Is Mendoza Nice?

[Alby]

Never use your foreign atm or credit card in AR. You don't want the official rate whatever you do.

In other words, you can bring to Argentina the debit card you use to withdraw money from ATMs in the UK. You can put your card into most ATMs in Argentina and withdraw money directly from your UK account, which will come out of the ATM into your hand in pesos. But (i) you will pay a hefty fee (probably both your bank and the bank that owns the ATM will charge you) and (ii) the amount that comes out into your hand in pesos will be far far less than the amount you would have received had you done the transaction via the transfer service and collected the money from the local office of the transfer service (because the ATM transaction will give a much lower exchange rate (the official exchange rate) whereas the transfer service will give you an unofficial exchange rate--which is much much higher).

 

[steveinbsas]

Could someone explain in simple terms if I have pensions paid from the British government and a former employer in £ sterling to a British bank account (say HSBC) and there happens to be an HSBC branch in Mendoza how I go about paying for bills, shopping etc once I'm based in Argentina? Finance and planning never was my strong point.

You would need to transfer the pounds through a transfer service to your local account where they will be exchanged for pesos at what the official (or unofficial) rate is on that given day.

Just to be clear, if you use Western Union to transfer pesos converted from £ sterling from a British bank to a Western Union agency in Argentina or to an Argentine bank acount, the conversion will NOT be at the official rate of the day in Argentina. It will be at the (unofficial by definition) exchange rate of the day offered by Western Union. (obviously much higher than the offficial rate). The same would apply if you use another service such as Transferwise.

You will be able to pick up the pesos at any Western Union agency or withdraw the pesos from your Argentine bank account (if and when you have one) and the "official" rate of the day in Argentina will not apply. If I understand correctly, the conversion does not acutally happen in Argentina.

Are you suure youu will be able to receive your pension form the British government if you are living in Argentina? A few years ago someone posted they would not be able to receive their government pension if they were living in Argentina, but I am not sure if they were from GB or Canada.

 

[jeff1234]

Or if you have savings back home consider semi-annual trips to bring back half a years worth of cash. Every few weeks visit a cueva to get the latest current blue rate. No bank fees, always getting the largest number of pesos for your Pounds, no worries with AFIP, possibly paying for the trip home with your savings.

 

[Pianosteve]

Just to be clear, if you use Western Union to transfer pesos converted from £ sterling from a British bank to a Western Union agency in Argentina or to an Argentine bank acount, the conversion will NOT be at the official rate of the day in Argentina. It will be at the (unofficial by definition) exchange rate of the day offered by Western Union. (obviously much higher than the offficial rate). The same would apply if you use another service such as Transferwise.

You will be able to pick up the pesos at any Western Union agency or withdraw the pesos from your Argentine bank account (if and when you have one) and the "official" rate of the day in Argentina will not apply. If I understand correctly, the conversion does not acutally happen in Argentina.

Are you suure youu will be able to receive your pension form the British government if you are living in Argentina? A few years ago someone posted they would not be able to receive their government pension if they were living in Argentina, but I am not sure if they were from GB or Canada.

It looks like the UK state pension won't be uprated with inflation: https://www.gov.uk/government/publi...s-the-uk-has-a-social-security-agreement-with

The only way round this seems to be to keep the UK property and rent in Argentina, which wasn't what I had initially envisaged:

If you retire abroad to a country that has a social security agreement with the UK you will generally get annual increases in your state pension, just as you would if you continued to live in the UK. You can find a list of relevant countries on GOV.UK
If you retire abroad to any other country, you will not get any annual increases in your state pension. However, there is an exception – if you retire abroad ‘part-time’ but live in the UK for six months or more each year. In this instance, you will get annual increases in your state pension.

 

[Pianosteve]

Or if you have savings back home consider semi-annual trips to bring back half a years worth of cash. Every few weeks visit a cueva to get the latest current blue rate. No bank fees, always getting the largest number of pesos for your Pounds, no worries with AFIP, possibly paying for the trip home with your savings.

I don't like carrying large amounts of cash on my person. Isn't it rather tempting fate?

 

[jeff1234]

I don't like carrying large amounts of cash on my person. Isn't it rather tempting fate?

Expats frequently carry thousands of dollars, pounds and/or electronics without incident. Like anything else you'd have to weigh the risk vs rewards. For example, in the wealth tax discussions there was consideration of treating a pension as a taxable asset to prevent wealthy people from selling their condos in Miami and buying pensions. There is a small chance that this would affect you but just the possibilty shows that it's always good to avoid AFIP.

 

[Pianosteve]

Without getting too personal and boring members I've just written to my current employer regarding my occupational pension for clarification on the index-linking issue. The dilemma I have if I want to move out of the UK is the cheapest alternative would be Portugal, and apart from the language barrier the cost of living is still considerably higher than Argentina: https://www.numbeo.com/cost-of-livi...untry2=Portugal&city1=Buenos+Aires&city2=Faro

I had also considered Valletta, Malta. Each city has its advantages and its drawbacks.

 

[Pianosteve]

Expats frequently carry thousands of dollars, pounds and/or electronics without incident. Like anything else you'd have to weigh the risk vs rewards. For example, in the wealth tax discussions there was consideration of treating a pension as a taxable asset to prevent wealthy people from selling their condos in Miami and buying pensions. There is a small chance that this would affect you but just the possibilty shows that it's always good to avoid AFIP.

I just don't like the idea Jeff. Though not as elderly as Steve I wouldn't like a confrontation and there's a first time for everything. I don't blend into an Argentianian crowd, having dirty blond hair and pale complexion. In fact when I come to think of it I'd be a sitting duck..

 

[steveinbsas]

I don't blend into an Argentianian crowd, having dirty blond hair and pale complexion. In fact when I come to think of it I'd be a sitting duck..

How well do you speak Spanish?

 

[steveinbsas]

Without getting too personal and boring members I've just written to my current employer regarding my occupational pension for clarification on the index-linking issue. The dilemma I have if I want to move out of the UK is the cheapest alternative would be Portugal, and apart from the language barrier the cost of living is still considerably higher than Argentina: https://www.numbeo.com/cost-of-livi...untry2=Portugal&city1=Buenos+Aires&city2=Faro

I had also considered Valletta, Malta. Each city has its advantages and its drawbacks.

Have you looked at the real estate listings for San Raphael, Pcia. Mendoza?

You would probably encounter more expats there (perhaps a few Brits) than in the city of Mendoza.

I considered San Raphael before moving to my present location in 2010.