Best way of having spending money in Argentina?

nik_k

EveryWhere wrote: »

Transferwise card completely pointless in this respect, with it's £200 per month ATM limit before charging 2%.
Ironic, since you were concerned about Monzo, who have the same policy, but charge 3% after £200.
Better to have a card from Starling Bank, with no limits.

Transferwise card is good in other ways, like for getting foreign bank account numbers; https://transferwise.com/gb/borderless/pricing

I would argue not at all pointless, as this worked well for us throughout a 5 week stay, therefore is a very valid option.

The TW exchange rate is always very good, when compared with others. Hence anything lost in ATM fees is more often than not gained in better exchange rate.

TW also worked very well in having real time alerts for spend, allowing me to see exactly what had been charged at point of sale.

Another thing to mention is TW worked perfectly for both MercadoLibre and MercadoPago transactions.

Yes it's not an ideal option, but it works well and so can be recommended. It would be great to have a Visa option, but most new entrants to market are MasterCard only.

EveryWhere

nik_k wrote: »

I would argue not at all pointless, as this worked well for us throughout a 5 week stay, therefore is a very valid option.

The TW exchange rate is always very good, when compared with others. Hence anything lost in ATM fees is more often than not gained in better exchange rate.

TW also worked very well in having real time alerts for spend, allowing me to see exactly what had been charged at point of sale.

Another thing to mention is TW worked perfectly for both MercadoLibre and MercadoPago transactions.

Yes it's not an ideal option, but it works well and so can be recommended. It would be great to have a Visa option, but most new entrants to market are MasterCard only.

If you are going to insist on disagreeing with me, it's probably better that you actually understand something about what you argue.

You are at a disadvantage with the Transferwise card, as you will be hit with another 2% on ATM withdrawals after a mere £200.
When you are already being hit with up to 10%, why would it be agreeable to pay another 2% for no good reason?
Starling card has no limit on ATM withdrawals.

Mastercard rate showing for Argentina; 52.99697917218719
Transferwise 52.28476 for £1000

Apart from Argentina, you appear to think that the rates are somewhat superior to anything else. Even on a good pairing;
Current Mastercard rate shows as 1.111 Euro to the Pound
Transferwise is showing as 1,109.35 for £1000

are the currencies converted by Transferwise. The others use the Mastercard rate.

So... you are wrong to state anything lost in ATM fees is being made up in the exchange rate. That is patently ridiculous.
Starling bank also has real time alerts.
It's not the best choice for Argentina, unless you need the other function of the card. Foreign account numbers.
My point is that you rejected Monzo for precisely the reason that it charges 3% if you withdraw more than £200 in a monthly period, only to accept a card that charges 2%. Rejecting Starling that has no limit. Pointless.
Understand now?

nik_k

You are at a disadvantage with the Transferwise card, as you will be hit with another 2% on ATM withdrawals after a mere £200.
When you are already being hit with up to 10%, why would it be agreeable to pay another 2% for no good reason?
Starling card has no limit on ATM withdrawals.

OK, agreed

Apart from Argentina, you appear to think that the rates are somewhat superior to anything else.
Current Mastercard rate shows as 1.111 Euro to the Pound
Transferwise is showing as 1,109.35 for £1000

The exchange rates when I checked prior to last December differed between TW and Starling. On the day I checked, TW were offering 47.7276 and Starling were offering 47.686. Whether this was an error, I'm not sure, but I definitely have those figures in front of me from back then.

Starling bank also has real time alerts.

OK, this is true

It's not the best choice for Argentina, unless you need the other function of the card. Foreign account numbers. Understand now?

I don't think I ever said that TW was the best choice for Argentina, but I did say that it was a valid choice. Starling may well be the best choice, but at the time wasn't due to the differing exchange rates. Also, depends on how much ATM use is gonna take place. I'm sure you'd agree with me that using ATMs as little as possible is the best bet, and with PDQ/PED machines getting ever more popular, there's less and less reliance on ATMs. The only downside of using the TW card, which would also apply to the Starling card, is it's a MasterCard, whereas Visa is much more widely accepted.

EveryWhere

nik_k wrote: »

OK, agreed



The exchange rates when I checked prior to last December differed between TW and Starling. On the day I checked, TW were offering 47.7276 and Starling were offering 47.686. Whether this was an error, I'm not sure, but I definitely have those figures in front of me from back then.



OK, this is true



I don't think I ever said that TW was the best choice for Argentina, but I did say that it was a valid choice. Starling may well be the best choice, but at the time wasn't due to the differing exchange rates. Also, depends on how much ATM use is gonna take place. I'm sure you'd agree with me that using ATMs as little as possible is the best bet, and with PDQ/PED machines getting ever more popular, there's less and less reliance on ATMs. The only downside of using the TW card, which would also apply to the Starling card, is it's a MasterCard, whereas Visa is much more widely accepted.

An entirely reasonable reply.

To be fair, rates can fluctuate fairly regularly and the differences aren't huge. The real caveat is the measly ATM withdrawal limit. Which, at 2 % over £200 ,would most certainly negate the tiny, if any, exchange rate advantage that the TW card might have.. if you would need to withdraw a decent chunk of cash whilst travelling.
Though itt definitely looks a useful tool, especially if you can lock rates in.

Happily, some managed to get Barclaycard Platinum Travel/Cashback Plus VISA cards when available.

For a VISA travel card; If one has a child of seventeen or under within the family, https://www.nationwide.co.uk/products/current-accounts/flexone/whats-flexone could be of use.

EveryWhere

nik_k wrote: »

OK, agreed



The exchange rates when I checked prior to last December differed between TW and Starling. On the day I checked, TW were offering 47.7276 and Starling were offering 47.686. Whether this was an error, I'm not sure, but I definitely have those figures in front of me from back then.



OK, this is true



I don't think I ever said that TW was the best choice for Argentina, but I did say that it was a valid choice. Starling may well be the best choice, but at the time wasn't due to the differing exchange rates. Also, depends on how much ATM use is gonna take place. I'm sure you'd agree with me that using ATMs as little as possible is the best bet, and with PDQ/PED machines getting ever more popular, there's less and less reliance on ATMs. The only downside of using the TW card, which would also apply to the Starling card, is it's a MasterCard, whereas Visa is much more widely accepted.

Wanted to do an updated comparison for Argentinian Peso, now that Mastercard is showing it's rate for the 22nd.
Mastercard; 52.79831
TW Borderless debit; 52.26177

It could be that Transferwise's rates have worsened recently. Since they changed their charges in the past month or two.

So with no ATM usage, Mastercard rates(Starling Bank in this case) are still better. Factor in TW's £200 limit and Starling Bank is better on both levels.

I know you already understand this. The illustration is for others who come upon the thread.