Has anyone successfully transferred US dollars directly into your US dollar bank account in AR

[LuckyLuke]

how about receiving money from a client abroad against a AFIP invoice as a mono tributo...no one seems to know..all give different replies

There should be a good deal of information on this forum regarding that. I would recommend searching for it under "Factura E". It's income received to your account in Argentina for work you performed (as a monotributista) for a client residing outside Argentina. They are typically invoiced in USD. To invoice a domestic client, it would be a Factura C, which is typically invoiced in pesos.

There are two factors to keep in mind. What your accountant will do and what the bank will do.

Here is an example:

You make $3,000 USD a month as a monotributista:

The accountant will create a Factura E for this (in USD) and you will pay the categoria taxes (Regardless of how you received the funds)
You will prepare a wire from your US based account to your Argentina USD account.
Your local bank will credit the USD to your account monthly until you hit the $24,000 annual limit.
After that you the bank will automatically convert your USD wire into pesos and credit your peso account instead of your USD account.

That's my understanding. I don't remember if they treat the transfers as an annual limit ($24,000) or as a monthly limit ($2,000). Perhaps some other members here can chime in. Your accountant or bank should be able to inform you.

 

[rob0001]

Thanks for all the info...it was as I thought...by wire only.

 

[Carloncho]

I do it all the time. A wire transfer bank to bank through homebanking in USDs. If you have an account in Argentina in USDs, ask Comercio exterior for more info @ your bank.

SIlvia, I live in the US and although I''m Argentinian I cannot open a caja de ahorro en dólares cuz I never contributed to ANSES. Any recomendantion?

 

[Silvie]

SIlvia, I live in the US and although I''m Argentinian I cannot open a caja de ahorro en dólares cuz I never contributed to ANSES. Any recomendantion?

I opened an account with Santander under the same circunstances, your account there is automatically in 2 currencies from the beginning: pesos and US dollars, so if I did it, you can also do it and with each transaction you specify each time if you want to use USDs or ARS

 

[Carloncho]

SIlvia, I live in the US and although I''m Argentinian I cannot open a caja de ahorro en dólares cuz I never contributed to ANSES. Any recomendantion?

I do it all the time. A wire transfer bank to bank through homebanking in USDs. If you have an account in Argentina in USDs, ask Comercio exterior for more info @ your bank.

Thanks for the info. If I go back and I do that, maybe I avoid the WU fees for my monthly SS transfers!

 

[liponlegs23]

SWIFT. No problem. Not only that, I could walk into the bank and take my Dollars home with me.

Caveats: If you hit the yearly limit for whatever tax category you might be, things will become more difficult. Not impossible, there are ways. I work as a self-employed person (monotributista) and declare foreign income, there is a defined limit for how much I can bring in per year without it being pesified.

You will probably need to fill out the appropriate forms to explain why your funds shouldn't be pesified (at the official rate).

Hi Frank, just posted in the forum but saw your message. I'm applying for a contract/freelance role in th US and they want to move forward with my application but first they've emailed me to ask:

"Before we proceed, I know you're based in Argentina, which comes with some extra tax considerations, since we're US-based. Are you a tax resident of Argentina, or elsewhere? If you have experience consulting for US-based companies, that would be really helpful to hear more about.".

I don't have experience consulting for US based companies so I'm wondering if you could share your experience with that? Is it complicated tax wise for the US company to have to pay a monotributista in Argentina for instance? That's my main concern as it's a job I really want and don't want the woman to be put off by my location! I'm happy to emit a Factura E and have a USD account here to receive a SWIFT payment in USD. I also have a couple of accountant friends who can help my end.
Also, how much do the banks charge to receive a SWIFT payment in USD? I've heard it's a lot!

 

[yyzz]

Yes, I wired myself $160k to purchase a property. BofA international wire directly to BNA dollar account. Cost was $125 base fee and something like 0.35% of the amount.

Hey Luke, if as a foreigner with a usd account in Galicia or BNA, theres no limit if i want to transfer money from USA to Argentina to buy a property and no extra tax and fees besides the 0.35% fee? i assume when using "P10" when doing swift transfer.

 

[LuckyLuke]

Hey Luke, if as a foreigner with a usd account in Galicia or BNA, theres no limit if i want to transfer money from USA to Argentina to buy a property and no extra tax and fees besides the 0.35% fee? i assume when using "P10" when doing swift transfer.

Howdy yyzz,

I will tell you my experience, however the only correct answer to your question is to go the foreign department (comercio exterior) office of your Argentine bank to see what paperwork is required to successfully receive the wire and credit your Argentine dollar account.

I did a BofA to BNA wire. It had to be a "mirror" account (same owners on both ends). Be careful issuing from a Joint source account to a single owner recipient account. I had to provide evidence (IRA & bank statements) showing that the funds were repatriated savings and not undeclared income. They request that I use an intermediary NY account on the wire instructions but BofA Online does not allow that. After discussing it, they allowed me to wire it directly to my BNA account. I was required to submit the same paperwork to the intermediary bank regardless no more than 5 days after initiating the wire or the central bank would automatically pesify the received funds. There were no additional fees than the outgoing foreign wire fee ($45), the income wire fee (~$625). As I recall the intermediary bank will charge a wire fee as well (+/- $100) if you use them.

 

[yyzz]

Howdy yyzz,

I will tell you my experience, however the only correct answer to your question is to go the foreign department (comercio exterior) office of your Argentine bank to see what paperwork is required to successfully receive the wire and credit your Argentine dollar account.

I did a BofA to BNA wire. It had to be a "mirror" account (same owners on both ends). Be careful issuing from a Joint source account to a single owner recipient account. I had to provide evidence (IRA & bank statements) showing that the funds were repatriated savings and not undeclared income. They request that I use an intermediary NY account on the wire instructions but BofA Online does not allow that. After discussing it, they allowed me to wire it directly to my BNA account. I was required to submit the same paperwork to the intermediary bank regardless no more than 5 days after initiating the wire or the central bank would automatically pesify the received funds. There were no additional fees than the outgoing foreign wire fee ($45), the income wire fee (~$625). As I recall the intermediary bank will charge a wire fee as well (+/- $100) if you use them.

Thanks for the great info and advice, Luke. Do you remember what was the code you used when receiving the transfer, "A07 P10 etc.."? As long as you provided sufficient document supporting the fund it won't get pesified i assume? Did you have to get the bank statements etc officially translated?

 

[Utopos]

I've done 2 transfers from Schwab into my Banco Piano dollar account. The first was a small trial amount as I'd never done it before, As I had to sign some forms before it could be posted to my account, I don't know exactly how long it took to actually arrive. My second transfer, a substantial amount, was done on 7 July and still has not shown up though Schwab says all was perfect on their end. How long do suchwires normally take?