pesos into usd

[Ana Berger]

Hi, I have an apartment in BA and receive rent in USD. At least, that is till September when the real estate agency started to accept the rent in pesos without asking me.

I was told that it is very difficult now to convert pesos in usd (unofficial rate is 5?) and hence the payment in pesos.

Now I like to transfer the rent to my overseas account in the country I am resident in.

Question: can I convert against the official rate or should I also get the unofficial rate (loosing apx 17% of my rent in conversion costs).

Anyone has experience with this?

Thanks, Ana

 

[el_expatriado]

Hi, I have an apartment in BA and receive rent in USD. At least, that is till September when the real estate agency started to accept the rent in pesos without asking me.

I was told that it is very difficult now to convert pesos in usd (unofficial rate is 5?) and hence the payment in pesos.

Now I like to transfer the rent to my overseas account in the country I am resident in.

Question: can I convert against the official rate or should I also get the unofficial rate (loosing apx 17% of my rent in conversion costs).

Anyone has experience with this?

Thanks, Ana

If you are going to take pesos for your rent, you should insist on the blue rate so that you don't lose out when you transfer the funds. What happened here is the agency lowered the rental prices for your tenants by 17% by accepting pesos at the official rate (which is not the real rate).

You should insist on payment in dollars or else use the informal rate if they are going to pay you in pesos(you can check it here: http://www.ambito.com/economia/mercados/dolar.asp

Don't take the hit on this. If you have a contract that states payment in dollars, enforce it.

 

[ghost]

If you are going to take pesos for your rent, you should insist on the blue rate so that you don't lose out when you transfer the funds. What happened here is the agency lowered the rental prices for your tenants by 17% by accepting pesos at the official rate (which is not the real rate).

You should insist on payment in dollars or else use the informal rate if they are going to pay you in pesos(you can check it here: http://www.ambito.com/economia/mercados/dolar.asp

Don't take the hit on this. If you have a contract that states payment in dollars, enforce it.

Contracts written in dollars are non binding and unenforceable. Good luck

 

[rihornos]

If Contracts are written in dollars but at the official rate set by Banco de la Nacion Argentina and paying in dollars is not compulory, I have a flat and if people dont have dollars they pay at that official rate not at a rate set by me or the tennant
Reina

 

[kolyiken]

My perception on the matter: in ArgieLand we have come a very long way regarding to contracts. My advice is to negotiate a mix between official and blue (sort of 4.75 at this point) or suggest a 10% decrease and get the dollars.

There´s no point in enforcing your contract. Probably you have the right and the means, but loosing your tenant at the middle of the road is not good, and your next tenant will give you pesos at a K-rate.

Last: Ambito Financiero´s rate is a good estimation, but you should check in several "cuevas" before.

 

[el_expatriado]

Your contract is obviously not very good. Here's a clause I used when i lent USD to an Argie. You can do something similar when you rent your apartment:

El pago de las sumas consignadas en las CLÁUSULA SEGUNDA deberá
efectuarse exclusivamente en DOLARES BILLETES ESTADOUNIDENSES. Si por
causas legalmente admisibles fuere menester determinar una equivalencia entre el
dólar estadounidense y la moneda nacional, sin perjuicio de la obligación de abonar en
moneda extranjera, se tomarán la cantidad de pesos necesarios para adquirir un dólar
estadounidense en los mercados libres de Nueva York o Montevideo, a opción de LA
DEUDORA. En todos los casos, se computará la cotización del mercado vigente a
la fecha del pago. Todos los gastos, comisiones e impuestos que se generen correrán
por cuenta de LA DEUDORA. Para determinar la cotización podrá optar por tener
en cuenta aquella que publique cualquier diario en las ciudades de Buenos Aires,
Montevideo o Nueva York, o la que suministre cualquier Banco, Casa de Cambio
o Casa Bancaria que LA ACREEDORA elija de cualquiera de las citadas plazas.
En todos los supuestos, la equivalencia será meramente provisoria y no implicará
novar el objeto debido, que continuará siendo la moneda extranjera mencionada en la
CLÁUSULA SEGUNDA.

For those of you who don't read Spanish, it states that if you can't pay in dollars then you have to give me the amount of pesos I need to buy dollars in Montevideo or New York and pay all the commissions and taxes necessary for me to do that operation.

Don't let the Argies take advantage of you. They are F***ING you over because you are a foreigner. They can buy dollars in the blue market and pay you in dollars like they are supposed to. Don't let them off the hook. I owe dollars on my mortgage here and if you think that an Argie is going to let me off the hook because of the exchange controls, forget about it. They want every single dollar back and they won't give me a receipt if I go to pay with pesos and they'll start charging interest until I show up with the dollar bills. I suggest you do the same. If your rental agency won't do this, fire them and get someone new.