Banking for ex-pats

[fooddude]

Well, I guess I'll contribute what I have learned recently which contradicts a lot of what is here. You are going to find that this is common here.

With Banco Galicia you can transfer up to $40,000 (US) to your Argentine account. Transfering more is also posible but the requirements for "liquidating" are more extreme. The complication has to do with residency. If you do not have residency the central bank holds 30% for one year. The fee is reasonable to recieve the money if you are making large transfers. It is 0.54% + IVA (tax). It comes out to about 0.63%. To complete the transfer you have to go to the bank and present a sworn letter saying its personal funds, an liquidation request, your passport, and proof of residency. -- noone said it was easy.

As mentioned above you can open an account in many institutions here with a CDI and a passport.

I don't know the rules for transfering money out of Argentina. I suspect it is more complicated but I don't know. If your spanish is good you can call Banco Galicia's Comercio Exterior division and ask. Their number is: (11) 6329-6580.

Good luck...

 

[Cangurito]

I haven't read everybodys replies to your question so am sure to duplicate the good advice already given.

I have a bank account overseas and a bank account here. I regulary transfer money into Argentina using Banco Piano and while a little expensive, it's much quicker than an international transfer through the central bank of Argentina. I once made the mistake of transferring funds directly to my Banco Galicia account from overseas.... 3 months later I had the money. Don't, whatever you do, try to send money directly to a local bank account.... it's a nightmare and very time consuming. Banco Piano was created by Argentines for the Argentine situation so that tells you a lot

Unlike you, I do not have a requirement to send money back overseas so cannot advise you on that.

I travel regularly so have a need to pay argentine bills when overseas. For that I use the internet. Fortunately this is very easy to do through home banking over the internet. I use Banco Galicia and the service works fine. My utility, cable and phone bills automatically appear each month online and I just pay them from wherever I am in the world. I also have the facility to transfer funds from my Argentine bank account to any other argentine bank account and the process works without a hitch.

From time to time I withdraw cash from my eftpos cards which I then deposit into my local bank account to pay bills. I can withdraw up to $3000 pesos per day per card. I have 3 cards so can effectively withdraw $9000 pesos in one day through 3 separate transactions. The daily transaction limit applies to cards not people so the more cards you have the more funds you can withdraw in one day.

They transfer system at Banco Piano is quite strange. They give you a US bank account number for the transfer. When sending money, you must clearly identify yourself in the transaction using your passport number or DNI. Sending money to BP means you are depositing it into their account in the USA. Each morning the BP branches in Buenos Aires run a report that lists all unclaimed deposits. If your transfer amount and passport number or DNI is on the report then they give you the money.

 

[erindanelle]

Can someone advise please (apologies if posted in wrong place). Moving to Bs As soon and hopefully will get reasonable IT job there so should be able to get an Argentine account. Problem is, how do you send money back to UK to pay bills etc, and how can you get money from UK into Argentine account. Are there any Banks there with links back to either UK and/or Ireland ? Maybe there is an EU Bank I could open an account in and use that account for everything ?

To be honest this part scares me a lot as I have to have a way of paying direct debits etc. I have to maintain a presence in these countries due to Mortgage etc.

How do people there manage this aspect - any suggestions more than welcome.

Thanks in advance

My argentine salary goes into an HSBC account. I recently spoke to them about sending money to my australian account. (I send AU$300 monthly to cover bills.. not a huge amount) and it was more expensive than using MoneyGram as I do now. They told me US$50 per transaction... which on such a small amount is too much. MoneyGram are charging me about US$30. Of course this option also means that my mum has to go to the local MoneyGram outlet to actually retrieve the funds. She just keeps the cash and transfers the money from her bank account to mine.

I think the best option will probably depend on how much you need to send monthly.

 

[BlahBlah]

Why not take out the cash out of the ATM and then deposit in your local account? Seems to me it's cheaper then using moneygram or banco Piano

 

[erindanelle]

Why not take out the cash out of the ATM and then deposit in your local account? Seems to me it's cheaper then using moneygram or banco Piano

was that directed at my comment? If so I think you misunderstood. I send money TO Australia. Therefore I cannot take cash out of my local account and bank it here. It seems you are referring to taking money out of an o/s account and putting it in a local account.
I have two local bank accounts but MoneyGram is still the best method for me sending a small amount monthly. I went to Banco Piano once to send via them, it was done via MoneyGram and the queues were horrific. It took over an hour.

 

[jimdepalermo]

it's much quicker than an international transfer through the central bank of Argentina. I once made the mistake of transferring funds directly to my Banco Galicia account from overseas.... 3 months later I had the money. Don't, whatever you do, try to send money directly to a local bank account.... it's a nightmare and very time consuming.

I routinely transfer funds from a US bank to my Citibank AR account, and the funds clear in a day or two. I have to visit the bank and sign a handful of documents each time, but as long as the amount is less than US $40.000, there are no complications. Above that amount, I need to present evidence that the funds have been sitting idle in the donor account in the US for at least 10 days before the transfer (which supposedly helps control money-laundering.) The fee is a flat USD 70 per transfer, regardless of the amount.

I should also mention that the attorney who handles Migraciones affairs for me advised me a year ago to make monthly transfers en blanco (i.e. at a legitimate bank, NOT the Banco Piano or its equivalents) of at least US $600/month to avoid visa problems until my permanent residency status is granted. It's an expensive nuisance, but they reported that some visa renewals had been refused because the temporary resident couldn't demonstrate importing enough money to live on.

 

[BlahBlah]

was that directed at my comment? If so I think you misunderstood. I send money TO Australia. Therefore I cannot take cash out of my local account and bank it here. It seems you are referring to taking money out of an o/s account and putting it in a local account.
I have two local bank accounts but MoneyGram is still the best method for me sending a small amount monthly. I went to Banco Piano once to send via them, it was done via MoneyGram and the queues were horrific. It took over an hour.

Ok, that seems indeed the only possibility

If I fly with any regular frequency or relatives coming over I would take it myself or give it to them

Other possiblilty is giving your cash to someone you trust with a first world account and let him transfer the money

 

[John.St]

... I send AU$300 monthly to cover bills.. not a huge amount) and it was more expensive than using MoneyGram as I do now. ... MoneyGram are charging me about US$30. ...

Erin, if at all possible transfer larger amounts each time.

From : ... ARGENTINA
To : ....... AUSTRALIA
Service : 10 Minute Service
Amount: ..... 1,042.89 US DOLLAR
Fee: ................. 41.72 US DOLLAR
Total pay: ... 1,084.61 US DOLLAR
Receive : .... 1,200.00 Australian Dollar

Check fees here http://www.moneygram.com/eHowMuch/howMuch.do?countryCode=US

Add: Another idea comes to my mind: Do you, your family, friends, know somebody who owns an internet shop in Aussie?
Then you could "buy" "articles" using your credit or debit card in the shop and have the money transferred to your mother.

 

[erindanelle]

Erin, if at all possible transfer larger amounts each time.

From : ... ARGENTINA
To : ....... AUSTRALIA
Service : 10 Minute Service
Amount: ..... 1,042.89 US DOLLAR
Fee: ................. 41.72 US DOLLAR
Total pay: ... 1,084.61 US DOLLAR
Receive : .... 1,200.00 Australian Dollar

Check fees here http://www.moneygram.com/eHowMuch/howMuch.do?countryCode=US

Add: Another idea comes to my mind: Do you, your family, friends, know somebody who owns an internet shop in Aussie?
Then you could "buy" "articles" using your credit or debit card in the shop and have the money transferred to your mother.

Thanks for the thought... but i'm one of those that isn't really an 'expat' by true definition. I have a legit job and earn in pesos, I can't afford to send a bigger amount. I understand it would only be once every few months or so but i'd have to save up that amount (whilst still paying monthly) to put myself several months in advance.

Anyways, I secretly enjoy the monthly trip to the outlet I use in Liniers.. great excuse to eat Bolivian salteñas!

 

[wreReynolds]

Talking about banking in Argentina reminds me of an old joke. Two Jews (or Catholics or Muslims, take your pick) are stuck on a desert island. They create three synagogues/churches/mosques. One for each of them and third that they can both boycott.

It isn;t always easy banking here, although in some ways (technologically) Argentina is ahead certainly of Canada and the US - its a hell of lot easier to pay my bills here - I just go to bank's web site and all my bills are with amounts owing and due dates. It is also easy to transfer money between accounts, even between banks.
That said, I suggest you talk HSBC BEFORE you leave, they are about the about the only bank that has a truly global operation with the various countries actually talking to each other. If anyone can help you out, they can.
That said, the authorities and the labyrinthine banking laws here never make any simple transaction easy. And the people at the local branhces generally know nothing, so they do nothing.

Welcome to South America. I do love it, but as a friend once said, its as if the Nazi's had been put in charge of the BBC during the Monty Python era: very, very funny, but deadly.

Good luck.