Transferring money into Argentina to buy a flat

[on the brink]

Three years ago, getting the transfer done, accredited, and available in your Argentina bank account can take as long as four weeks. The paperwork takes forever, as everything has to be run by, and approved by, the bank regulating guys. The transfer was made in US dollars, and paid here in hundred dollar bills, so no exchange rate problems.

It is best to use an accountant and an escribano, working as a team. Be aware that realtors here are not really professionals, and will say almost anything to close a sale.

As to cuevas, I used one to buy another property many years ago, only because I had a referral from someone who had been working with them for years. Personally, I would hesitate to deposit a large sum of money in someone's account and trust that I would get it here. But perhaps you have a good referral.

However, nowadays you need to be able to document where the money you used comes from, otherwise you'll get in trouble if you want to sell the property.

Best thing is, see a good escribano first!

 

[jeff1234]

It may be a long time before you can sell this flat and even longer to get your money back out of Argentina should you chose to do so.

 

[perry]

There is a possibility to bring money into Argentina at the moment and you will recieve it in 2 days in Us Dollars . It is not difficult at all to get money out of Argentina but of course it is difficult to sell a flat now and more so with everything closed atm .

 

[Stantucker]

Huh, so I assume you transfer USD to their US/EU account and they give you USD cash here in person? Could you give a rough estimate of how much they charged in fees so I know if I'm getting ripped off? Thanks!

That's right, I transferred dollars from my bank account in US to (first time) a bank account in Hong Kong and (second time) a bank account in NY. I then a week or so later picked up dollars here in the cueva's office. It's a cueva that an Argentine friend had used a number of times to repatriate money and that he recommended. I've never had any problems. I have at times used them to exchange dollars for pesos also. Im thinking I paid 6% five years ago, but if someone else in the forum says I way overpaid, then it was less because their rate is always competitive with other cueva's, and I'm just not remembering correctly.

 

[perry]

That's right, I transferred dollars from my bank account in US to (first time) a bank account in Hong Kong and (second time) a bank account in NY. I then a week or so later picked up dollars here in the cueva's office. It's a cueva that an Argentine friend had used a number of times to repatriate money and that he recommended. I've never had any problems. I have at times used them to exchange dollars for pesos also. Im thinking I paid 6% five years ago, but if someone else in the forum says I way overpaid, then it was less because their rate is always competitive with other cueva's, and I'm just not remembering correctly.

The cost to bring dollars into Argentina atm is 4 to 5 percent of the amount . There are many cuevas that will charge more but atm there are maybe 10% of them working .

 

[on the brink]

Three years ago the bank charged .5% for the money transfer.

 

[perry]

Three years ago the bank charged .5% for the money transfer.

If you have a bank account in Argentina in dollars the cost is 0.25% to send money out of Argentina in white . If buying a property in Argentina and you send in blue the cost is different of course and most cuevas charge up to 5% . If you can find a seller with a overseas bank account in dollars the cost is virtually free . The issue is bringing money to Argentina in dollars and paying in cash to the seller . This can only be done with a cueva .

 

[on the brink]

If you have a bank account in Argentina in dollars the cost is 0.25% to send money out of Argentina in white . If buying a property in Argentina and you send in blue the cost is different of course and most cuevas charge up to 5% . If you can find a seller with a overseas bank account in dollars the cost is virtually free . The issue is bringing money to Argentina in dollars and paying in cash to the seller . This can only be done with a cueva .

The receiving bank in Argentina charged .50% of the transferred funds. That was, half a point to get money INTO Argentina.

It took over three weeks, but the funds were paid out in hard cash - brand-new hundred dollar bills. The operation was totally legal, and the Argentine bank's commission was just a tenth of what the cuevas charged. A win-win situation.

Please note - this was three years ago. Things may have changed since then.

 

[Aztangogirl]

You should be able to transfer money from an overseas account to a bank in Argentina, even if its not your bank, but you will pay a percentage fee, and, yes, it will be at the official rate. You need an escribano, not an "estate agent". Find an escribano and they will help you thru this. The legal way is to do a transfer, it used to have to be within 24 hours of closing, but that may or may not still be true. Then, there are cuevas who will transfer money for you as well- not 100% "legal", but done all the time. You transfer money to an account in the US or europe, and then the cash, in pesos, gets delivered to you in BA. Both of these are common enough, a good escribano will be familiar with them. Closing takes place either at a bank, or sometimes at a place like a special room your escribano books in the Collegio de Escribanos. Actual cash, either in dollars or pesos or a weird combination of both (but most perfer real US 100 dollar bills) will be run thru counting machines multiple times, many papers signed, as well as signing in gigantic leatherbound ledgers. I just did this in December, but we actually privately transfered some money, and carried some in, but 12 years ago did a direct transfer from Charles Schwab to Banco Piano- had an account a Schwab, but Piano just hosted the closing. Its complicated, and you cant rely on the estate agent- they have a much smaller role here than lawyers and escribanos do.

That is how I bought my apartment. I arranged with my bank in the States first. I took my laptop to the Escribanos office on the day of closing. I transferred the funds from my account in the States to the owners Argentine bank account. Tap a button. Done.

 

[Caribbean Cool]

On February first I received a transfer from the states at 80.9. If I were transferring a sizable amount of money to Argentina I would do it by rowboat...one that had only one oar.