Getting dollars into Argentina to purchase real estate

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I'm a retired U.S. citizen with permanent resident status in Argentina. Earlier this year I sold my house in the U.S. and moved permanently back to Argentina, where I recently purchased another house. This proved to be far more difficult than expected, even though I'd researched things for months prior to making the relocation decision. I hope what I've learned can be useful to others.

Two major issues needed to be addressed:
1) whether to sell everything before moving and start over (again) OR ship all my belongings to Argentina
2) Getting sufficient dollars into Argentina to purchase real estate, which is done in dollars.

I discuss #1 in a previous post (Shipping household good to or from Argentina).

This post is about Issue #2: Getting dollars into Argentina to purchase real estate

Now things get tricky.

While researching, I was told variations of how easy it is to bring in dollars from outside Argentina. While the information was well-intended, it had either it had not been done recently or the amount obtained was actually trivial. Remember... common transfer methods will be converted into pesos as soon as they cross the electronic border. You won't end up with dollars, which are required for most real estate transactions, AND you'll get your pesos at the official rate, far below the dollar's actual value. Bad bad bad.

The government here constantly closes loopholes and changes the rules for obtaining dollars, making it more difficult always. What might have worked several years ago, or last week, might today be just another dead end. Keep this in mind when considering a real estate purchase, using due diligence before signing a contract.

The simplest solution, and the one my seller initially desired, was to directly transfer the dollar purchase price into a foreign (i.e. non-Argentina) bank account. This can still work, but NOT for Uruguay. AFIP has recently instituted very punitive measures against Argentinos doing this in that particular country.

Some people recommended using financieras to move the money into Argentina. The plan is to transfer dollars into their account somewhere outside Argentina and be given dollars in Argentina a few days later. This requires trust... LOTS of trust. Essentially it means handing a stranger a LARGE amount of money and then hoping they give it back to you here, for a percentage. Perhaps you can find one you can sufficiently trust. I could not. Of the three I met with, none inspired anything but suspicion and/or outright distrust.

Yes, you can make runs to Colonia, bringing back $10k each time (if you've set up a bank account in Uruguay). Rather impractical, that.

After many frustrating disappointments, I did finally find a reliable way to get dollars from the U.S. into Argentina. And I found two different ways to use essentially the same method. It is legal, and should remain viable in the future.

After reading several posts here by HenryNisental, I contacted Banco Piano (many thanks Henry!) They took all my personal information, bank records, IRS returns, sales contract of my U.S. property, etc. and agreed to open a dollar account for me (along with a peso account). THIS IS IMPORTANT.

Without a dollar account, there would not be a way to obtain actual dollars when making a transfer. Instead the dollars would be converted into pesos. Bad bad bad... I tried opening a dollar account in 4 other banks and none would give me one, even though I'm a permanent resident. Some just said "no", while BBVA wouldn't do it until I'd had an account for more than 6 months. Maybe not an issue for some, but it was for me.

Banco Piano specializes in transferring foreign pensions of retirees into Argentina, from both the U.S. and Europe. As most pensions are paid monthly, a deposit into my dollar account (for example) can ONLY be done once per month due to BCRA (Banco Central) regulations, a small but important point to remember. Make a 2nd transfer and your account will be locked.

Loosely speaking, this is how Banco Piano is able to get you dollars: with your money (pension or bank transfer), they buy stocks or bonds using their account in the U.S. They then transfer those stocks or bonds into their Argentina account and quickly sell them. As all stock/bond transactions in Argentina are officially done in U.S. dollars, like magic you now have dollars deposited into your dollar account.

Banco Piano charges 5% for this service, but the cost can be paid in pesos at the official rate so the effective cost is closer to 3%. I was unable to use Banco Piano for the transfer, due to particular personal circumstances (my only U.S. bank is Schwab, which ultimately resulted in a conflict between Federal Reserve and BCRA regs).

But the dollar account I now had was still very valuable.

I found another company that does the same process with stocks and bonds that Banco Piano does (though only for dollars), but without the above-mentioned regulation conflict. Not only do they charge only 1% instead of 5%, the broker is a noted economist, professor, and a close personal friend of my brother-in-law. He's a financial wizard that I trust 100%, and without him I'd be renting now instead of owning a home.

The company is Inviu, and the broker is Franco Tealdi (fluent in English btw). And unlike Banco Piano, he can move money in both directions, helpful for those needing to move dollars out of Argentina. Franco specializes in wealth management, and I highly recommend him to anyone needing to move money or optimize their resources.

Franco Tealdi:
[email protected]
Franco Tealdi Twitter 54 9 351 266-1022 WhatsApp [his preferred method]


Good luck and best wishes...
 
I'm a retired U.S. citizen with permanent resident status in Argentina. Earlier this year I sold my house in the U.S. and moved permanently back to Argentina, where I recently purchased another house. This proved to be far more difficult than expected, even though I'd researched things for months prior to making the relocation decision. I hope what I've learned can be useful to others.

Two major issues needed to be addressed:
1) whether to sell everything before moving and start over (again) OR ship all my belongings to Argentina
2) Getting sufficient dollars into Argentina to purchase real estate, which is done in dollars.

I discuss #1 in a previous post (Shipping household good to or from Argentina).

This post is about Issue #2: Getting dollars into Argentina to purchase real estate

Now things get tricky.

While researching, I was told variations of how easy it is to bring in dollars from outside Argentina. While the information was well-intended, it had either it had not been done recently or the amount obtained was actually trivial. Remember... common transfer methods will be converted into pesos as soon as they cross the electronic border. You won't end up with dollars, which are required for most real estate transactions, AND you'll get your pesos at the official rate, far below the dollar's actual value. Bad bad bad.

The government here constantly closes loopholes and changes the rules for obtaining dollars, making it more difficult always. What might have worked several years ago, or last week, might today be just another dead end. Keep this in mind when considering a real estate purchase, using due diligence before signing a contract.

The simplest solution, and the one my seller initially desired, was to directly transfer the dollar purchase price into a foreign (i.e. non-Argentina) bank account. This can still work, but NOT for Uruguay. AFIP has recently instituted very punitive measures against Argentinos doing this in that particular country.

Some people recommended using financieras to move the money into Argentina. The plan is to transfer dollars into their account somewhere outside Argentina and be given dollars in Argentina a few days later. This requires trust... LOTS of trust. Essentially it means handing a stranger a LARGE amount of money and then hoping they give it back to you here, for a percentage. Perhaps you can find one you can sufficiently trust. I could not. Of the three I met with, none inspired anything but suspicion and/or outright distrust.

Yes, you can make runs to Colonia, bringing back $10k each time (if you've set up a bank account in Uruguay). Rather impractical, that.

After many frustrating disappointments, I did finally find a reliable way to get dollars from the U.S. into Argentina. And I found two different ways to use essentially the same method. It is legal, and should remain viable in the future.

After reading several posts here by HenryNisental, I contacted Banco Piano (many thanks Henry!) They took all my personal information, bank records, IRS returns, sales contract of my U.S. property, etc. and agreed to open a dollar account for me (along with a peso account). THIS IS IMPORTANT.

Without a dollar account, there would not be a way to obtain actual dollars when making a transfer. Instead the dollars would be converted into pesos. Bad bad bad... I tried opening a dollar account in 4 other banks and none would give me one, even though I'm a permanent resident. Some just said "no", while BBVA wouldn't do it until I'd had an account for more than 6 months. Maybe not an issue for some, but it was for me.

Banco Piano specializes in transferring foreign pensions of retirees into Argentina, from both the U.S. and Europe. As most pensions are paid monthly, a deposit into my dollar account (for example) can ONLY be done once per month due to BCRA (Banco Central) regulations, a small but important point to remember. Make a 2nd transfer and your account will be locked.

Loosely speaking, this is how Banco Piano is able to get you dollars: with your money (pension or bank transfer), they buy stocks or bonds using their account in the U.S. They then transfer those stocks or bonds into their Argentina account and quickly sell them. As all stock/bond transactions in Argentina are officially done in U.S. dollars, like magic you now have dollars deposited into your dollar account.

Banco Piano charges 5% for this service, but the cost can be paid in pesos at the official rate so the effective cost is closer to 3%. I was unable to use Banco Piano for the transfer, due to particular personal circumstances (my only U.S. bank is Schwab, which ultimately resulted in a conflict between Federal Reserve and BCRA regs).

But the dollar account I now had was still very valuable.

I found another company that does the same process with stocks and bonds that Banco Piano does (though only for dollars), but without the above-mentioned regulation conflict. Not only do they charge only 1% instead of 5%, the broker is a noted economist, professor, and a close personal friend of my brother-in-law. He's a financial wizard that I trust 100%, and without him I'd be renting now instead of owning a home.

The company is Inviu, and the broker is Franco Tealdi (fluent in English btw). And unlike Banco Piano, he can move money in both directions, helpful for those needing to move dollars out of Argentina. Franco specializes in wealth management, and I highly recommend him to anyone needing to move money or optimize their resources.

Franco Tealdi:
[email protected]
Franco Tealdi Twitter 54 9 351 266-1022 WhatsApp [his preferred method]


Good luck and best wishes...
Thank you for this thorough and useful explanation! I wish I had had it last fall when we bought our house...
 
BBVA wouldn't do it until I'd had an account for more than 6 months
Would BBVA have charged 5% of the transferred amount after the six months waiting period? Do banks in Argentina have foreign currency accounts which allow transactions in a variety of foreign currencies in addition to USD?
 
Would BBVA have charged 5% of the transferred amount after the six months waiting period? Do banks in Argentina have foreign currency accounts which allow transactions in a variety of foreign currencies in addition to USD?
I was told by Banco Provincia a few months back that I could transfer enough dollars for a real estate purchase from the US to my BP dollar account without a problem. They quoted me 2% when Banco Pianos was saying 4.5%. They said all I would have to do once it arrived was send them a copy of my US bank statement, showing that the money had come from my US account.
 
The other option is buying directly from a well-known big construction company. Some of them have properties ready to move in and some have projects ready within a few months/years. These construction companies have bank accounts in the US to transfer the money without any commission ETC. In my case, everything was signed and certified by a notary; the sale was official so I wasn't worried to transfer to their US accounts. I must precise that I am paying my apartments in "Cuotas" though. If you are willing pay rent for a few months (can be less than 6 months). That can be a very good option to consider. The other thing to consider, the price they declare to the notary was 30% less than the real price.

PS: Buying like this in pesos, the price will raise every month depending of the percentage of the inflation; in dollars, the price is the price at signing.
 
The other option is buying directly from a well-known big construction company. Some of them have properties ready to move in and some have projects ready within a few months/years. These construction companies have bank accounts in the US to transfer the money without any commission ETC. In my case, everything was signed and certified by a notary; the sale was official so I wasn't worried to transfer to their US accounts. I must precise that I am paying my apartments in "Cuotas" though. If you are willing pay rent for a few months (can be less than 6 months). That can be a very good option to consider. The other thing to consider, the price they declare to the notary was 30% less than the real price.

PS: Buying like this in pesos, the price will raise every month depending of the percentage of the inflation; in dollars, the price is the price at signing.

I’ve been looking into something similar. I think it’s called “En Pozo”? If you don’t mind answering some questions on your experience, I’d really appreciate it.

Which construction company did you use, and would you recommend them?
What percentage did you need to pay upfront, and was there an advantage being able to pay in pesos? As in you could take advantage of a better exchange rate.
If you have any further info to share on your experience, I'd definitely be interested in it.

I'll be back in BA next month, so was waiting to be there to start investigating it some more.
 
While researching, I was told variations of how easy it is to bring in dollars from outside Argentina. While the information was well-intended, it had either it had not been done recently or the amount obtained was actually trivial. Remember... common transfer methods will be converted into pesos as soon as they cross the electronic border. You won't end up with dollars, which are required for most real estate transactions, AND you'll get your pesos at the official rate, far below the dollar's actual value. Bad bad bad.

This is not true. I always transfer myself USDs via home banking from my US bank account and receive USDs in my Buenos Aires bank account (in USDs). I withdraw US dollar bills from my bank whenever I want. My local account is in pesos and USD.
 
I’ve been looking into something similar. I think it’s called “En Pozo”? If you don’t mind answering some questions on your experience, I’d really appreciate it.

Which construction company did you use, and would you recommend them?
What percentage did you need to pay upfront, and was there an advantage being able to pay in pesos? As in you could take advantage of a better exchange rate.
If you have any further info to share on your experience, I'd definitely be interested in it.

I'll be back in BA next month, so was waiting to be there to start investigating it some more.
I am with Groupo Betania. www.grupobetania.com. I don't know if they work in BA. I also met with Home Group/ Brothers developer in BA but after consideration, I realized it was best for me to invest in Córdoba rather than BA. I bought two apartments with Betania and I am highly satisfied.
Now, buying in pesos or USD depends on the risks someone is willing to take. In USD, it's stable, fixed price; buying a 100 000 USD apartment, you'll pay 100 000 USD even if the apartment will be in 2 years. However, buying in pesos, the amount of the "cuotas" will go up every month in relation to the inflation but with the dollar going up or down down, you may end up paying the apartment for 80 000 USD or 120 000 USD (Instable, risky). Normally, the request a 30% down, but with the current situation/market, everything is negotiable. Also, dealing with a serious/renowned contruction company, the risks you will lose your money is null.
 
This is not true. I always transfer myself USDs via home banking from my US bank account and receive USDs in my Buenos Aires bank account (in USDs). I withdraw US dollar bills from my bank whenever I want. My local account is in pesos and USD.
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.
 
This is not true. I always transfer myself USDs via home banking from my US bank account and receive USDs in my Buenos Aires bank account (in USDs). I withdraw US dollar bills from my bank whenever I want. My local account is in pesos and USD.
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?
 
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