insurance to cover a large amount of cash (£3000)

papallacta

I don't think I've seen anything on this here.

I'm travelling to Argentina quite soon. In Argentina the "unofficial rate" which you get for changing cash US dollars is almost 100% better than the official rate which you would get using a credit card or an ATM as I usually would these days.

I've therefore decided to take a large amount of cash with me, but am obviously nervous about carrying so much which is far far in excess of what I would usually take. I've had great difficulty though finding any travel insurance that'll cover you for anything like that amount. The best I have found is John Lewis's top end policy which seems to cover you for about £800.

Does anyone have any ideas as to whether it's even possible to find insurance to cover this amount or am I just going to have to take my chances?

Gloomendoom

Have you read this?

http://www.gringoinbuenosaires.com/exchange-rate-traveling-argentina/

Coraline

Is this "unofficial rate" something offered by guys hanging out on the street corner yelling at tourists?

If so I'd advise not handing over £3,000 to them as they have a gift of converting it to thin air.

benjus

Can't help you regarding insurance for large amounts of cash.

Just wondering how you plan to change the money though...

You're right that USD is in very high demand in Argentina and that the "blue" (unofficial) rate is far better than anything you'll get through banks or exchange houses. However, unless you know what you're doing you're running a pretty high risk of getting ripped off. Buenos Aires has a pretty high level of street crime so you do need to keep your wits about you. Do you have any local contacts in Argentina?

papallacta

Coraline wrote: »

Is this "unofficial rate" something offered by guys hanging out on the street corner yelling at tourists?

If so I'd advise not handing over £3,000 to them as they have a gift of converting it to thin air.

Well there is that but I'm not planning on changing that way.

The rate exists due to rampant inflation and the government in Argentina artificially inflating the value of the Peso. The rate is published in various places including

(Won't let me post a link as a new user so : the usual prefix plus) ambito.com/economia/mercados/monedas/dolar

And is apparently quite easy to get in shops, restaurants and hotels... either that or a discount for cash US dollars is often offered.

Re gloomendoom thanks, unfortunately Xoom is only good for Americans as I understand it. There does seem to be a uk equivalent azimo, but the only place it seems to offer pickups on our itin is in Buenos Aires and we don't get there until the end of the trip.

papallacta

benjus wrote: »

Can't help you regarding insurance for large amounts of cash.

Just wondering how you plan to change the money though...

You're right that USD is in very high demand in Argentina and that the "blue" (unofficial) rate is far better than anything you'll get through banks or exchange houses. However, unless you know what you're doing you're running a pretty high risk of getting ripped off. Buenos Aires has a pretty high level of street crime so you do need to keep your wits about you. Do you have any local contacts in Argentina?

thanks - as I say according to tripadvisor flyertalk etc it seems that it should be quite easy if you just ask in reputable places nowadays -- it certainly does not sound like something shady and underground. If it were I wouldn't even consider it - the lack of insurance is a worry though.

Coraline

The thing is that the definition of buying stuff (including currency) on the black market means it's illegal, so I can't imagine there are reputable places to do this sort of thing.

But I've never been there so I don't know how it works in this instance.

papallacta

I know, it does seem odd but apparently it's just a part of life over there. The government apparently even manages to artificially inflate the unofficial rate to an extent somehow. There are large modern offices in Buenos Aires apparently full of people who deal in the unofficial rate.. So while it may not be officially sanctioned it certainly seems as though a deliberate blind eye us turned.

Just to update any future readers the John lewis quote turned out to be a dead end because they have a £300 cash limit as it turns out. RAC's top level of cover is good for £750 so I think I'll be going with that.

peachyprice

Are you travelling with your partner? If so would it be better to take two individual policies and get double the cover?

richardw

What are you going to spend £3000 on in Argentina?

secondtoughest

Try Azimo for currency exchange, recommended by the Financial Times, Telegraph etc.

Gives you a similar rate to the blue rate, and you don't have to carry a large amount of cash around with you.