BEWARE - Global Exchange at EZE Airport
Author:
mike
03 14th, 2010 in
sbbbs.com
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Folks, as has been reported by various visitors and posted on various of the Buenos Aires threads, the money changers located at the Baggage Claim area at EZE airport are absolute crooks :mad:, and should be avoided like the plague!! :eek:
Global Exchange will give you around 15-20% less for your home currency that any other reputable bank or money changer. They lure newbies to EZE with signs that read "no commision", and while thats the "truth", their commision is built into the unethical & border-line illegal exchange rate that they offer.
For the best possible rate, go to the Banco de la Nacion booth that is located just outside the customs area, when you walk out of customs look to your left hand side and you will see the Banco Nacion teller.
On a final note, for Euro exchanges, please note that while the Banco Nacion will change all denominations, many money changers and banks in town will not take Euro notes larger than 100 Euro, so please break your larger bills into 100s before coming down.
Have a great time in EZE.Another alternative to the crooks at Global Exchange if the line at the Banco Nacion is too long is a new booth set up by Banco Piano. These guys are located in the departures hall, approx. at the middle of the main check in area. Their rate is not as good as the Banco Nacion, but maybe 1.5-2% lower and is still a huge difference to the 30 to 40 cent difference that Global Exchange will hit you with.Thanks. BTW, I've found several merchants (including car rentals and hotels) that will give me a 10% discount if I pay in cash -- necessitating more ATM transactions, of course. Are credit card fees that high in Argentina, or is this stuff more linked to tax evasion or access to "fast cash" to avoid inflation?Indeed... the Airport is a private operator and they are surely charging Global Exchange an arm and a leg in terms of rent.... still, Its shameful that they allow visitors to get taken to the cleaners with their highway robbery exchange rates... :mad:Is the Banco Nacion rate at the airport similar to that obtainable at ATMs? I recall the last time I arrived at EZE, all the ATMs were out of cash (the only place in the world I've ever encountered this).
Thanks.I assume there are also cash/ATM machines in the same area that can also help avoid those crazy rates?
There is a Banelco ATM machine on the left after you exit customs. But note the limitations of using this network outlined in my thread below ...
JohnI saw that many stores are giving a 10% discount if you pay in cash, that is pesos cash.
I also noticed that many stores are using a 3.20 exchange rate if you pay in cash US$. I guess they want the cash without having to go to the bank and declare the transaction. I assume it is legal.
I asked the person at Banco de la Nacion why do they allow that lousy exchange place inside the baggage claim area and was told that the airport makes money out of this and that the Banco de la Nacion cannot do anything about it. I noticed this past week that the official bank posted a large yellow poster in the baggage claim area with the official exchange rate and saying that they are open 24 hours a day.I assume there are also cash/ATM machines in the same area that can also help avoid those crazy rates?Thanks. BTW, I've found several merchants (including car rentals and hotels) that will give me a 10% discount if I pay in cash -- necessitating more ATM transactions, of course. Are credit card fees that high in Argentina, or is this stuff more linked to tax evasion or access to "fast cash" to avoid inflation?
It has been my experience that some merchants give up to a 20% discount for cash. My doctor here told me that should be the case at pharmacies and seems to work other places too. Never hurts to ask.
Be aware that other cambios in the city lower their rates on the weekend. Not unusual for them to drop from 3,10 to 2,95 from Thursday to Friday and then on Monday the rates are back up again. Assume they do this to take advantage of the influx of tourists.
SAMI'll add to Gaucho's comment by saying that the Banco de la Nacion is only steps from the other booth.
Instead of going straight toward the exchange booth, turn left and go through the exit doors. The Banco de la Nacion is right there on the right.
Quite right indeed. A few on our recent trip got stung by these thieves, they weren't happy when they walked out the doors and saw Banco de la Nacion's rates.bump............................(bump)I also try and do my bit when arriving in EZE to inform any passengers I have chatted with to AVOID Global Exchange, and use either the Banco de la Naci髇, or an ATM.
It's a pity that the Banco de la Naci髇 is inside the sterile area, since may passengers probably miss seeing it as they exit the customs X-ray search and are proceeding landside.
JohnI also try and do my bit when arriving in EZE to inform any passengers I have chatted with to AVOID Global Exchange, and use either the Banco de la Naci髇, or an ATM.
It's a pity that the Banco de la Naci髇 is inside the sterile area, since may passengers probably miss seeing it as they exit the customs X-ray search and are proceeding landside.
John
John, actually the Banco Nacion is both in tha sterile and also in the public area... they have an alternate entrance right next to the newstand.... once you exit customs if you make a hard right (like a U turn) you should see the main entrance to the BNA branch.Before you get into the arrivals hall they'll put your baggage through some type of scanner with a conveyer belt. It's literally just feet from the arrivals hall. Look to the right of the scanner and you'll see the bank, before you go out the doors into the arrivals hall.Unfortunately I did not read this warning before last months trip. 2.72 pesos per U.S. $, In town at Galleria Pacifica 3.07.(bump)While credit card related fees are high (at least when compared to OECD nations), the 10% discount that some merchants will offer has to do with cost of capital. Borrowing rates for small businesses can be as high as 35% per annum, that plus the fact that credit card transactions also yield a 1.2% bank tax and other related issues mean that merchants sometimes are better off with getting quick cash even if they have to slice 10% of the regular price. The tax evasion may be a consideration to those merchants that want to go that route, however its not that straightforward to assume that this is the driving factor as depending on what product or service you are talking about, if the merchant cant buy what he is selling in "cash" then there is only a very limited amount of selling he can do in this "grey market" manner.Thanks. NOW it seems easy to find! :)(bumping this up)Now I'm a little confused. :) An earlier poster said they were AFTER customs. But it's also apparently before you go into the main terminal area (in the sterile area where, presumably, you couldn't re-enter if you missed them)? Could someone clarify? Thanks!
You can go to the window right before you exit the sterile area, OR you can can go around to the right, once you exit, and go in the main entrance. I prefer before you exit, as the line is usually shorter.The issue with ATM rates is also affected by possible FX fees and out of network fees... its not straightforward as different banks have different fee structures for different customers etc. etc. - alas, as always, the devil is in the details.
In my experience, the cash rate at the Banco de la Nacion is usually the most competitive rate, even when compared to ATM rates with no fees, etc.I'll add to Gaucho's comment by saying that the Banco de la Nacion is only steps from the other booth.
Instead of going straight toward the exchange booth, turn left and go through the exit doors. The Banco de la Nacion is right there on the right.
You can't miss it.
RitaDidn't see the money changers when I came through this morning, but did carry-on with my travel backpack and zipped right through that area to the x-ray machines. Thankyou for the advice on the Nacion Bank window. I changed a quick $US100 there at 3.14 pesos and no commission which worked out fine to start me off.It's a pity that the Banco de la Nación is inside the sterile area, since may passengers probably miss seeing it as they exit the customs X-ray search and are proceeding landside.
Now I'm a little confused. :) An earlier poster said they were AFTER customs. But it's also apparently before you go into the main terminal area (in the sterile area where, presumably, you couldn't re-enter if you missed them)? Could someone clarify? Thanks!I think it was slightly higher than the ATM rate, but not enough that I worried about it. The bank rate for the day I arrived was 3.18, and they exchanged at 3.14. I was actually glad I got some starter cash, as I tried an ATM in the city a few days later and it was entirely in Spanish, and took 4 times for me to get through the options to get cash there.#If you have any other info about this subject , Please add it free.# |
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