Sending money through Uruguay

Jim Prideaux

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Since transferring U$D to banks here is impossible -- that is, easy to transfer but impossible to withdraw -- people probably circumvent this. Does anyone have an information, please?
 

antipodean

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Was under the impression that you can actually transfer USD from abroad to your own USD account here. You can then take the USD out of the bank here in USD notes at the branch and do as you please with it. The issue arises if you want to take your USD out of the country or change any pesos you purchased with your USD back into USD.
 

Alpinista

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Was under the impression that you can actually transfer USD from abroad to your own USD account here. You can then take the USD out of the bank here in USD notes at the branch and do as you please with it. The issue arises if you want to take your USD out of the country or change any pesos you purchased with your USD back into USD.
I would be surprised if that would work. We tried to do that already back in 2018 and it was not possible even then (at least via Transferwise). But I might be wrong...
However, even if it were possible, under no circumstances I would do this given the current FX situation here. You simply do not know whether the money is safe here. With a bit of bad luck your money then gets converted in peso at the official rate before you can get it out of the bank.
What is possible though, is agreeing with a private cueva / person to agree to deposit USD in the US, and then pick up USD cash here in Buenos Aires. Last time, I was paying a commission of 3.5% on that.
 

Jim Prideaux

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I would be surprised if that would work. We tried to do that already back in 2018 and it was not possible even then (at least via Transferwise). But I might be wrong...
However, even if it were possible, under no circumstances I would do this given the current FX situation here. You simply do not know whether the money is safe here. With a bit of bad luck your money then gets converted in peso at the official rate before you can get it out of the bank.
What is possible though, is agreeing with a private cueva / person to agree to deposit USD in the US, and then pick up USD cash here in Buenos Aires. Last time, I was paying a commission of 3.5% on that.
 

antipodean

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My bank advised me that I can receive USD to USD account transfers no problem, they will be credited in USD. The key is that the name on both accounts needs to be identical (sender / receiver)

All Argies I know with USD accounts are going to the window (or some ATMs) and taking out cash in USD bills no problem. For how much longer, who knows...but that is another discussion.

Of course, you are not going to do this unless you need to for the above said reasons. But if you wanted to buy a property or something declared and en-blanco, then that is how you would need to go about it.
 

Jim Prideaux

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I transferred USD to a corporate account at first (2018) and the bank -- Santander -- converted to pesos. I opened a USD only account -- in order to get the dollars without the conversion and horrible rate -- but the regs changed on withdrawal of USD. My personal US banks do not have retail arms here.
 

Alpinista

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My bank advised me that I can receive USD to USD account transfers no problem, they will be credited in USD. The key is that the name on both accounts needs to be identical (sender / receiver)

All Argies I know with USD accounts are going to the window (or some ATMs) and taking out cash in USD bills no problem. For how much longer, who knows...but that is another discussion.

Of course, you are not going to do this unless you need to for the above said reasons. But if you wanted to buy a property or something declared and en-blanco, then that is how you would need to go about it.
Thanks! Probably the reason why it was not possible was that it went through Transferwise and the names were not identical. And also the government must be interested in incoming USD.

However, I would still only do that if the money is only for a very short time actually in the bank account. And probably do a few smaller transactions than one big transaction.
 

Jim Prideaux

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Thanks! Probably the reason why it was not possible was that it went through Transferwise and the names were not identical. And also the government must be interested in incoming USD.

However, I would still only do that if the money is only for a very short time actually in the bank account. And probably do a few smaller transactions than one big transaction.
Just a comment: it is so tedious and frustrating dealing with such stupid banking regs.
 

antipodean

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Try HSBC. They have steep requirements to open for foreigners including an endless paper trail, but it can be done. They have branches in US too so can manage the transfer on both ends from here.
 
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