Today we will tell you how you can take advantage of your GrabrFi card to carry out transactions in Argentine pesos.
Although your GrabrFi card is a US dollar card, you can use it around the world, paying in local currency. If you were worried about where your GrabrFi card is accepted, you don't have to worry anymore. It is accepted anywhere in Argentina that recognizes Mastercard. This means you can use it for goods and services at the vast majority of merchants, including restaurants, hotels, and stores.
All purchases you make in pesos are conducted using an exchange rate that closely approximates the Electronic Payment Market (MEP) rate.
What is the “MEP dollar” exchange rate?
The MEP exchange rate is an alternative exchange rate used within Argentina, specifically for dollar transactions that do not require physical delivery of the currency.
How do these GrabrFi purchases merge into the MEP change?
When you make a purchase in pesos with your GrabrFi card, the amount is first converted from dollars to pesos, at the official exchange rate.*
Within a time frame of 7 to 14 days after your transaction, Mastercard issues a refund in dollars to your GrabrFi balance. This reimbursement compensates the difference between the official exchange rate and a rate that is very close to the MEP exchange rate to date.**
*Valid only for authorized transactions made with Mastercard cards issued abroad, starting from December 2, 2022.
**For authorized transactions, starting from November 9, 2023, this benefit will be applied directly at the time of purchase. The reimbursement system, which was effective on December 2, 2022, will no longer be used.
Please read Mastercard terms on this article: https://www.mastercard.com.ar/es-ar/consumidores/beneficios-para-extranjeros.html
You can check the current rate used by Mastercard at this link: https://www.mastercard.us/en-us/personal/get-support/convert-currency.html
Now all that remains is to enjoy your dollars! And remember, the remaining balance in your account, you can keep safe and secure under the jurisdiction of the United States.
Bonus tip: With GrabrFi, there's no need to worry about withdrawing pesos or carrying cash, allowing you to focus on what really matters.
Are you planning a group activity? You do not need to withdraw cash, your GrabrFi card can be used to finance your activities, such as dinners or trips within Argentina. You can ask your friends or relatives to give you your money back in pesos, making the process simple and without complications.
Also, remember, the use of your GrabrFi card does not incur any currency exchange commission. Whether you're spending in US dollars or any other currency, GrabrFi doesn't impose any extra fees.