Best banks for recieving wires in USD

[GeorgeAnderson]

Hello, I am looking for recommendations for banks for recieving wires in USD. I will be sending about U$S1700 montlhy to maintain a rentista visa. Which bank (that accepts US clients) will spit out the most pesos? Thank you.

 

[FrankPintor]

Hello, I am looking for recommendations for banks for recieving wires in USD. I will be sending about U$S1700 montlhy to maintain a rentista visa. Which bank (that accepts US clients) will spit out the most pesos? Thank you.

Inviu (Banco Galicia's investment bank) will spit out Pesos at the CCL rate, if you're sending the funds in USD from an account in your own name, and if you have a bank account here and a DNI. Inviu is mentioned in a few posts here.

 

[GeorgeAnderson]

Inviu (Banco Galicia's investment bank) will spit out Pesos at the CCL rate, if you're sending the funds in USD from an account in your own name, and if you have a bank account here and a DNI. Inviu is mentioned in a few posts here.

I appreciate your reply. I am not familiar with the finer points of contado con liquidación. Have others used CCL via Inviu to satisfy the requirements of the rentista visa, or do you have any other material that my attorney can read and verify?

 

[carride]

I am not familiar with the finer points of contado con liquidación. Have others used CCL

Yes I can with my Balanz investment account, Must do exactly how @FrankPintor explains. The CCL is the best rate (Official vs Blue vs MEP vs CCL). I can’t say if it meets the rentista visa reqs.

This is few months old, but it explains how the new Brokerages are booming. side note is it makes CCL easier

Argentines’ Love of Dollars Creates a Windfall for Local Brokers - BNN Bloomberg

Argentina’s economic disaster has crushed the currency, sent inflation soaring and pushed poverty levels toward a 15-year high. Companies are slashing jobs as a recession looms.

www.bnnbloomberg.ca

 

[Quilombo]

Hello, I am looking for recommendations for banks for recieving wires in USD. I will be sending about U$S1700 montlhy to maintain a rentista visa. Which bank (that accepts US clients) will spit out the most pesos? Thank you.

- All banks generally will take on US citizens provided you have legal residency here (DNI)
- All banks, with the exception of Neobanks/Digital wallets generally accept inbound SWFIT Transfers
- Your bank in the US will likely charge upwards of $50 per SWIFT transfer outgoing
- Your Argentine bank will likely charge you either $40 or $50 OR a fixed fee of the inbound SWIFT transfer
- In terms of getting dollars/pesos, this is where things vary:
- You can settle the SWIFT transfer at the BCRA exchange rate, and no further action is needed (you'll get around $861)
- You can settle it in dollars if it's a transfer from your account abroad to your account here (you need to fill out a form with your bank to do this)
- You can use your dollars to get pesos via selling them in the MEP using a digital platform/neobank (you'll get around $996)
- You can use your dollars to get pesos via Florida Street (you'll get around $965)
- If you HAVE to bring the dollars in this way for the visa, the above are your only options, si o si,
- Otherwise if you're simply looking for pesos you can just use Western Union and get pesos for dollars (you'll get around $1,024.50)

 

[zarco]

a couple of questions to @Quilombo (who seems to be extremely well informed) or to anybody else who can answer:
1. Where is the best place to buy dollars?
2. Can i send dollars to a bank account outside Argentina?

 

[Quilombo]

a couple of questions to @Quilombo (who seems to be extremely well informed) or to anybody else who can answer:
1. Where is the best place to buy dollars?
2. Can i send dollars to a bank account outside Argentina?

1. It depends on the type of dollars you want, and whether the pesos you're using to buy them are en blanco
- You can buy an unlimited about of MEP dollars provided you can legally justify the pesos you use to do so
- You can buy dollars with cash on Florida Street from caves (doesn't matter how you got your pesos this way)
- You can buy dollars via home banking, up to $200 USD a month, if you meet certain byzantine requirements
- You can buy stable coins, a type of crypto currency pegged to the dollar, but I don't do this for numerous reasons
2. You can, but again, it depends on how you got said dollars
- You can send them abroad using a money changer (some caves offer this service) and they don't care how you got them
- You can send them abroad using your bank (they'll have to be en blanco) and you'll be charged an outgoing SWIFT fee and the recipient will too
- You can use your debit or credit card to pay for a service online, and then settle the debt in dollars using cash to avoid the $1,400 peso per dollar Dolar Tarjeta exchange rate
- You can buy stable coins, a type of crypto currency pegged to the dollar, but I don't do this for numerous reasons

 

[zarco]

1. It depends on the type of dollars you want, and whether the pesos you're using to buy them are en blanco
- You can buy an unlimited about of MEP dollars provided you can legally justify the pesos you use to do so
- You can buy dollars with cash on Florida Street from caves (doesn't matter how you got your pesos this way)
- You can buy dollars via home banking, up to $200 USD a month, if you meet certain byzantine requirements
- You can buy stable coins, a type of crypto currency pegged to the dollar, but I don't do this for numerous reasons
2. You can, but again, it depends on how you got said dollars
- You can send them abroad using a money changer (some caves offer this service) and they don't care how you got them
- You can send them abroad using your bank (they'll have to be en blanco) and you'll be charged an outgoing SWIFT fee and the recipient will too
- You can use your debit or credit card to pay for a service online, and then settle the debt in dollars using cash to avoid the $1,400 peso per dollar Dolar Tarjeta exchange rate
- You can buy stable coins, a type of crypto currency pegged to the dollar, but I don't do this for numerous reasons

@Quilombo thank you so much, very educational. A further question: can you expand on the "numerous" reasons you dont buy stable coins? It seems to be the cheapest way to change pesos into dollars + transfer them abroad

 

[xaxage]

- All banks generally will take on US citizens provided you have legal residency here (DNI)
- All banks, with the exception of Neobanks/Digital wallets generally accept inbound SWFIT Transfers
- Your bank in the US will likely charge upwards of $50 per SWIFT transfer outgoing
- Your Argentine bank will likely charge you either $40 or $50 OR a fixed fee of the inbound SWIFT transfer
- In terms of getting dollars/pesos, this is where things vary:
- You can settle the SWIFT transfer at the BCRA exchange rate, and no further action is needed (you'll get around $861)
- You can settle it in dollars if it's a transfer from your account abroad to your account here (you need to fill out a form with your bank to do this)
- You can use your dollars to get pesos via selling them in the MEP using a digital platform/neobank (you'll get around $996)
- You can use your dollars to get pesos via Florida Street (you'll get around $965)
- If you HAVE to bring the dollars in this way for the visa, the above are your only options, si o si,
- Otherwise if you're simply looking for pesos you can just use Western Union and get pesos for dollars (you'll get around $1,024.50)

Hey. Maybe you know, how can I receive swift transfer in USD as a freelancer and get blue rate pesos ? I am confused at this point ...Or maybe I can write USDT facturas ?

 

[Quilombo]

@Quilombo thank you so much, very educational. A further question: can you expand on the "numerous" reasons you dont buy stable coins? It seems to be the cheapest way to change pesos into dollars + transfer them abroad

I have dollars saved from working in North America before returning to Argentina, so I'm generally only selling dollars that were legally obtained and taxes paid on, and that being said, it's stuff like the fees, sketchy exchanges (or in the case of Argentina, anything except P2P being logged with AFIP), wallets being compromised, no insurance like FDIC, data insecurity, etc. makes me stay away from crypto. I know there are some crypto enthusiasts on the sub, so I'm not interested in debating, these are my personal reasons for not using it, plus rates that have been generally less than WU, so if it's something you or others want to engage in all the power to you guys to do so, it's just not for me.

Hey. Maybe you know, how can I receive swift transfer in USD as a freelancer and get blue rate pesos ? I am confused at this point ...Or maybe I can write USDT facturas ?

(Not a lawyer/accountant)

My understanding is that according to current regulations you can get up to $10K a year without pesifying. For the situation you described, the legal way to do this would be:

- Be registered as a Monotributista
- Issue a Factura E for the export of services
- Within 5 business days of receiving payment in your account abroad, send a SWIFT payment from that account to your Argentine account in dollars here
- Complete the BCRA declaration with your bank
- Depending on the amount, you'll likely pay around $40-$50 for sending the trasnfer and $40-$50for receiving the SWIFT transfer
- Create an account with a fintech or brokerage firm here
- Fund the account with the dollars from that account
- Sell the dollars via the MEP exchange for pesos at a rate more or less close to the blue

As you can see, this is why basically nobody does this here. It is a pain in the ass to do, it's expensive, and the second you earn more than $13,894.18 USD you're required to move to the simplified regime and charge VAT (21%), pay pension contributions, etc. and you will have created a paper trail showing that you have an income from abroad.

I don't condone or condemn tax evasion, especially here in Argentina where little to none of the taxes actually helps people, so each person has to decide what they do, but this is how you'd follow the rules, to my understanding, on legally brining in freelance/remote work income from abroad.