Getting dollars into Argentina to purchase real estate

[lunar]

Please send yourself $300k U.S. from your U.S. bank to your Argentina dollar account, then withdraw that $300k IN DOLLARS.

Let me guess, any amount less than 300k is not considered to be a proof?

Perhaps I'm slow, but why would anyone always send themselves dollars here?

It is kind of unusual to keep money in Argentinean pesos outside of the country.

 

[Utopos]

Wrong guess. That particular amount isn't significant, just real money not chump change.

Your other statement is true but irrelevant to the issue. As it implies, pesos are the local currency and I've never had to send myself dollars to obtain them. Only for real estate.

 

[Silvie]

Well, it depends on the amount you are sending. My wife was blocked by Western Union after sending her about 15 000 USD in 3 weeks (AFIP investigation). The banks are more controlled, have more regulations than WU. I would never wire USD to a bank in Argentina to buy properties. In the worst case necenario, they could give you pesos at the official rate.

Like I said before, I transfer USDs to myself from my bank abroad to my local bank. I never need to use Western Union for any reason.

 

[Silvie]

Apologies if what I said/was told is untrue, though I don't know exactly what you mean by "home banking". My bank calls sending funds like that a wire transfer. Please send yourself $300k U.S. from your U.S. bank to your Argentina dollar account, then withdraw that $300k IN DOLLARS. If you are able to do that, PLEASE tell us --- you could have saved me and others much aggravation.

Perhaps I'm slow, but why would anyone always send themselves dollars here?

It is called "home banking" in Argentina, it is an international wire transfer which you process through "online banking" from the convenience of your home

 

[Utopos]

Silvie, that's what I thought you were saying regarding home banking. I believe you, but I don't understand how you're able to do that. Everyone I spoke with (both in and out of the banking/financial community) stated that my international wire transfer to my dollar account in Argentina would be converted into pesos at the official rate (termed pesofication). This includes many people without a vested interest, only trying to help and not to steer business their way.

This issue isn't one important to me now personally, as I've only needed to obtain dollars in Argentina to purchase a house, which I've already done. But you may be able to help others trying to buy a house or apartment, which was my reason for starting this thread.

Western Union and similar business are used to, ultimately, obtain pesos not dollars (though the initial denomination sent is dollars). Do you wire yourself dollars, collect those dollars in Buenos Aires, then at some point find someone to exchange those dollars for pesos (which I assume you use to live here)? This question is actually about currency rather than your personal financial habits --- following the money, so to speak.

 

[Silvie]

Western Union and similar business are used to, ultimately, obtain pesos not dollars (though the initial denomination sent is dollars). Do you wire yourself dollars, collect those dollars in Buenos Aires, then at some point find someone to exchange those dollars for pesos (which I assume you use to live here)? This question is actually about currency rather than your personal financial habits --- following the money, so to speak.

Yes. If your receiving local bank account is in pesos and dollars, you contact the "oficina of comercio exterior" of your local bank by e-mail and ask for instructions to send a wire transfer from your own bank account abroad in USDs, they walk you through the process. If it is your own account in USDs overseas, they call it a "mirror account", and they allow you to bring those USDs from abroad, which you already own. Of course, there is a commission for the transaction.

 

[Utopos]

I thought you were saying that you simply transfer dollars between accounts, receiving exactly what you sent. Paying a commission makes it a bit different, a variation on other methods mentioned.

I was aware of what you do but couldn't do it myself. Only Banco Piano would give me a dollar account, and it isn't possible to send a wire transfer from Schwab to Banco Piano for dollars (due to a Catch-22 between BCRA and U.S. regulations). BBVA said they'd eventually give me a dollar account, but couldn't/wouldn't say if I'd receive pesos (official rate) or dollars until AFTER I made a transfer (!). I asked twice, to ensure I wasn't misunderstanding. I was not.

If your commission rate is greater than 1%, Franco Tealdi (see above) would be able to save you money on your transfers. Mine went from Schwab into Banco Piano in a matter of hours, and any ARG dollar account can be used. The process is simple and Franco is extremely helpful.

 

[Sam Bartolo]

Has anyone found a simple way of buying house in Argentina with US Dollars ? HSBC has an account that can send US Dollars to HSBC in Argentina has anyone heard of this?

Ill be moving to Argentina and theres so much to learn and I feel like my dog chasing his tail, from marraige to getting my belongs there. . Looking forward to the change.

 

[Alby]

The simplest way is to find a seller (as I did, and it is reasonably common I think, even at the lower end of the market) with an account in the US.

 

[Neil]

Correct me if I'm wrong,but I believe it is possible to wire USD to your USD account here and withdraw USD w/commission for a verified real estate transaction...By verified I mean you have a legal offer to purchase (escritura,) in hand and your bank is agreeable,to recieving the wire amount (U$S),which is paid out solely for completing the real estate transaction. Again it depends on your relationship with your bank I guess.