Argentina: What a Cheek!
Nov 17th 2012, 6:43 pm
#1
Forum Regular
Thread Starter
Joined: Dec 2009
Posts: 59
Argentina: What a Cheek!
I am a UK pensioner domiciled in Argentina. Only when I was going over my accounts last week did I become aware of the following crafty trick:
When the British Government decided to introduce a change to the way in which overseas pensioners were paid, and wanted to pay by direct transfer instead of by payment order, the Argentine Government became very thoughtful because they could see here that they were going to be losing some useful foreign currency.
Until then, the UK Pension Service had been in the habit of sending monthly cheques in Sterling to pensioners in Argentina.
In a letter to me dated 22 August 2011 the Pension Service announced that payment direct to my bank account was the new vogue, and "Direct Payments to Argentina will be made in ARS (New Pesos)."
Now the Argentine banking system did not like this idea of money being paid directly to Argentina in Argentine pesos, because previously they had received the cheques in sterling and now they were being deprived of the foreign currency which that represented, and instead of sterling they were only getting Argentine pesos.
Therefore, they stated that they could not accept any direct payments to Argentina unless they were made in US Dollars of Euros.
I, and no doubt others, informed the Pension Service of this, and the IPS agreed to pay these pensions to Argentina in US Dollars.
Next came the clampdown this year on anyone in Argentina having access to foreign currency. The British pensioner was now forced to accept his pension not in US Dollars, but in the less acceptable form of Argentine pesos.
To set it out simply: The British Government buys US Dollars instead of Argentine pesos to send to their pensioners in Argentina because Argentina will not accept Argentine pesos, and the Argentine banking system changes the Dollars into pesos to pay the pensioner, and keeps the dollars.
This scam affects the UK pensioner by relieving him of 5% of his pension because he has to pay the commission for changing the Dollars into pesos.
The other day the Argentine Government pointed out that if the pensioner or anyone else wants to buy US dollars, all they have to do is go abroad and buy them with their pesos.
Now just let me get this straight.
(1) The IPS buys US Dollars to send to me in Argentina.
(2) The Argentines keep the dollars and pay me in pesos.
(3) I need dollars for this or that and so I have to go to Uruguay or Paraguay or Chile or Brazil with my Argentine pesos to buy those same US dollars which the IPS sent me, and I lose another 5% of my pension in foreign exchange commission!
(4) Strewth!
When the British Government decided to introduce a change to the way in which overseas pensioners were paid, and wanted to pay by direct transfer instead of by payment order, the Argentine Government became very thoughtful because they could see here that they were going to be losing some useful foreign currency.
Until then, the UK Pension Service had been in the habit of sending monthly cheques in Sterling to pensioners in Argentina.
In a letter to me dated 22 August 2011 the Pension Service announced that payment direct to my bank account was the new vogue, and "Direct Payments to Argentina will be made in ARS (New Pesos)."
Now the Argentine banking system did not like this idea of money being paid directly to Argentina in Argentine pesos, because previously they had received the cheques in sterling and now they were being deprived of the foreign currency which that represented, and instead of sterling they were only getting Argentine pesos.
Therefore, they stated that they could not accept any direct payments to Argentina unless they were made in US Dollars of Euros.
I, and no doubt others, informed the Pension Service of this, and the IPS agreed to pay these pensions to Argentina in US Dollars.
Next came the clampdown this year on anyone in Argentina having access to foreign currency. The British pensioner was now forced to accept his pension not in US Dollars, but in the less acceptable form of Argentine pesos.
To set it out simply: The British Government buys US Dollars instead of Argentine pesos to send to their pensioners in Argentina because Argentina will not accept Argentine pesos, and the Argentine banking system changes the Dollars into pesos to pay the pensioner, and keeps the dollars.
This scam affects the UK pensioner by relieving him of 5% of his pension because he has to pay the commission for changing the Dollars into pesos.
The other day the Argentine Government pointed out that if the pensioner or anyone else wants to buy US dollars, all they have to do is go abroad and buy them with their pesos.
Now just let me get this straight.
(1) The IPS buys US Dollars to send to me in Argentina.
(2) The Argentines keep the dollars and pay me in pesos.
(3) I need dollars for this or that and so I have to go to Uruguay or Paraguay or Chile or Brazil with my Argentine pesos to buy those same US dollars which the IPS sent me, and I lose another 5% of my pension in foreign exchange commission!
(4) Strewth!
Last edited by geoffreybrooks; Nov 17th 2012 at 6:45 pm.
Dec 4th 2012, 4:05 am
#2
Just Joined
Joined: Dec 2012
Posts: 2
Re: Argentina: What a Cheek!
I am a UK pensioner domiciled in Argentina. Only when I was going over my accounts last week did I become aware of the following crafty trick:
When the British Government decided to introduce a change to the way in which overseas pensioners were paid, and wanted to pay by direct transfer instead of by payment order, the Argentine Government became very thoughtful because they could see here that they were going to be losing some useful foreign currency.
Until then, the UK Pension Service had been in the habit of sending monthly cheques in Sterling to pensioners in Argentina.
In a letter to me dated 22 August 2011 the Pension Service announced that payment direct to my bank account was the new vogue, and "Direct Payments to Argentina will be made in ARS (New Pesos)."
Now the Argentine banking system did not like this idea of money being paid directly to Argentina in Argentine pesos, because previously they had received the cheques in sterling and now they were being deprived of the foreign currency which that represented, and instead of sterling they were only getting Argentine pesos.
Therefore, they stated that they could not accept any direct payments to Argentina unless they were made in US Dollars of Euros.
I, and no doubt others, informed the Pension Service of this, and the IPS agreed to pay these pensions to Argentina in US Dollars.
Next came the clampdown this year on anyone in Argentina having access to foreign currency. The British pensioner was now forced to accept his pension not in US Dollars, but in the less acceptable form of Argentine pesos.
To set it out simply: The British Government buys US Dollars instead of Argentine pesos to send to their pensioners in Argentina because Argentina will not accept Argentine pesos, and the Argentine banking system changes the Dollars into pesos to pay the pensioner, and keeps the dollars.
This scam affects the UK pensioner by relieving him of 5% of his pension because he has to pay the commission for changing the Dollars into pesos.
The other day the Argentine Government pointed out that if the pensioner or anyone else wants to buy US dollars, all they have to do is go abroad and buy them with their pesos.
Now just let me get this straight.
(1) The IPS buys US Dollars to send to me in Argentina.
(2) The Argentines keep the dollars and pay me in pesos.
(3) I need dollars for this or that and so I have to go to Uruguay or Paraguay or Chile or Brazil with my Argentine pesos to buy those same US dollars which the IPS sent me, and I lose another 5% of my pension in foreign exchange commission!
(4) Strewth!
When the British Government decided to introduce a change to the way in which overseas pensioners were paid, and wanted to pay by direct transfer instead of by payment order, the Argentine Government became very thoughtful because they could see here that they were going to be losing some useful foreign currency.
Until then, the UK Pension Service had been in the habit of sending monthly cheques in Sterling to pensioners in Argentina.
In a letter to me dated 22 August 2011 the Pension Service announced that payment direct to my bank account was the new vogue, and "Direct Payments to Argentina will be made in ARS (New Pesos)."
Now the Argentine banking system did not like this idea of money being paid directly to Argentina in Argentine pesos, because previously they had received the cheques in sterling and now they were being deprived of the foreign currency which that represented, and instead of sterling they were only getting Argentine pesos.
Therefore, they stated that they could not accept any direct payments to Argentina unless they were made in US Dollars of Euros.
I, and no doubt others, informed the Pension Service of this, and the IPS agreed to pay these pensions to Argentina in US Dollars.
Next came the clampdown this year on anyone in Argentina having access to foreign currency. The British pensioner was now forced to accept his pension not in US Dollars, but in the less acceptable form of Argentine pesos.
To set it out simply: The British Government buys US Dollars instead of Argentine pesos to send to their pensioners in Argentina because Argentina will not accept Argentine pesos, and the Argentine banking system changes the Dollars into pesos to pay the pensioner, and keeps the dollars.
This scam affects the UK pensioner by relieving him of 5% of his pension because he has to pay the commission for changing the Dollars into pesos.
The other day the Argentine Government pointed out that if the pensioner or anyone else wants to buy US dollars, all they have to do is go abroad and buy them with their pesos.
Now just let me get this straight.
(1) The IPS buys US Dollars to send to me in Argentina.
(2) The Argentines keep the dollars and pay me in pesos.
(3) I need dollars for this or that and so I have to go to Uruguay or Paraguay or Chile or Brazil with my Argentine pesos to buy those same US dollars which the IPS sent me, and I lose another 5% of my pension in foreign exchange commission!
(4) Strewth!
nobody told you this could happen.
I was 3 years and I understood that these people want to see all foreigner in misery.
To say that three months before I left, they were forbidden to foreigners, phones were sold, according to them that are worn by the prisoners in the prisons to conduct their crimes.
Curious in Peru, Garcia Perez (pro-Argentine), forced everyone to register the phone, for the same reason.
My parents sent me money every month, and they ate 10% of what is sent, so the thieves are.
regards,
Apr 10th 2013, 12:30 am
#3
Lost in BE Cyberspace
Joined: Dec 2006
Location: Nova Scotia Canada
Posts: 27,078
Re: Argentina: What a Cheek!
Argentina is an economic cluster ****. Always has been. Would not live there for anything. The government even tells you how many dollars you are allowed to buy when you travel out of the country. Quite happy in Peru where I am treated quite well and have no such issues.
