How To Get Pesos Into Dollars In The Us?

[Illinoisjoe]

Hi all, forgive me because I'd bet this was covered once here but the search function isn't the greatest and the laws change so fast I'm hoping for a fresh answer:

My girlfriend is from Argentina and will soon be living in the US with me for the foreseeable future. She is also in the states with me right now. We are trying to figure out the best way for her to get about ARS $15,000 into US dollars into a bank account in the states.

We could try to use US ATMS right now, or wait until she goes back to Argentina and do whatever else is recommended. I've heard there's some way to invest in US companies in the argentine stock market. Is that possible for such a small amount? Any other clever options?

We tried using her credit and debit card to withdraw money from an ATM here today, but with no success. Does Argentina impose daily limits on withdrawals? We stopped trying after it rejected our attempt to withdraw $100 USD, figuring that any lower might not be worth it once you add on the $3 transaction fee, and that we'd better do some research first on the conversion rate.

Thanks!

 

[ajoknoblauch]

Hi all, forgive me because I'd bet this was covered once here but the search function isn't the greatest and the laws change so fast I'm hoping for a fresh answer:

My girlfriend is from Argentina and will soon be living in the US with me for the foreseeable future. She is also in the states with me right now. We are trying to figure out the best way for her to get about ARS $15,000 into US dollars into a bank account in the states.

We could try to use US ATMS right now, or wait until she goes back to Argentina and do whatever else is recommended. I've heard there's some way to invest in US companies in the argentine stock market. Is that possible for such a small amount? Any other clever options?

We tried using her credit and debit card to withdraw money from an ATM here today, but with no success. Does Argentina impose daily limits on withdrawals? We stopped trying after it rejected our attempt to withdraw $100 USD, figuring that any lower might not be worth it once you add on the $3 transaction fee, and that we'd better do some research first on the conversion rate.

Thanks!

You simply can't use an Argentine debit or credit card to get cash, unless you overpay with credit and get change back. Try purchasing something for a friend and have him/her reimburse you with US cash, but you'll still pay the 35 percent Argentine tax penalty.

 

[ARbound]

Here's your dollars:

 

[kellrobinson]

I've heard there's some way to invest in US companies in the argentine stock market. Is that possible for such a small amount?

The stock market technique is "contado con liquidation."
Here's a page that explains it
http://www.taringa.net/posts/economia-negocios/16802282/Contado-con-liqui-como-funciona-exactamente.html
You need bank and brokerage accounts in both countries.
As for other options, she could send you money through PayPal. That way you get the official exchange rate, which is very advantageous for changing pesos into dollars, but then Arg takes out a vig of 35%. Paypal fee for foreign transactions is 3.9%. That's prolly your most sensible option. I've received money from an Argy friend through paypal so I know it works.

 

[Rich One]

You simply can't use an Argentine debit or credit card to get cash, unless you overpay with credit and get change back. Try purchasing something for a friend and have him/her reimburse you with US cash, but you'll still pay the 35 percent Argentine tax penalty.

Good suggestion , we are talking of about US1500 at the tarjeta rate--!!

 

[ghost]

wait until she returns to AR

 

[Rich One]

The stock market technique is "contado con liquidation."
Here's a page that explains it
http://www.taringa.n...xactamente.html
You need bank and brokerage accounts in both countries.
As for other options, she could send you money through PayPal. That way you get the official exchange rate, which is very advantageous for changing pesos into dollars, but then Arg takes out a vig of 35%. Paypal fee for foreign transactions is 3.9%. That's prolly your most sensible option. I've received money from an Argy friend through paypal so I know it works.

Contado con liqui... is an option for sums over 10 K ?

 

[Illinoisjoe]

Thanks to all, I think the credit card route is going to be the best for us, since it is a relatively small amount. We'll have her pay for lots of stuff here and I'll give her cash in return. Even with the 35% that comes out to be a pretty good rate.

 

[kellrobinson]

Contado con liqui... is an option for sums over 10 K ?

Maybe if you're talking 10k USD. 10k ARS is a skimpy figure to buy stocks with, but it might work.
There are discount brokers in the US where the fees won't kill you, but I have no experience of Argentinian brokers.
Would be interesting to hear from someone who has actually traded through an Argentinian broker.