(from Ireland/EU) Non ARG Bank Account Accessible in Uruguay

[Dublin2BuenosAires]

Hi folks - our arrival is imminent, post wedding & honeymoon. We know what we're letting ourselves in for so please, no posts telling us to stay put ; )

We'd like not to transfer the bulk of our savings into an Arg bank, for obvious reasons.

I know I can open a dollar account in my Irish bank, but would face restrictions on withdrawals in Argentina.

Unfortunately a lot of the big european / UK banks which might have presence in Uruguay for over the counter withdrawals don't have a presence in Ireland, I'm thinking about Santander, HSBC etc.

If we had our money in an AIB dollar account is there any chance of opening an account in Uruguay in USD and transferring money across?

Particularly interested in any irish ex-pats out there who have cunning banking strategies they'd like to share !

Thanks. D2BA.

 

[Mano Negra]

Don't transfer your money bank to bank, you will receive the official rate. Open a stock broking account here which will allow you to buy and sell bonds and thus achieve a rate of over 6 to the US$. Also you can leave your cash in your brokers account and just go and get a cheque to cash at the Banco de Valores whenever needed. PM me if you need assistance.

 

[Antuisc]

Not sure if you have tried Citibank. I know they have a branch in Dublin - not sure where else they are around the country but they also are in Argentina. It might be worth talking to them.

I have lived in BA for a few years - don't have an Argentinian bank account so can't advise from that end.

However in the short term you could just think about transferring money into your credit card account as you need it and then take it out at a cash machine. When I do this there is no charge from my end to do this as long as I have money in my account to cover what I take out. The only downside is there is a limit to how much a person can withdraw in any one day.

 

[Dublin2BuenosAires]

Thanks for the tip, i'll send a message for details ! Anyone else ?

 

[citygirl]

Will you have residency in Argentina? If not, you won't be opening a bank account here anyway so it's a moot point.

How long are you coming for? Are you going to be buying a house here or renting? That also will determine how to proceed. Anyway, you can both bring in 9,999 USD each (19,998 in total) without declaring it. That's the easiest way to start and then just convert to pesos as needed while you decide what to do.

 

[Dublin2BuenosAires]

Hi Antuisc - i'm fairly certain CITI don't have a retail branch in Ireland. I'm off to check now tho.

 

[Dublin2BuenosAires]

Will you have residency in Argentina? If not, you won't be opening a bank account here anyway so it's a moot point.

How long are you coming for? Are you going to be buying a house here or renting? That also will determine how to proceed. Anyway, you can both bring in 9,999 USD each (19,998 in total) without declaring it. That's the easiest way to start and then just convert to pesos as needed while you decide what to do.

Yes, will have residency via marriage. My wife is a returning citizen, we own 2 properties in BA. We're coming directly from honeymoon so wouldn't be travelling with cash.

 

[nicoenarg]

Yes, will have residency via marriage. My wife is a returning citizen, we own 2 properties in BA. We're coming directly from honeymoon so wouldn't be travelling with cash.

Damn dude, I thought you were already here.

Anyway, uh, sorry can't offer any positive advice regarding Ireland but someone mentioned brokerage accounts, the government is starting to crack down on that loophole so it won't be open for too long.

Your best bet will be to open a dollar account in Uruguay or Chile or one of the more stable economies around. I'd suggest you only use the banking system in Argentina, even if you can open an account, for your Argentine income.

I don't know if your plans about coming here directly from your honeymoon are set in stone or something but would it be "affordable" for y'all to go back to Ireland and get cash as citygirl suggested? Its a lot of hassle in the beginning of your journey I guess but then you won't have to worry about the money aspect for quite some time.

PS: Stay put!

 

[Dublin2BuenosAires]

Damn dude, I thought you were already here.

Anyway, uh, sorry can't offer any positive advice regarding Ireland but someone mentioned brokerage accounts, the government is starting to crack down on that loophole so it won't be open for too long.

Your best bet will be to open a dollar account in Uruguay or Chile or one of the more stable economies around. I'd suggest you only use the banking system in Argentina, even if you can open an account, for your Argentine income.

I don't know if your plans about coming here directly from your honeymoon are set in stone or something but would it be "affordable" for y'all to go back to Ireland and get cash as citygirl suggested? Its a lot of hassle in the beginning of your journey I guess but then you won't have to worry about the money aspect for quite some time.

PS: Stay put!

We come, we go...but we'll be arriving and starting work in October. Stopping over in Ireland isn't an option. Will pursue the Uruguayan account route if possible but i understand it is becoming more difficult.

ps...the ignition sequence has been engaged, we'll be arriving after a spell of blissful leisure in a remote and sunny island.

 

[glasgowjohn]

Santander is the biggest retail bank in Uruguay . Do they operate in Dublin/

Maybe you could ask AIB who their correspondent bank is in Uruguay.