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

[Utopos]

srpez and Silvie, thanks so very much for the information. VERY useful!

 

[yyzz]

Shortly after posting here yesterday (16 July), I received an email from Banco Piano. It said they had received my transfer on 7 July and will release the funds when I drop by to sign for them. Gee... thanks. And I do so love sitting in standstill traffic for the 3-1/2+ hour round trip to simply to sign my name.

I went to Banco Piano central this morning and received profuse apologies for the unnecessary delay. I should have been notified within 24 hours or sooner. It was simply human error, which I accept as genuine. I also learned a few things, which prompt a few more questions.

The Schwab wire transfer does not go directly to Banco Piano, despite the fact I used its Ave. San Martin SWIFT code. No, it goes to their Bank of America account in NYC. A trivial detail except for the fact that BoA then charges $35 US. before passing the funds along to Banco Piano, which then charges 3%. Humm...

-What are normal fees on the Argentina end of a wire transfer?
-Though Banco Piano does not charge for a dollar account, it seems to make up for it in other ways. BBVA said it charges $45 US/ mo. for a dollar account (after a 2-year grace period?) Do any banks provide a dollar account without fees/hidden costs?

Aside from moving dollars for a real estate transaction, I'm trying to obtain pesos for our living expenses. Western Union fees has been costing me $140/mo, and with the relaxed restrictions now it seems cheaper to wire dollars and sell them to the bank for pesos when necessary (I don't live near Ave. Cambio Cambio). Suggestions are welcome.

Gracias all!

was it pretty straight forward when they ask you to provide the source of the fund? just send then bank statements in the U.S. and thats it?

 

[Utopos]

I needed to send Banco Piano a Social Security income verification letter (easily obtainable online) and my Schwab bank statements (not brokerage account) for all of this year. Nothing difficult.

 

[yyzz]

I needed to send Banco Piano a Social Security income verification letter (easily obtainable online) and my Schwab bank statements (not brokerage account) for all of this year. Nothing difficult.

did you have to write "purchasing a property" in the swift transfer memo? or just left it blank. i wonder if i should say it or just leave it blank so wont cause more issues.

 

[elhombresinnombre]

did you have to write "purchasing a property" in the swift transfer memo? or just left it blank. i wonder if i should say it or just leave it blank so wont cause more issues.

Remember, the purpose of all those questions surrounding bank transfers is to reduce money-laundering and fraud. If you think leaving a field like that blank wouldn't be a big, red flag to the systems, fair enough.

 

[Utopos]

I honestly don't recall being asked about the purpose of the transfer. Perhaps it said "optional" and I ignored it. Although my wire is for a property purchase, the amount of this particular transfer was only about $20k if that makes a difference.

 

[carride]

The process for sending money is straightforward: I log in to HSBC, initiate the transfer, and download the receipt as a PDF. A few hours later, Santander notifies me that the transfer is ready to be liquidated. I then log into my Santander account, go to "Cobros del exterior," attach the HSBC receipt, and attach proof of the source of funds (in my case, a sales invoice generated through ARCA's monotribuista portal). By the end of the day, the dollars are in my account.

Once the dollars settle in Santander, I transfer them to Cocos Capital, which offers a 4% APY on dollar balances invested in their "Dólares Ahorro" fund until I'm ready to convert them to pesos. They also pay 32% for pesos in their "Pesos Daruma" fund and provide competitive rates for currency conversion. As of today, with the official MEP at $1,280, Cocos will sell your dollars for pesos at $1,273.49.

You can also skip the step of sending to Santander argentina bank. Cocos Capital should be able to receive your USD directly via international wire transfer, right?

 

[FrankPintor]

For anyone working for a foreign company, it seems the USD 36k yearly limit (that applied for bringing in funds without having to pesify them) is now gone:

Quitan el cepo cambiario para quienes reciben dólares por trabajar para empresas extranjeras

Hasta ahora, las personas físicas hacían trabajos free lance para empresas extranjeras podían recibir hasta 36.000 dólares anuales y debían liquidar en pesos el excedente: ese límite fue eliminado

www.infobae.com

You should now be able to bring in unlimited funds by wire transfer and withdraw them in USD from your bank.

 

[SlowWalker]

I've done it without issue multiple ways.
1) as srpez mentioned
2) directly to Balanz (broker similar to cocos capital and others in the country to convert to pesos)
3) wise transfer to Santander

In terms of speed and required effort I would rank them 3), 1), 2).

 

[carride]

I've done it without issue multiple ways.
1) as srpez mentioned
2) directly to Balanz (broker similar to cocos capital and others in the country to convert to pesos)
3) wise transfer to Santander

In terms of speed and required effort I would rank them 3), 1), 2).

For #2 it can be done in less than an hour if all moves well. Depends on your foreign wire which often can be very quick. Even if your foreign bank charges a fee, plus with the buy/sell brokerage fees, the final real conversion rate (when you decide to get pesos) is well above all other methods. Technically this is not a bank account, but you park your dollars or pesos there. Invest them as @srpez suggest. In a low or high risk instrument. You are not assigned a CBU/CVU though can transfer to another CBU/CVU account.
For #1 Banco Nación no longer charges any fee. Zero. even for high amounts. When wiring dollars from your international savings. Only when using their electronic WebComex self-service system. The first time will take some time to setup.