Everything About Sending Money Out Of Argentina

I just sold another property last month and just went down to Buenos Aires last week to wire the proceeds out of my account. Used HSBC again. Paid 0.5% like before. I wired the funds out at 1 PM Buenos Aires time and surprisingly by the next morning it was already in my USA bank account. Last time it took a few days but this time look less than 24 hours.

I'm completely draining my account except for a small amount to pay bills. With the recent election results, anyone would have to be crazy to keep any significant amount of money in Argentine banks. I'd imagine currency controls are going to start up again once CFK is back in office.
 

Annziebelle

Registered
Hi I need help. My mom just sold her condo and even though she's been living there for 12 years she never opened a bank account over there and she has kept getting her Social Security in the USA. She would come to the US every year pick up 10k and take it back to Argentina. Now it seems like a mission for her to open up a bank account because they are asking her for proof of income over there. Well it's in the US not there. So no bank wants to open up acct for her to transfer her funds of the sale of the condo. WHICH IS RIDICULOUS. WE do not want to use casa piano as they charge 3% or 3.5% which is robbery. Does anyone have an idea of how we can transfer the funds back to the USA? I leave next week to pick her up. If anyone can share some input please anything will help!!!!!!!!!!!!!
 

Daniel82

Registered
Hi I need help. My mom just sold her condo and even though she's been living there for 12 years she never opened a bank account over there and she has kept getting her Social Security in the USA. She would come to the US every year pick up 10k and take it back to Argentina. Now it seems like a mission for her to open up a bank account because they are asking her for proof of income over there. Well it's in the US not there. So no bank wants to open up acct for her to transfer her funds of the sale of the condo. WHICH IS RIDICULOUS. WE do not want to use casa piano as they charge 3% or 3.5% which is robbery. Does anyone have an idea of how we can transfer the funds back to the USA? I leave next week to pick her up. If anyone can share some input please anything will help!!!!!!!!!!!!!
is she a resident like with a pension visa/rentista? If so, the documents she used to get that visa should suffice... how did she buy the condo originally? Wired the money from US? The reason banks ask about income is because of now strict money laundering procedures.... HSBC Argentina was close to having to shut down when a major international audit was done a few years back. Now compliance is a HOT HOT subject. Also- Most, if not all, Argentine banks will charge you a pretty hefty fee to wire money outside of the country.
 

jblaze5779

Registered
So I joined just to post this. I'm American working in Argentina for 10 months now. It took almost 9 months for my DNI to be created, during this time I did not have an Argentine bank account so my company just wired USD directly to my USA account. Everything was smooth and fine without a care in the world.

Fast forward to now, my DNI comes in and I "have to have an argentine bank account by law and get paid in pesos". Now currency controls come in and I can't get all my money transferred to the US. I'm also taking a bath now on the BBVA dollar buy rate being about 5% less than the spot rate. So now they want me to open an "argentina stock account" and buy some kind of bond that I should be able to buy here and sell in the US. This is going to further cut into my pay with percentages and fees given to banks.

How are people getting money out of the god forsaken county? I've never lived anywhere where mediocrity is acceptable like it is here. I could rant on for hours about it.

Do I physically need to carry it every couple months to the US?
 

camel

Registered
Do I physically need to carry it every couple months to the US?
If it's under US $10k that's probably what I'd do.. it's easy. Only downside is risk of losing it. If you're technical you could look into Bitcoin but most people either love it or hate it. If you're new to it, it comes with its own risks.
 

Annziebelle

Registered
So we were able to finally open an account at Supervielle and just transfer the funds to our Bank of America account. We sent the whole sale of the condo that way. Don't you have a Dollar account over there? It sucks if your USD is getting converted to pesos.
Have you thought about using a bank in URUGUAY? I hear its easier and safer. All you have to do is take the ferry and come and go.
IT SUCKS but... Can't your company deposit the funds in the USA and then you have someone Western Union the money to you?
Just trying to come up with ideas man. THis sucks
 

Johnny

Veteran
So I joined just to post this. I'm American working in Argentina for 10 months now. It took almost 9 months for my DNI to be created, during this time I did not have an Argentine bank account so my company just wired USD directly to my USA account. Everything was smooth and fine without a care in the world.

Fast forward to now, my DNI comes in and I "have to have an argentine bank account by law and get paid in pesos". Now currency controls come in and I can't get all my money transferred to the US. I'm also taking a bath now on the BBVA dollar buy rate being about 5% less than the spot rate. So now they want me to open an "argentina stock account" and buy some kind of bond that I should be able to buy here and sell in the US. This is going to further cut into my pay with percentages and fees given to banks.

How are people getting money out of the god forsaken county? I've never lived anywhere where mediocrity is acceptable like it is here. I could rant on for hours about it.

Do I physically need to carry it every couple months to the US?
Find someone willing to accept cash dollars from you and they transfer their dollars via Paypal to you. That works for some folks I know.
 

sts7049

Registered
So I joined just to post this. I'm American working in Argentina for 10 months now. It took almost 9 months for my DNI to be created, during this time I did not have an Argentine bank account so my company just wired USD directly to my USA account. Everything was smooth and fine without a care in the world.

Fast forward to now, my DNI comes in and I "have to have an argentine bank account by law and get paid in pesos". Now currency controls come in and I can't get all my money transferred to the US. I'm also taking a bath now on the BBVA dollar buy rate being about 5% less than the spot rate. So now they want me to open an "argentina stock account" and buy some kind of bond that I should be able to buy here and sell in the US. This is going to further cut into my pay with percentages and fees given to banks.

How are people getting money out of the god forsaken county? I've never lived anywhere where mediocrity is acceptable like it is here. I could rant on for hours about it.

Do I physically need to carry it every couple months to the US?
welcome to the club...

for starters, even with these controls you are still able to transfer money out of the country. my understanding is the limit is 10k USD per month, but i have had some people tell me that this may not even apply to foreigners living here. i'm not sure if the second part is really true or not, but in any case if you're making less than 10k a month it shouldn't be a problem. unfortunately yes, you are going to lose when you buy dollars and again when you make a transfer out (the fees aren't terrible though) but i guess that is just a fact of life we deal with living here.

if you are getting paid in pesos "dollar equivalent" then at least you are keeping up with devaluation. although depending on when your company processes payroll, you could still lose out if the exchange rate drops between that day and the day you get paid. again, another fact of life here.

every time i travel to the USA, i take currency with me. but i don't go often enough to transfer everything i need. so far this year i have made one transfer and i need to do another soon before the elections in oct.
 
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