Do not bank with Santander Río!

[nikad]

Also a bad experience with Santander Rio - seems banks are behaving like thieves even more. Got approached by a rep trying to get me to open account - stipulated 24 months without fees. After 12 months suddenly 500 pesos gets deducted from account, happens again this month (2x so far). I call them and they tell me the no fee deal was only 12 months not 24 months. Have the paper that explicitly states 24 months - show my local branch. They say they will "try" to fix it and get fees refunded. In what moronic world is this behaviour acceptable to violate the terms of the agreement. In my opinion it constitutes theft - the issue is no lawyer is going to bother over 1000 pesos so whats the next course of action to get the money refunded/account closed?

Consumer's Defense.

 

[nikad]

http://www.buenosaires.gob.ar/defensaconsumidor/como-denunciar

 

[TWB103]

Call the bank's bluff. They will listen. Its a real scam and the banks should be utterly ashamed of themselves. Its no wonder home safes are so prevalent here.

 

[steveinbsas]

Well, I guess, in your everyday life, you should not rely on instant international money transfers from some Estonian? British? company.

Made another transfer yesterday at 5 AM using Transferwise and the same type (funds from bank account). The funds were deposited to my Santander Rio account by the middle of the afternoon.

PS: As far as I know, there is no such thing as an "instant international money transfer" from anywhere in the world to Argentina, though same day service is pretty impressive.

 

[earlyretirement]

I think you might be taking this a little too personal.

No one doubts the customer service you received at Santander Rio was atrocious. But I don't think you were being "shamed" because you're an "immigrant" from the USA (or wherever).

Customer service in Buenos Aires is terrible for everyone. Most employees are rude, unhelpful, and want you gone as quick as possible.

Why?

a) It's impossible to fire anyone in Argentina. Therefore there's no incentive to provide decent service.
b) Since service is so bad, Argentine customers tend to be very hostile. Employees are combative because they deal with angry people all day long. It's a vicious cycle. Go to any busy bank around lunch time. You'll see.

But if this was a very upsetting experience for you... then my advice would be to either a) get thicker skin, or b) leave Argentina.

Excellent post and spot on target.

 

[TangoAndJazz]

Excellent post and spot on target.

Hi Earlyretirement, I have been having fun (and also feeling embarrased for my country) about your comments on your longterm experience living in Argentina. I am a local who lived in the US for many years, and decided to come back in 2006, when it sounded like a good idea. I was able to take advantage of the 1999 and 2001-2002 downfall in real estate in Argentina and sold in the US just before the 2008 downfall there. So, all in all, I can't complain.

However, now that I'm all invested in real estate locally, I was looking for ways to finance building a house, but find myself without financial options here and in the US. I do have a US income and double citizenship, but it's been impossible to find a financial institution in the US that would provide financing for a foreign investment.

Are you aware of any such institutions by any chance?

Will keep on reading your posts as I find them very educating and entertaining.

 

[earlyretirement]

Hi Earlyretirement, I have been having fun (and also feeling embarrased for my country) about your comments on your longterm experience living in Argentina. I am a local who lived in the US for many years, and decided to come back in 2006, when it sounded like a good idea. I was able to take advantage of the 1999 and 2001-2002 downfall in real estate in Argentina and sold in the US just before the 2008 downfall there. So, all in all, I can't complain.

However, now that I'm all invested in real estate locally, I was looking for ways to finance building a house, but find myself without financial options here and in the US. I do have a US income and double citizenship, but it's been impossible to find a financial institution in the US that would provide financing for a foreign investment.

Are you aware of any such institutions by any chance?

Will keep on reading your posts as I find them very educating and entertaining.

Hi TangoandJazz,

Unfortunately, NO i'm not aware of any financial institutions willing to lend for an investment in Argentina (or other countries for that matter). I know a few people that have moved their 401k retirement investments into a self-directed IRA. If you do that, then you can use the funds for a "real estate investment" in Argentina. That's the only way I know but it's not what you're talking about but if you have 401K funds in the USA you can move it over and self-direct it to invest in Argentina.