ATM withdrawals and AFIP

[Stafford]

So now that we've once again reached the point where the brecha between blue and official is almost zero, I have a question for this group. Hypothetically if a permanent resident were to be "off the books", e.g. manejando solo con efectivo, and suddenly started using a foreign debit card for ATM withdrawals, how risky is this from an AFIP exposure standpoint? As a perpetually renewing 90 day tourist, one used their debit card in the days of Nestor, then switched to cash under Kristina - when the brecha was high. Since then, obtained permanent residency and have been bringing USD in or doing transfers through a broker. The brokerage fees no longer justify this method and the Charles Schwab card (with fees reimbursed) seems like a great solution. But I've heard stories of this going bad. Especially when the card is linked to a brokerage account. Curious to hear thoughts. Understand there is always a level or risk. And that's acceptable. But wondering how high the risk would be in this case. Thanks!

 

[redlobster]

... and suddenly started using a foreign debit card for ATM withdrawals, how risky is this from an AFIP exposure standpoint? ...

Do you really think they’ll go through the trouble of searching a list of all debit card transactions by your name? Since you worked in the States, in the unlikely event that AFIP pays attention, you can always argue that you're withdrawing savings you earned before coming to Argentina. I think AFIP is much more likely to scrutinize recent blanqueo participants than to try catching a random guy based on a few ATM withdrawals.

 

[Stafford]

Do you really think they’ll go through the trouble of searching a list of all debit card transactions by your name? Since you worked in the States, in the unlikely event that AFIP pays attention, you can always argue that you're withdrawing savings you earned before coming to Argentina. I think AFIP is much more likely to scrutinize recent blanqueo participants than to try catching a random guy based on a few ATM withdrawals.

Thank you

 

[carride]

What is the maximum withdrawal amount these days? I recall something very low, like $20-50 us dollars in pesos.

 

[Johnny]

What is the maximum withdrawal amount these days? I recall something very low, like $20-50 us dollars in pesos.

And the fee?

 

[lunar]

What is the maximum withdrawal amount these days? I recall something very low, like $20-50 us dollars in pesos.

"If the ATM is loaded with 10,000 peso notes and it can typically dispense up to 40 notes in one transaction, the maximum withdrawal would be about 400 dollars.

And the fee?

Schwab reimburses it, if I am not mistaken.

 

[steveinbsas]

The last time I heard a withdrawal limit mentioned was , it was $40.000

Go to 4:40 in this video:

I will see if I can find the video Rebel Capitalist mentions a few seconds later, about Argentines waiting in long lines to use the ATM's earlier this year.

Both vídeos indicated that the daily limit was also $40.000 pesos. Even if that was accurate at the time the videos were produced, the total daily withdrawal limit might have changed since then.

PS: The individual transaction withdrawal limit may depend on the maximum number of bills that the ATM is capable of dispensing in a single transaction, but the amount could obviously be much greater if the machine could dispense $10.000 notes and the $40.000 limit (as a rule) does not exist. It may have only existed when the largest bills in circulation were $1.000.

 

[JarJar]

Last three ATM's we tried could only give 40K Peso per transaction, with a hefty 12K Fee. Not ideal to say the least...

 

[FrankPintor]

So now that we've once again reached the point where the brecha between blue and official is almost zero, I have a question for this group. Hypothetically if a permanent resident were to be "off the books", e.g. manejando solo con efectivo, and suddenly started using a foreign debit card for ATM withdrawals, how risky is this from an AFIP exposure standpoint? As a perpetually renewing 90 day tourist, one used their debit card in the days of Nestor, then switched to cash under Kristina - when the brecha was high. Since then, obtained permanent residency and have been bringing USD in or doing transfers through a broker. The brokerage fees no longer justify this method and the Charles Schwab card (with fees reimbursed) seems like a great solution. But I've heard stories of this going bad. Especially when the card is linked to a brokerage account. Curious to hear thoughts. Understand there is always a level or risk. And that's acceptable. But wondering how high the risk would be in this case. Thanks!

In the past I've brought in the (then, I believe it's more now) USD 12k maximum amount per year, and this year I've used a broker to bring in money exceeding that limit. I declare all of that and pay taxes on it. Check with an accountant, it doesn't seem to be a huge amount of taxes, and when my bank bugs me to justify a transaction, I can say, I've already declared that

And, @redlobster, trawling through transactions is really very easy if AFIP have enough cloud computing power (and I assume they do, they can always filter by the amounts until they arrive at a manageable compute power and set of potential victims).

 

[VincentKMcMahon]

What about frequent western union withdrawals? Does the government track those ? What do the Western Union workers see on their screens when you give them your passport?