Open a local Bank Account in USD

[SlowWalker]

Hi, yes, you can wire transfer but why in the world would you...use a transfer company like Western Union, MoneyGram or Remitly if you are doing the monthly immigration deposit. I've been doing it into Galicia for 2.5 years by transfer company....way cheaper than a wire and faster too. Remember to check not only the transfer fees of each service but also the exchange rate they give you...banks and transfer companies can use any rate they want and any fee they want.

Just to confirm, 1) you transfer using Western Union USD to Pesos and deposit the pesos into your Galicia account?
2) Those monthly deposits are accepted by migraciones?

And, 3) Based on this, is there any reason that using DollarApp, or other that give the crypto exchnge wouldn't be accepted?

 

[sammo]

Try Bnco Piano for your house. I used them to transfer my money... Go mto main bank, Go to bac of bank then make a right to back room and speak to someone there bout your transfer. The gentleman that helped me is no longerr there. They charge a flat fee, you get dollar fr dollar.
Went very smooth,

 

[carride]

If you setup an account with Balanz (they are a broker), you can wire them the money, and then convert to pesos using the CCL (appears to be a few percent higher than the MEP rate tight now. They do charge a 1% commission.

I agree. A brokerage account has been the best way the past months. Just realize that you are not operating in the XE market, you are operating in the financial markets. It is not as simple as saying that the broker charges 1% fee for the transfer. There are two bond transactions after you SWIFT transfer from foreign account into your brokerage account. Balanz charges 0.5% per transaction, other brokers change more or some charge less, like Bull Brokers or Coco Capital.

For example, say you transfer $4000 into Argentina, they will be considered Cable dollars, which cannot be transferred to anyone. Next example step: today you only need $2000 dollars of the $4000 to be domestically transferred to your Argentina bank account for some purchase. If you do not care, just ask your broker to do it all. If you want to know the details, then do the transactions yourself:

There are few choices for the bond transactions. the volume of daily trading of AL30 has been high so that is a popular choice. The spread between that bond priced in offshore dollars (AL30C) vs priced in local dollars (AL30D) has been positive these past months, and today it is approximately 3%. This also means you will end up with more dollars than you sent, even after paying the taxes and fees.
At approximately noon today Bond Price (AL30C): $58.67 USD (per 100 units).
Using the example $2000, Gross Purchase: $1,987.74 USD
Commission (0.5%): $9.94 USD, VAT/IVA on Commission (21%): $2.09 USD
Nominal Bonds Acquired: 3,388 units, $1,999.77 USD ( $0.23 uninvested)

5 seconds later sell those bonds to the Argentina market of people who have MEP dólares
Bond Price (AL30D): $60.42 USD (per 100 units), Gross Sale: $2,047.03 USD
Commission (0.5%): $10.24 USD, VAT/IVA on Commission (21%): $2.15 USD
Total Net Received: $2,034.88 USD (MEP) 1.7% MORE USD than you spent
Transfer to your local argentina USD bank account. Must be in your name.

Or 5 seconds later sell those bonds to the Argentina market of people who have ARS pesos
Bond Price (AL30): $890,070.00 ARS per unit, Gross Sale: $3,017,691.60 ARS
Commission (0.5%): $15,088.46 ARS, Market Fees/Taxes: $75.44 ARS
Total Net Received: $3,002,527.70 ARS
Effective exchange rate $1:501.26 ARS/USD at noon today. This is how CCL is reported.
Transfer to your local argentina ARS bank account. Must be in your name.

Consider the flat rate to transfer any amount from your foreign bank/broker. Mine charges $15 USD regardless of the amount sent. Balanz is $0 to receive , and their intermediary bank is also $0


Billion