Transferring Money out of Argentina

[allcraz]

Update. Just tried with $500 on my new card and it went through. Tried another $500 and no luck. My limit is much higher than that, so that's not the deal.

 

[nikad]

500 usd daily is the magic number on avg ccs

 

[messilover]

are you getting the official rate when sending ARS to USD?

 

[Holden]

I have some US cash from the sale of my apartment that I would like to get back to the US... does anyone have any contacts for transferring the money back to the US with a fee lower than 5-6% which is what I am getting quoted?

Or alternatively does anyone need US dollars in cash here and we can do a bank transfer from your US bank to my US bank? If you have Citibank or Bank of America it is my understanding that we can transfer $1000-2000 a day instantly.

Any input or advice on the cheapest manner to get this US cash out of Argentina would be appreciated...

Thanks!

 

[AndresR]

DavidGlen

have you been able to remove your money out of Argentina? I sold a home in Argentina, which had always been registered in my name. I left my father who is Argentinian living in the house, and in charge of selling it, after my mother died.

The house sold and I followed all the paperwork requirements, everything, so that I would be able to remove the money in the official US dollar amount. One of the requirements was that 30 percent of the value would be left for one year without any interest rate in my favor, just no interest at all earning from this money.

After the home being sold, they requested a lot of documentation, a lot of trips to Notarize paperwork, even though the escritura and everything in Argentina had been supervised by a local Escribana that deals mainly with banks. Everything was followed and supervised carefully. I had to laugh at their request, of me asking to prove that I am not a resident of Argentina when my only nationality is that of being born in the U.S.A. I have never acquired an Argentine nationality. ( Even though I did work until I was 22 years old in Argentina under a D.N.I for "Residentes Extranjeros".

Well, 4 months of paperwork, following everything that they requested, so that the money could be sent to me in US dollars at the official exchange rate. I got very bad service and a lot of confusion from lots of bankers from the BBVA. At the end, after 4 months of paperwork, one of them Sebastian replied by e-mail that the money could not be retrieved and sent to me, simply because I had allowed the buyer to make 3 installments on the purchase of the home. If that is really the case, they could have really just told me this at the beginning of those 4 months of daily talks to them, waking up very early, not sleeping well, etc.

So now this money has been devaluating a lot. It seems that I can get on a plane and remove it, but only in pesos, they are not allowing me, an American born, to buy our own money, just out of the bank, or a Casa de Cambio. I was suggested by an accountant involved in this, that the only way is buying it at the blue market.

I am really frustrated and asking for help, if anybody knows of something else to suggest here that I have not tried. At the moment I am just thinking of getting on a plane and taking this money, just to get it out of the country and then starting an international lawsuit, against the BBVA.

Any suggestions?

I have to add, that this money has been sitting there for a total of a year.

At the moment the house sold, I had to wait for the buyer to make the final payment in order for me to be able to retrieve the money. I waited and then I had to track down the new owner, who had moved to the south of Argentina. During all this time, the dollar exchange rate has moved a lot. I was initially told I would get this at a conversion rate of $5.50 and now I am being told that I will have to buy the blue at a current and present rate today of $11.00

It is not difficult to figure out that I am losing 50 percent of my money, I feel robbed by the bank and the government and am really upset. On top of the fact that emotionally it has already been extremely difficult dealing with a situation of losing my mother, two close uncles and a cousin all within 2 months of each other.

Any help, suggestions? Anything? I would be very thankful and will greatly appreciate any advise.

I am willing to travel really soon, within a matter of days, but am not wanting to lose 50 percent of my money, specially since in a way it is very emotionally charged also.

Thank you!

Any private advise, please just p.m. me. This is of very urgent matter to me.

 

[AndresR]

Hi, I am having serious trouble removing my money out of Argentina in U$S dollars, without being in the country. ( This was the pre-requisite imposed by the banking and government system in order for me to be able to buy the "dolar oficial".)

I am copying a post that I had replied to someone else, since this matter is becoming very urgent to me. The last update I have from the bank in Argentina is that I can fly there and remove my money in pesos. That will already make me lose a 60 percent then the initial value was when the house first sold. Here is my copy and paste below


This is seriously urgent to me, any help, guidance, suggestion will be greatly appreciated!

Thank you! Feel free to P.M. me.

Andres

___________________


[background=rgb(252, 252, 252)]DavidGlen [/background]

[background=rgb(252, 252, 252)]have you been able to remove your [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] [/background][background=yellow]out[/background][background=rgb(252, 252, 252)] of [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)]? I sold a home in [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)], which had always been registered in my name. I left my father who is Argentinian living in the house, and in charge of selling it, after my mother died.[/background]

[background=rgb(252, 252, 252)]The house sold and I followed all the paperwork requirements, everything, so that I would be able to remove the [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] in the official US dollar amount. One of the requirements was that 30 percent of the value would be left for one year with[/background][background=yellow]out[/background][background=rgb(252, 252, 252)] any interest rate in my favor, just no interest at all earning from this [/background][background=yellow]money[/background][background=rgb(252, 252, 252)]. [/background]

[background=rgb(252, 252, 252)]After the home being sold, they requested a lot of documentation, a lot of trips to Notarize paperwork, even though the escritura and everything in [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)] had been supervised by a local Escribana that deals mainly with banks. Everything was followed and supervised carefully. I had to laugh at their request, of me asking to prove that I am not a resident of [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)] when my only nationality is that of being born in the U.S.A. I have never acquired an Argentine nationality. ( Even though I did work until I was 22 years old in [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)] under a D.N.I for "Residentes Extranjeros".[/background]

[background=rgb(252, 252, 252)]Well, 4 months of paperwork, following everything that they requested, so that the [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] could be sent to me in US dollars at the official exchange rate. I got very bad service and a lot of confusion from lots of bankers from the BBVA. At the end, after 4 months of paperwork, one of them Sebastian replied by e-mail that the [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] could not be retrieved and sent to me, simply because I had allowed the buyer to make 3 installments on the purchase of the home. If that is really the case, they could have really just told me this at the beginning of those 4 months of daily talks to them, waking up very early, not sleeping well, etc. [/background]

[background=rgb(252, 252, 252)]So now this [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] has been devaluating a lot. It seems that I can get on a plane and remove it, but only in pesos, they are not allowing me, an American born, to buy our own [/background][background=yellow]money[/background][background=rgb(252, 252, 252)], just [/background][background=yellow]out[/background][background=rgb(252, 252, 252)] of the bank, or a Casa de Cambio. I was suggested by an accountant involved in this, that the only way is buying it at the blue market. [/background]

[background=rgb(252, 252, 252)]I am really frustrated and asking for help, if anybody knows of something else to suggest here that I have not tried. At the moment I am just thinking of getting on a plane and taking this [/background][background=yellow]money[/background][background=rgb(252, 252, 252)], just to get it [/background][background=yellow]out[/background][background=rgb(252, 252, 252)] of the country and then starting an international lawsuit, against the BBVA.[/background]

[background=rgb(252, 252, 252)]Any suggestions?[/background]

[background=rgb(252, 252, 252)]I have to add, that this [/background][background=yellow]money[/background][background=rgb(252, 252, 252)] has been sitting there for a total of a year. [/background]

[background=rgb(252, 252, 252)]At the moment the house sold, I had to wait for the buyer to make the final payment in order for me to be able to retrieve the [/background][background=yellow]money[/background][background=rgb(252, 252, 252)]. I waited and then I had to track down the new owner, who had moved to the s[/background][background=yellow]out[/background][background=rgb(252, 252, 252)]h of [/background][background=yellow]Argentina[/background][background=rgb(252, 252, 252)]. During all this time, the dollar exchange rate has moved a lot. I was initially told I would get this at a conversion rate of $5.50 and now I am being told that I will have to buy the blue at a current and present rate today of $11.00 [/background]

[background=rgb(252, 252, 252)]It is not difficult to figure [/background][background=yellow]out[/background][background=rgb(252, 252, 252)] that I am losing 50 percent of my [/background][background=yellow]money[/background][background=rgb(252, 252, 252)], I feel robbed by the bank and the government and am really upset. On top of the fact that emotionally it has already been extremely difficult dealing with a situation of losing my mother, two close uncles and a cousin all within 2 months of each other. [/background]

[background=rgb(252, 252, 252)]Any help, suggestions? Anything? I would be very thankful and will greatly appreciate any advise. [/background]

[background=rgb(252, 252, 252)]I am willing to travel really soon, within a matter of days, but am not wanting to lose 50 percent of my [/background][background=yellow]money[/background][background=rgb(252, 252, 252)], specially since in a way it is very emotionally charged also.[/background]

[background=rgb(252, 252, 252)]Thank you![/background]

[background=rgb(252, 252, 252)]Any private advise, please just p.m. me. This is of very urgent matter to me. [/background]

 

[Mano Negra]

In theory you should be able to if everything is "en blanco".

In practice, they won't let you. Your bank will take your paperwork and when they present it to the banco central, they won't get a reply authorizing it. So you will call your bank and ask what's going on and they will tell you it can't be sent because the banco central hasn't authorized it yet and hasn't responded to their request.

I meet with the foreign commerce dept of my bank (HSBC) about this very issue about 4 months ago and this is the same method they have used to prohibit foreign companies from sending dividends abroad to their headquarters. The central bank just doesn't reply to the requests from the banks. It isn't a denial (which would let you challenge it in court), but since it isn't an approval either, they can't send the transfer. Everything is done verbally and nothing is written down, so you don't have proof.

The only way to get cash out at this point is with a black market transfer which will cost you 6% or so.

Actually it is currently much cheaper to get DOLLARS out than in, as most of the blue dollars never move (they simply match buyers and sellers) and currently there is more demand than availability in the country. Some houses are actually paying you for this operation. So David, get paid in cash US and take it out through a Casa de Cambio. What do you care about the legalities if you are leaving?

 

[sleazemerchant]

Although you did not specify in your post, it appears you sold your home in Argentina about a year ago and accepted Argentine pesos as the means of payment. I will refrain from commenting on the wisdom of your real estate transaction but I will tell you right now that you need to forget about ever transferring those pesos out of Argentina at anything near the official rate. Your best option right now would appear be to open a brokerage account (possible because your money appears to be "in white") and get the money out via "contado con liquidacion", which today is $1USD = 10.10 AR (less any commissions). I highly recommend you do this as soon as possible as the "blue" rate will be in the 12.3-12.5 range very soon and the CCL rate typically trails the "blue" by 5-10%.

DavidGlen

have you been able to remove your money out of Argentina? I sold a home in Argentina, which had always been registered in my name. I left my father who is Argentinian living in the house, and in charge of selling it, after my mother died.

The house sold and I followed all the paperwork requirements, everything, so that I would be able to remove the money in the official US dollar amount. One of the requirements was that 30 percent of the value would be left for one year without any interest rate in my favor, just no interest at all earning from this money.

After the home being sold, they requested a lot of documentation, a lot of trips to Notarize paperwork, even though the escritura and everything in Argentina had been supervised by a local Escribana that deals mainly with banks. Everything was followed and supervised carefully. I had to laugh at their request, of me asking to prove that I am not a resident of Argentina when my only nationality is that of being born in the U.S.A. I have never acquired an Argentine nationality. ( Even though I did work until I was 22 years old in Argentina under a D.N.I for "Residentes Extranjeros".

Well, 4 months of paperwork, following everything that they requested, so that the money could be sent to me in US dollars at the official exchange rate. I got very bad service and a lot of confusion from lots of bankers from the BBVA. At the end, after 4 months of paperwork, one of them Sebastian replied by e-mail that the money could not be retrieved and sent to me, simply because I had allowed the buyer to make 3 installments on the purchase of the home. If that is really the case, they could have really just told me this at the beginning of those 4 months of daily talks to them, waking up very early, not sleeping well, etc.

So now this money has been devaluating a lot. It seems that I can get on a plane and remove it, but only in pesos, they are not allowing me, an American born, to buy our own money, just out of the bank, or a Casa de Cambio. I was suggested by an accountant involved in this, that the only way is buying it at the blue market.

I am really frustrated and asking for help, if anybody knows of something else to suggest here that I have not tried. At the moment I am just thinking of getting on a plane and taking this money, just to get it out of the country and then starting an international lawsuit, against the BBVA.

Any suggestions?

I have to add, that this money has been sitting there for a total of a year.

At the moment the house sold, I had to wait for the buyer to make the final payment in order for me to be able to retrieve the money. I waited and then I had to track down the new owner, who had moved to the south of Argentina. During all this time, the dollar exchange rate has moved a lot. I was initially told I would get this at a conversion rate of $5.50 and now I am being told that I will have to buy the blue at a current and present rate today of $11.00

It is not difficult to figure out that I am losing 50 percent of my money, I feel robbed by the bank and the government and am really upset. On top of the fact that emotionally it has already been extremely difficult dealing with a situation of losing my mother, two close uncles and a cousin all within 2 months of each other.

Any help, suggestions? Anything? I would be very thankful and will greatly appreciate any advise.

I am willing to travel really soon, within a matter of days, but am not wanting to lose 50 percent of my money, specially since in a way it is very emotionally charged also.

Thank you!

Any private advise, please just p.m. me. This is of very urgent matter to me.

 

[Crema Americana]

Sorry for your troubles Andres. I don't have any informed advice, but hope you're able to find some sort of solution.

Perhaps reinvest and hope for better economic times ahead? (And by better economic times, I mean a peso collapse where you're able to exchange at official rates again... hopefully without a housing collapse.) But that's a very long term and risky solution as well... who knows what the government will do. What's for sure is that the peso will continue to lose value. You don't want to leave it sitting in a bank.

 

[AndresR]

Thanks Mano Negra and Crema Americana for your comments. It looks like I am having to take a huge loss in this transaction, currently a 60 percent of a loss in money, it is huge. I hope my post helps others in the future to not lose money of their own, that is why I continue to comment and share in order to possibly bring awareness to others. Sleaze merchant, thanks for your advise also, but as you mentioned about "refraining on commenting about the wisdom of your transaction" you are already making a comment there in that statement. It seems that you missed the line about me losing my mother who was very healthy. The full story is that I had lost my favorite uncle, my mother was very healthy but went there to take care of my dear uncle and a cousin that had gotten into an accident. They were both in a 4 month coma. To keep it short, I lost my mother two weeks after and coincidence and unrelated, another 2nd uncle and another older cousin all within 2 months. So, yes of course I did leave the country after taking care of the funeral and leaving someone else with a "poder" to handle the money for me.

With the operation, we never wanted it to be in pesos. However the bank will not allow a deposit in dollars. They did allow a deposit in pesos, to be immediately converted to the official dollar. I followed all their requirements and they were all followed by the top accountant in that city as well as the best escribana. The transaction basically is required to be done in "pesos" if going through a bank and then the bank allows you to convert into "dolar oficial" right away. I did everything as they required. The buyer needed a few payments, three payments to be exact. The bank ( BBVA ) does not allow the money to be removed until the transaction is fully completed, so yes, that is when I needed to wait for the money to be fully deposited and the third payment made. This all along should still be in dollars. Now, when going to remove the money and having the "apoderada" send it to my account in the U.S. that is when I started encountering a lot of problems from BBVA. Notarized documents from the counsulate twice in a row, a lot of review of paperwork and honestly a lot of bureaucracy and employees not knowing what one or the other is doing. Very unorganized and unprofessional standards by the BBVA, specially the central offices in Buenos Aires. At the end of a two or three month back and forth with a lot of phone calls and documents. They said everything was o.k. I awaited patiently only to get an answer back from Sebastian Ruffinelli at BBVA Buenos Aires, saying that the transaction cannot be completed, because the house had been sold in three payments. This is the important part, when back tracking, the bank had previously mentioned that the money needed to stay there until the final payment was made. But apparently we are dealing with a sub par type of employees, that they may very well not know the laws and rules themselves. This is the way that it seemed to happen. So yes, also, this has nothing to do with a financial IQ, or any type of IQ at all. This was handled by accountants, real estate people and lawyers that all meant good, since they had been part of these funerals are related and had also been going through pain even if not hit as close as I had been hit. And yes, these persons are most of them top people in their field within their city. They all know about international rules and followed everything by the book, somehow that mistake was made by the public notary, or I am not sure how it happened, but it was never supposed to have been registered as a three part transaction. Sometimes life gives you losses and sometimes we just win a lot in a row. I know I can personally make the money back. That is not the issue here. The issue was posting to see if there was any possible way to avoid this type of loss.

Thank you all, I am making phone calls in the next 48 hours, as the case is being investigated a little better by the president of the bank and the public notary which are actually friends with each other as well. If there is a solution, I will post and share. If there is none, well, there is none.