and if we want their worthless pesos, we have to give them our hot dollars. That's how the cookie crumbles in these countries. Pathetic!

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Searching4Peace
8/14/2019 20:05 EST

Yesterday and today I went to exchange dollars. The closing yesterday was +/- 59 to 1 USD. Today was 60 to 1 USD. Yet, the highest offer yesterday was 51 pesos to 1 dollar, and today 52 tops. Now these Argentines got us gringos under the leash, and if we want their worthless pesos, we have to give them our hot dollars. That's how the cookie crumbles in these countries. Pathetic!

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TomP
8/15/2019 08:07 EST

You are in a foreign country and you are complaining they don't work by your rules, welcome to the real world.

When I lived in Mendoza we had a few Argentine contacts that would pay us more AR pesos for our Ben Franklin than the posted going rate.

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Searching4Peace
8/15/2019 09:08 EST

TomP, I have no idea who you are, but I picture you as the "Don Corleone" of the forum, giving advise and waving your finger to everyone in Argentina from the comfort of your home in the US. How dare you saying "welcome to the real world" when you are not even here. I read your comments to just about every single enquiry people post in the Argentina forum. "When I LIVED in Mendoza, we had..." you wrote before. You write all past tense. Well friend, come and live here NOW again. Share the real pain people here are going through, stop playing the big chief from a distant country and quit reading the Yahoo news. I was born in Ireland, lived previously in 6 other countries, and now I'm here. sharing the pain my wife is suffering, our family and friends. I'm giving people first hand information because I am here, right now. You, on the other hand, are giving everyone your point of view based on gossip you hear from Argentine contacts. Be fare to people who need real help, truthful and factual information, will you?

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Nelmi
8/15/2019 09:51 EST

I myself have often wondered who is this TomP, always giving advice for things that happened in the past and while he lived in Mendoza in 2009. In fact, when I read some of the advice given to people by TomP, I could only shake my head because this is not the true picture painted of life in Argentina. People are suffering. I totally agree with you @searching4peace....please keep the information in this forum current. That is what people need to know. Not information that happened 10 years ago. Please refrain from commenting about current affairs if you are not living in Argentina.

In terms of the exchange rate offered to you. Where did you go? A bank or to an exchange house? Your comment made me worried because I think what is happening (and I might be wrong), is that the Government has put a "cap" on the rates...could it be? I checked it on the pages of the various banks last night and yes, the rates is much higher.

Anything is possible in Argentina. Did you purchase anything currently on your credit card? If so, what rate was offered? It should be the rate (or more or less) of Banco de La Nacion.

Please keep us posted.

Nelieta

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Searching4Peace
8/15/2019 10:16 EST

Hello Nelmi! The exchange rate I talked about is the same you get at any bank, exchange house and the black market, which they refer to here are "arbolitos"= men and women on the streets buying US Dollars, Euros, etc. I'm currently shopping using a US Chase bank card. I have no idea what they are charging me as I only shopped last night after last Sunday's tsunami primary. I have got to log in and see what is going on there, but Chase cards are fantastic and don't charge one extra penny for exchange rates. So, I imagine it is going to be minimal to nothing. I am shopping groceries and paying bills for family, as they can not afford anything anymore.

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todikaios
8/15/2019 10:17 EST

Tom lives in Argentina, just not in Mendoza. Criticism is sometimes warranted but in this case it is uncalled for as Tom does offer very positive advice on many occasions. La Argentina is definitely going through another crisis....this is for real and affects people both in the country and those who live outside but have relationships and contacts in the country.

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Nelmi
8/15/2019 10:27 EST

Hi,

Thanks for the information. I checked the rates at the different banks. Yes, they are all more or less the same. I have no idea what the arbolitos offer because I have not changed money for some time. I mainly use NUBI and Paypal right now.The money goes straight into my bank account in pesos. Unfortunately they use Comafi rates which are much lower at times.

Santander: Dólar, $ 57,98 (compra), $ 62,23. (Venta)
Banco de la Nacion: 57,00 - 63,000
Banco Comafi: Compra: 57 - Venta: 63

Interesting times ahead and I guess the situation is going to worsen close to the elections in October.

Nelieta

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TomP
8/15/2019 10:38 EST

To those who challenge everything I say in an attempt to justify their views because they believe anything I say is outdated and or conjecture because I no longer live in Argentina, consider this.

I have employed an Argentine CPA, Argentine Vineyard Manager and three vineyard workers for ten years.

I work with an Argentine Enologist and Agronomist, Argentine Bodega Owner and many Americans who live in or spend months at a time in Argentina.

If one of my contacts talks to me about whether Macri is re-elected or Fernandez/Kirchner win, their opinions are arguably as well founded as yours.

Or, are you saying Argentines who live in Argentina and render opinions are less credible and trust worthy as your opinions?

The whole point of the Ex-Pat Forum and posting is to generate replies, some of which may not always agree with yours.

However, it appears you seek only statements that agree and support your feelings and beliefs.

With that in mind I wish you the best and I am sure there is a sufficient number of people who will rally to your cause. Enjoy them.

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TomP
8/15/2019 10:51 EST

You state: "I read some of the advice given to people by TomP, I could only shake my head because this is not the true picture painted of life in Argentina. People are suffering. I totally agree with you ....please keep the information in this forum current."

Is a statement made yesterday by a Vineyard Manager, Argentine CPA or Bodega Owner "Current" in your view?

And I would appreciate it if you substantiated your claim that I stated people in Argentina are NOT suffering when you stated, " ... this is not the true picture painted of life in Argentina. People are suffering".

Many people are suffering economically in Argentina, Argentines as well as Foreigners. But not all Argentines or Foreigners are suffering.

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Searching4Peace
8/15/2019 16:12 EST

I see. The opinion of vineyard owners, enologists and agronomists. You all live in your own little pink bubble world of farmers who enjoy producing for export and sale big abroad, driving your fine cars and enjoying a cigar, while the farm workers are totally exploited working like dogs and live in the poorest of conditions. You shall never see one of them driving a fine car. They are the ones who do the real work, and get paid little to nothing, and in most cases, do not even enjoy any benefit at all. That's why to talk the way you do. To you guys, in your own little world, nothing is ever as bad as it looks, nor serious, nor tragic. Tell it to all those who are now, walking down 9 de Julio Avenue, protesting because they are hungry, unemployed and old without health insurance.

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Searching4Peace
8/15/2019 16:12 EST

I see. The opinion of vineyard owners, enologists and agronomists. You all live in your own little pink bubble world of farmers who enjoy producing for export and sale big abroad, driving your fine cars and enjoying a cigar, while the farm workers are totally exploited working like dogs and live in the poorest of conditions. You shall never see one of them driving a fine car. They are the ones who do the real work, and get paid little to nothing, and in most cases, do not even enjoy any benefit at all. That's why to talk the way you do. To you guys, in your own little world, nothing is ever as bad as it looks, nor serious, nor tragic. Tell it to all those who are now, walking down 9 de Julio Avenue, protesting because they are hungry, unemployed and old without health insurance.

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TomP
8/15/2019 18:25 EST

Here's an example of what you call "exploiting" an Argentine Vineyard (Farm) workers.

Segundo worked on my vineyard for over six years while living in a brand new 3 bed 2 bath house I built specifically for his use. He lived Rent Free and I paid the electrify and gave him money for his Cell Phone. Twice a year he received two weeks extra pay and once a year two weeks vacation with pay.

I paid all Government mandated benefits that averaged over 50% of his wages.

After six years of employment Segundo's Doctor said he had a bad knee required surgery followed by many months of recovery if Segundo ever recovered.

By Government rules I would be obligated to pay him a full salary plus allow him to live in the house free until and if he ever recovered. Meanwhile, because he could not contribute to necessary chores I was required to hire an additional worker and pay him full Wages.

By Argentine Law I could terminate Segundo's services if I paid him 10 months full salary.

My Vineyard Manager advised me to terminate Segundo because he might be incapable of working for years, maybe a lifetime. I was advised not to take that risk.

I asked Segundo what he wanted to do. He gladly accepted the ten months salary and left. He had the operation and a few months later was working full time at another vineyard.

In his six years of employment his wages went from AR 1,500 pesos a month plus benefits to AR 17,000 pesos a month.

During the same period the price I received for harvested grapes increased from AR 3.2 pesos per kilo to AR 8.0 versos per kilo.

Please do the math and tell me how vineyard workers are being I exploited.

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Fredonia
8/17/2019 16:31 EST

Oh, goody! The great wine mogul is still on here. One wonders how he has time for his myriad business interests when he seems to spend all his time on here reveling in all the intricacies of his vast empire. His disdain for the country of Argentina and its people is only equalled by his arrogance.

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TomP
8/17/2019 17:38 EST

Wow, who put a porcupine in your picnic basket?

Your conjecture merits no answer.

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todikaios
8/17/2019 21:11 EST

Señor Fredonia......I rise in defense of Tom and consider your words very typical of the arrogance which is all too common among the lower class Argentines. This forum does not need your messages.

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elhombresinnombre
8/19/2019 19:09 EST

My two penn'orth: I've been back and forth to Argentina continually now since 2002 and have many reasons to be grateful for Tom's straightforward, accurate and willingly offered advice. Thank you, Tom: your contributions to this forum are very much appreciated by me.

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TomP
8/20/2019 06:40 EST

Thank you to my fellow Ex-Pats in Argentina that spoke up for me but more importantly, it shows that any forum including this one can have a myriad of opinions that have the right to be heard.

Argentina is a beautiful country and its people are no different than most countries, they all want to live a good life.

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todikaios
8/20/2019 07:38 EST

I want to correct a misunderstanding I made regarding Tom's current place of living which is the US. However, Tom maintains close contact with his properties in Mendoza and is knowledgeable about current as well as past conditions in la Argentina. Sorry for my incorrect information that Tom was still living in la Argentina, though not Mendoza.

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