Can You Transfer Usd Into A Usd Account In Argentina?

[Flexter]

Apologies if this has been addressed previously, but has anyone transferred USD into a USD-denominated bank account in Argentina - i.e., as a standard international bank transfer? AND then had no problem for that USD to be withdrawn in cash from the bank in Argentina?

I'd appreciate hearing anyone's experience of this. Thanks!

 

[steveinbsas]

If you enter "transfer USD Argentina" Argentina" in an advance search you will find a lot of information on the subject.

The exp<b></b>ression "standard international bank transfer" does not apply in Argentina.

Your funds will go through the Banco Nacion before being credited to you account and I believe they must be converted to pesos (subject to a fee) at the official rate. This has been the case for quite some time. Even when I used a casa de cambio in 2006, the receipt showed that the funds had been transferred to the Banco Nacion and converted to pesos and then back to dollars (two conversion fees applied). There was no blue rate then.

It may no longer even be possible to convert the pesos back to dollars for deposit in an Argentine bank.

You may also have to go to the Banco Nacion and sign a declaration regarding the source of funds before they are released for deposit.

If the amount exceeds $40,000 pesos in one year you may also have to provide "proof" of the source of the funds.

If you are a non-resident there may be a one year "hold" on 30% of the funds.

 

[expatinowncountry]

When we just moved here and just before the draconian controls, we transferred from our account in the US to here around usd 8K. It took 3 week of calling them every single day and providing a ridiculous amount of paperwork to prove the origin of the money and our residency status. When the transfers was finally authorized, we got it in pesos at a very bad exchange rate. I learned my lesson, in Argentina you should never try to do the things the legal way.
You can get dollars here, transferring dollars to an account abroad. Most cuevas do that.

 

[Farenheit]

There have been no dollar to dollar bank transfers here for some years. It's totally impossible. Money gets changed into pesos by Banco Nacion and you can't change it back. Also, it's not easy to do this type of transfer, you will be asked for lots of paperwork and you have to have a valid reason for bringing the money in, eg. family help, repatriacion of resident's funds, etc. Each available option has a special code.

 

[syngirl]

On top of this, if you don't already have an existing dollar account, forget about it. I don't even think the banks are able to open new dollar accounts since we're not supposed to be saving dollars anyway...

 

[Iznogud]

Kiss your dollars goodbye if you do that.

 

[Flexter]

Thanks for all the responses, folks.

 

[GS_Dirtboy]

You can get dollars here, transferring dollars to an account abroad. Most cuevas do that.

The last time I checked with my cueva they were "transferring" Dollars into Argentina for free. Think of it like a highway. Dollars coming in and Dollars going out. The lane is jammed with Dollars going out so they charge a high toll. The lane for Dollars coming into Argentina is pretty empty. They need your Dollars in their account in (fill in your favorite off-shore city here) to pay all of the Argentines who are moving Dollars out of the country.

Here is how it works (simplified): Cueva in Buenos Aires has a safe in the basement. In this safe is $1M. They also have an office in Miami for example. To get Dollars out of the country you go to their Buenos Aires office and deposit your $100,000US in cash. They open an account for you. Now the cueva here has $1.1M in the basement. You fly to Miami and go to their office. In their basement is also $1M. You present your receipt for $100,000US. They give you the $100,000 less a transaction fee. Last I checked this fee was about 7%. Now their Miami office has $900,000 in the safe (plus their commission).

That's why it is more expensive to move Dollars out than in. More money is moving off-shore and they need more Dollars "there" and need to reduce their Dollars here.

You can also move Dollars back and forth using a Blue Chip Swap.

However, with neither of these methods will you be able to, or really want to, deposit your Dollars in an account here.

 

[jantango]

About two years ago, I received a letter from the US Embassy announcing US dollar account direct deposit for US federal benefits for those receiving social security/federal pension benefits in Argentina. The letter included a US Treasury Dept form for opening a dollar account with Banco Macro. This has been arranged not only for USA citizens living in Argentina, but for Argentines who are also USA citizens receiving federal benefits. This allows for a direct deposit with a processing fee. I do not have a Banco Macro account yet, but intend to open one this year since I get only 5 to 1 withdrawing pesos at a Banelco ATM. Isn't there anyone else on this forum who receives federal benefits from the USA?

 

[el_expatriado]

About two years ago, I received a letter from the US Embassy announcing US dollar account direct deposit for US federal benefits for those receiving social security/federal pension benefits in Argentina. The letter included a US Treasury Dept form for opening a dollar account with Banco Macro. This has been arranged not only for USA citizens living in Argentina, but for Argentines who are also USA citizens receiving federal benefits. This allows for a direct deposit with a processing fee. I do not have a Banco Macro account yet, but intend to open one this year since I get only 5 to 1 withdrawing pesos at a Banelco ATM. Isn't there anyone else on this forum who receives federal benefits from the USA?

This was possible until about 3 months ago when the govt began to pesify all pensions as well. This made the news because lots of Argentines get Spanish or Italian pension benefits in Euros and all those payments were pesified just like everything else. So, I'm guessing this is no longer possible.