Moving Money

[DRSG]

Hi,

My family and I will be moving from Canada to BA in February. Reading through other posts it seems there are some "interesting" details we'll have to learn about moving money between BA and home. I'll be paid in pesos, but we'll need some start up money (rent deposits, etc.) for the first month +. Taking advantage of the blue rate seems to the order of the day.

Moving money to Argentina: Is it possible to open an account in BA in USD? If so, and I transfer money from a Canadian account (either in CAD or USD) will the money arrive on the Argentinian side as USD or pesos? Are there any limits to how much money can be transfered without causing problems (like bringing $10,000 max in cash at the border)? If we bring down CAD, is it easily exchangeable on the street at a "blue rate" like with USD?

Moving money out of Argentina: What's the best way to send USD from Argentina back to Canada?

Thanks in advance for your help.

 

[tangoallison]

Hi!
Welcome! I think the best way is to bring lots of cash. If you guys need a Nanny by the way, check out my other posts!

 

[nlaruccia]

There are a lot of posts on this subject. You should do a search and read all of them. I would forget about the option of transfering or wiring USD or CAD to and from Argentina. It will be transferred to pesos and incoming transfers can be delayed up to a month. I agree with tangoallison. Just bring cash here. Many people have to take money in and out of Argentina in small amounts in their pocket.

 

[syngirl]

Hi,

My family and I will be moving from Canada to BA in February. Reading through other posts it seems there are some "interesting" details we'll have to learn about moving money between BA and home. I'll be paid in pesos, but we'll need some start up money (rent deposits, etc.) for the first month +. Taking advantage of the blue rate seems to the order of the day.

Moving money to Argentina: Is it possible to open an account in BA in USD? If so, and I transfer money from a Canadian account (either in CAD or USD) will the money arrive on the Argentinian side as USD or pesos? Are there any limits to how much money can be transfered without causing problems (like bringing $10,000 max in cash at the border)? If we bring down CAD, is it easily exchangeable on the street at a "blue rate" like with USD?

Moving money out of Argentina: What's the best way to send USD from Argentina back to Canada?

Thanks in advance for your help.

Money would arrive here and be converted to pesos at the official rate. Not a great choice. Also, you really don't want to transfer ANY money into this country unless you are actually going to buy a home. I cannot stress this enough, KEEP YOUR MONEY IN CANADA. We are currently trying to get all of our money possible out of here and into there, and it is a bit of an ordeal.

As a citizen or resident it's pretty much impossible to do via any legal channels. You have to do a lot of work arounds (Paypal). Usually most foreigners who leave at the end of their contract come to an agreement with their company to help exchange their pesos to dollars. But frankly, it's getting more and more difficult to get money out of here. You're best to leave all the money possible in Canada, don't touch it while you're down here, and just burn through your pesos. They're not worth much anyway, and will be worth even less by the time you leave, so there's really not much you can do with them. It's a worthless currency that will not be accepted by exchange houses in Canada either.

There is a Canadian on the board that has a guy that he buys dollars from illegally -- can't remember name off hand, you have a lot of reading to do and you may come across him along the way. This is becoming pretty much the only option these days (ie people are being legally approved to buy only 19 dollars a day for a trip outside of the country etc.) You are only approved to legally change pesos to other foreign currencies when you provide proof of a trip outside of Argentina. Since you're going to be getting paid in pesos I'm assuming you're getting a work visa, so welcome to the crapshoot that is being a resident of Argentina these days. Unfortunately the rules for purchasing foreign currencies will apply to you. So you'll have to buy dollars illegally, or as I say, burn all your pesos and don't even concern yourself with trying to get them out of the country at the end of your stay.

Sorry I'm feeling very pessimistic about the situation here today, so maybe someone else can give you a better, more positive perspective!

 

[nativexpat]

Forget bringing foreign money through a bank in Argentina.

I would open a USD account in the US or Uruguay (or both places, just to have more options) and then transfer your Canadian money over any of those accounts when needed. Just take the ferry and get your dollars from the Uruguay account and exchange them here in Arg.

 

[trennod]

Syngirl pretty much sums it up. I am down here working and what I get paid through my local account here in pesos down here I spend and by no way do I do any transfers in from my Aust bank to my Arg bank to be shafted at the "official" rate. There are other ways to transfer money (opening an account in Uruguay is one as mentioned, using cuevas etc is another), but if you can cover your expenses on whatever you get paid in pesos I probably wouldnt bother.

Anything you need you should be able to cover with cash brought in the country and then you should be able to change it either on Florida or perhaps with other Argentine/expats you meet. I am sure you only want to carry what you need, but remember without declaring it you can bring in USD 10k per person. Oh and if you do bring it in that way, just change it from CAD to USD in Canada and bring down the USDs.

 

[Shoeb]

is the forex from peso to USD for some one on a trip to argentina is also restricted when one wants to convert remaining pesos into USD at the airport?

 

[citygirl]

is the forex from peso to USD for some one on a trip to argentina is also restricted when one wants to convert remaining pesos into USD at the airport?

You can't exchange it at the airport.

 

[Semur]

good luck to you

 

[DRSG]

Thanks for all the comments.

So I understand from all this that it's not possible to have a USD account in BA.

Is there any security concern bringing in $10 000 in cash through EZE?