Sometimes, that influences behavior that might seem strange to a foreigner. So, many Argentines like dealing in cash and stashing it away from banks, experts said. The freeze lasted a year when customers regained access to funds, they discovered their dollar deposits has been converted to pesos, which had depreciated significantly in value. In 2001, the government restricted access to deposits. In 19, for example, it froze bank deposits and confiscated savings to finance operations and pay debt. They fear another " corralito," or a "little corral," a period in the nation's history when the government seized deposits during economic crises. Meanwhile, Argentines are distrustful of banks and financial institutions, economists said. Argentina is a 'cash-demanding' environment dollars into the country, with the added benefit of spending locally and supporting the economy, she said. What's more, a more favorable exchange rate attracts American tourists, who bring their U.S. dollars, meaning that, in simple terms, the government needs a constant flow of dollars to be able to pay its debt, de Bolle said. A big chunk of Argentina's national debt is denominated in U.S. While these cuevas (the private exchange houses) are technically illegal, the government largely seems to turn a blind eye. "I think the fact that there's more than one exchange rate is the symptom of this monetary mayhem." "Every day, every week, every month, the peso will buy you less and less," Petersen said. dollars relative to the official exchange is the rough equivalent of a year's worth of recent inflation, Petersen said - almost a no-brainer for any local intent on saving for the longer term. The black market rate reflects the value residents place on stability. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower See Western Union® International Money Transfer SM Terms and Conditions.Best Debt Consolidation Loans for Bad Credit * Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. *4 For Hong Kong, Macau and Taiwan, transfer fee for "other countries" is applied. *3 The fee may will be changed without notice after campaine is over. The maximum transferable amount will be less than indicated amount above the chart depending on the destination country. *2 The Transferable amount plus fee is up to 300,000 yen per transaction. Subject to applicable taxes, if any, in the receiving country. *1 Western Union® also makes money from currency exchange. You can pay from the following convenience store: (A) Bangladesh, Brazil, China, India, Indonesia, Myanmar, Nepal, Pakistan, Peru, Philippines, South Korea, Sri Lanka, Thailand If destined to 13 countries listed below(A) Note, both the money transfer service fee and the amount of money being sent must be paid when using a convenient store for the transaction. Check the table below for a list of fees. The money transfer service fee varies depending on the amount transferred.
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