Requirements for the proof of funds letter

[katiasmirn]

Hello,

I want to open an account with Banco Piano for buying a property.

(1) Has anyone recently used this service? Do you have an idea of transaction safety. I saw posts from 2002 recommending them but nothing recently.
(2) Do you know what are the requirements for the proof of funds letter? Can it be a copy of employment letter or tax return? Does it have to be translated into spanish and verified by the official translator service? I have only one week when I can get off work to travel and need to make sure all documents are in order. The bank does not give information by email for "security reasons".

Thank you in advance.

 

[jeanette]

Hello, I'm new on this forum and not familiar with the bank you mention.

However I have worked as a property broker and am quite familiar with a POF (proof of funds) letter for a bank/to buy property. This is a commonly used format to demonstrate that you/a potential client have the funds available to buy the property directly. It can be a part of the bank policy of KYC (know your customer) and a way for both the bank and property holder to be sure the prospect has the funds ready to be transferred/cleared.

In other words the client can pay now and they are not waiting for some other events to occur before it can happen. It cannot be an employment letter or tax return. It is a notarized letter (on bank letterhead) from your bank back home that attests to the amount of funds you have and type of currency such as in USD or Euros etc. I've presented them to Chilean banks in English and they have been accepted. If the bank wants it translated they often use an internal source or otherwise they will tell you how they want it. Sometimes it can be done by a lawyer they recommend or it might have to be an official government translator on record.

There may be an official translator in your area who can do the work from your country before you go to Argentina to save time, check with the embassy or consulate closest to you. Make sure you have several copies made as the bank will keep one for it's records and you may need multiple to give others in the buying process such as to the broker or notary for their files and you might want one for your own records.