How Can I Bring Money to Argentina/Uruguay?

[wrangler]

If you were coming to Argentina, I would say Bitcoin because it has a very active market, You could easily buy the btc in the US, and resell it here in Buenos Aires. From a Security standpoint, it would be your safest way. Even though it's perfectly legal money like you say, I would recommend you check with an accountant here first to make sure that the trail of the money is accepted by the afip, vs doing a bank transfer from the US to Argentina.

I don't think Banks in Uruguay accept bitcoin deposits.

 

[wrangler]

20 grand in bitcoin will probably be worth 12k by the time you get here, its dropping like a stone lately. You can wire the money with no risk and less cost than bitcoin depreciation, and if you are on your toes and go straight to a bank or hotel with a safe, you should be fine carrying it. People wear watches that cost that much in Punta every day, while driving $200,000 cars. And the biggest danger is getting cut by your bombilla when you slam on your brakes.

True, there is always the risk that Bitcoin can drop, but from 20 to 12 is unlikely in the time it takes to travel from US to BA. The way to avoid this risk is to buy Bitcoin, and then send it to an exchange like Bittrex or Binance, and sell it to USDT (Tether) which are digital dollars. Then when you arrive at your destination country, you can rebuy the bitcoin at the same time you have a buyer of it, and you assume no risk what so ever.

You can also actually Register a Coinbase account in the US. Do a 20k bank transfer from your bank account to Coinbase (which is a completely legitimate site). Travel to Argentina, and then buy BTC when you have a buyer here. You actually have many options. These are all ways that you can avoid traveling with cash on hand which is always a security risk.

 

[gostomper]

I'm sure this question gets asked a lot, but I'm having a hard time finding good options.

I'm looking to transport about $20K from the USA to Uruguay. What's the best way to do this. I must emphasize this is LEGAL, taxed money that's declared to the IRS, and I'm not asking for anything illegal here. But I am looking for the safest and most discreet way to do this.

So far the most direct way I can think of doing this is to just carry the cash. I'd have to declare it at customs in the USA (and I assume also in Uruguay or Argentina) but it's legal to carry it. I'd like to know, however, if there are any problems with that. Would it be dangerous in any way?

Another way is with bitcoin. I'd like to know if banks in Uruguay accept bitcoin deposits for new accounts (and what the limits would be). I'd also like to know if you can cash in that amount of bitcoin in Buenos Aires or Montevideo (preferably in dollars).

I don't really know another way to transport it and would much appreciate some advice. I have an EU passport.

Feel free to dm me if you prefer.

if you have a US bank account, it's easy.

1. put 20k in your account- one that gives you the withdraw fees back abroad
2. take it out at the bank in either country



10k+ is asked about in Argentina customs forms

 

[Neil]

if you have a US bank account, it's easy.

1. put 20k in your account- one that gives you the withdraw fees back abroad
2. take it out at the bank in either country



10k+ is asked about in Argentina customs forms

Good luck in opening a bank account in either country w/out residency /or additional documentation ....

 

[gostomper]

Good luck in opening a bank account in either country w/out residency /or additional documentation ....

http://international.schwab.com/public/international/us_investing/us_expat_essentials

 

[domthegreat]

if one does bring in more than $10k in USD through EZE, what's the process for declaring it? Is there any risk of them flagging you for something?

 

[another]

if one does bring in more than $10k in USD through EZE, what's the process for declaring it? Is there any risk of them flagging you for something?

there is a huge risk of you being followed and robbed.

 

[Aloha Boy]

Good luck in opening a bank account in either country w/out residency /or additional documentation ....

Neil is right. If you don't have an ability to get a DNI and/or CUIL number, then the banks won't allow you to open up an local account. (At least that's been my experience.) Thus, you cannot transfer money to yourself here. And Schwab does NOT have a local office. That means you'll have to use the ATM which I haven't done yet. (long story.) Even if you can, you can only withdraw less than $100 at a time. Sucks when paying rent. I'm not sure about Transferwise, but Paypal has a low limit on how much you can transfer to yourself for pickup. You may want to look into Western Union. I hear they have great rates and I'm testing them out now.

I suggest 2 viable options that have worked for me in multiple countries in the past. OPTION 1 - have a trusted friend travel with you. Split the $20K to $10K each. Then you don't have to declare and it's legal. Store it between books in your backpack so it's hard for the xray people to differentiate. Keep a low profile through the airport. Pretend you don't understand Spanish with customs. They won't ask you much if any. This is just in the case that a rare customs agent is corrupt. Dress like a poor American backpacker. Most thieves don't target cheap backpackers. Take an airport taxi to your destination and show the address to the cab driver often using your google map (to let him know you're tracking him.) OPTION 2 - Transfer the money to a local friend's account, whom you TRUST. The banks will charge you a few bucks for the transfer. Then have the friend retrieve it for you. It's cheaper than paying for your buddy's airfare to help you bring the money.

There is a third option that's been mentioned earlier and that's to use a money transfer broker. They basically have an account in the US and a local account. You transfer money to their US account and they'll give you your money in pesos in BA minus a fee (3+ percent). Ping me if this is your last option.

 

[Neil]

From the Western Union website , payout restrictions etc..

PAYOUT RESTRICTIONS:
* Payee must present correct Money Transfer Control Number (MTCN).
GOVERNMENT RESTRICTIONS:

* Payees must present valid identification.
* Test Questions are NOT permitted in Argentina.
* Receivers must present ID copy and inform their tax identification
number.**
* Maximum Payment: 105,000 Argentine Pesos per transaction. (Verify
locations able to payout transactions for such amounts, and
locations able to pay in USD).
* The "Exchange Rate Advice" indicates a referential Exchange Rate.
The actual Exchange Rate shall be determined when paying the
transaction to the Receiver in Argentina according to the local Foreign
Exchange
regulations of said country. Considering the above mentioned, the
"Exchange Rate Advice" may differ from the actual Exchange Rate to
be used for the given transaction.
* IMPORTANT: In order to pay out a transaction, the Receiver's
information
previously entered into the system must be exactly the same as in
the names, they should all be entered into the system when sending the
transaction.

* Quick Pay and Quick Cash service from Argentina are temporarily
suspended.
** Tax ID (CUIT/CUIL/CDI) is mandatory for Argentinean and foreign
nationalized people, for tourists is not mandatory.

 

[gracielle]

From the Western Union website , payout restrictions etc..

PAYOUT RESTRICTIONS:
* Payee must present correct Money Transfer Control Number (MTCN).
GOVERNMENT RESTRICTIONS:

* Payees must present valid identification.
* Test Questions are NOT permitted in Argentina.
* Receivers must present ID copy and inform their tax identification
number.**
* Maximum Payment: 105,000 Argentine Pesos per transaction. (Verify
locations able to payout transactions for such amounts, and
locations able to pay in USD).
* The "Exchange Rate Advice" indicates a referential Exchange Rate.
The actual Exchange Rate shall be determined when paying the
transaction to the Receiver in Argentina according to the local Foreign
Exchange
regulations of said country. Considering the above mentioned, the
"Exchange Rate Advice" may differ from the actual Exchange Rate to
be used for the given transaction.
* IMPORTANT: In order to pay out a transaction, the Receiver's
information
previously entered into the system must be exactly the same as in
the names, they should all be entered into the system when sending the
transaction.

* Quick Pay and Quick Cash service from Argentina are temporarily
suspended.
** Tax ID (CUIT/CUIL/CDI) is mandatory for Argentinean and foreign
nationalized people, for tourists is not mandatory.

Neil, could you please post the specific WU link where the entire text you cite above is shown.
I did a search on the WU website:
https://www.westernunion.com/ar/en/receive-money.html. I could not find said PAYOUT RESTRICTIONS:
e.g. * Maximum Payment: 105,000 Argentine Pesos per transaction.