UK citizen wants a US dollar account in Argentina!

[malthus101]

Hi folks

OK, I've read a lot of the threads already (a few times) but my situation is slightly different.

I am a UK citizen, looking to move to BA in November.

I have a couple of US trading accounts (in the US) in US dollars.

I would like to be able to transfer those dollars I have already and will make more of whilst living in BA, into a US dollar account so I don't have to pay any foreign exchange commissions.

I cannot open a US account as I am not a US citizen and don't live or work there.

I have been told by HSBC that I have to open an account locally and show permanent residence, utility bill etc etc, i.e. a headache.

Off-shore would be great but requires £25,000 - £50,000 to open - I wish!

Beside, how useful are dollars still in BA? Can you take them out of ATMs free and spend like Pesos?

A wee bit confused....!

Thanks

Malthus101

 

[jez]

A non Argentina resident/citizen can only open a saving account in Pesos: http://baexpats.org/expat-life/14293-opening-bank-account-foreigner-without-residency.html

Any money transferred into Argentina (legally) goes through the central bank and is only paid out in AR Pesos

 

[Barney]

Bring as much as you can

 

[French jurist]

Malthus,

you can apply for a bank account in Uruguay. No need for 25.000 or 50.000 GBP to open one (I can check but theoratically you can open one with just 1.000 USD).
Those are multicurrency accounts (US/EUR/UR. Peso) and for 5$ more a month, you have a Visa card.

Requirements to open a bank account in Uruguay have tightened during the past years but it's still feasible.

One problem though = Uruguay ranks quite high in the "black lists" of the offshore locations so if your cherissed local tax agency finds out you have an account there, get prepared to be reviewed.

As for opening a bank account in Argentina, I'd say forget it, it's really not adapted to your case.

 

[Barney]

Uruguay does not share who his account holders are and as far as I know you need to be a resident there

 

[tangobob]

If you hold an HSBC account with a debit card you will have no problems withrawing funds from any ATM in the city, but it will only be in pesos.
I have found HSBC rates to be more than favourable (compared to the rates I get at home, local bank or ugh! post office).
My wife who has a Natwest account, by the way cannot use her debit card only her credit card, with all that entails.

 

[malthus101]

Thanks, good tips so far guys!

Yes, ideally I would just withdraw money with a Visa card from ATMs in BA, drawing on funds back in the UK.

But, my money will be generated in US trading accounts which are always dollar based.

I'm trying to avoid transferring US$ to the UK, converting into £, then back into US$ or Pesos in Argentina! Way too many transaction costs just for a daily current/checking account.

Now I spoke with a woman at HSBC UK who explained they can't open a dollar account for me in Argentina because of strict Argentinian laws (to be expected) but maybe I could open a HSBC US$ account from the UK in Uruguay? Now that might work!

If you walk into a bank in BA, can you withdraw US$ wihtout paying any fees? Are US$ still regarded as the preferred local currency in BA? I hear stories of landlords insisting on payment of rent in US$ but now that the US$ is no longer pegged to the Peso, does the Peso rule?

The reason I want an international account is that I don't want to get caught up in a 'run on the banks' as happened in the last crisis. I want to be 'outside' of that system. The news seems to be that inflation is unofficial but rampant again in Argentina. A US$ account would kill 2 birds with one stone. (UK expression! ; )

Thanks guys...

Malthus101

 

[steveinbsas]

If you walk into a bank in BA, can you withdraw US$ wihtout paying any fees?

You can only withdraw dollars from a bank in BA if you have an account in dollars in that Argentine bank. If you make a withdrawal from any foreign bank at an ATM in Argentina you can only get Argentine pesos and will be charged for each withdrawal unless your bank refunds the charge (as Charles Schwab does for US account holders).

Are US$ still regarded as the preferred local currency in BA? I hear stories of landlords insisting on payment of rent in US$ but now that the US$ is no longer pegged to the Peso, does the Peso rule?

Landlords (receiving rent from foreigners) may prefer dollars and some stores (Garbarino for example) will accept them, but it is not the norm. Generally, everyone pays for just about everything in pesos. Real estate remains the major exception.

The reason I want an international account is that I don't want to get caught up in a 'run on the banks' as happened in the last crisis. I want to be 'outside' of that system. The news seems to be that inflation is unofficial but rampant again in Argentina. A US$ account would kill 2 birds with one stone. (UK expression! ; )

As Jez previously posted, without (at least temporary) residency you cannot open a dollar based bank account in Argentina, and Tangobob is correct: even if you have an HBSC account in the UK or Uruguay you will only be able to withdraw Argentine pesos from that account in Argentina (using an ATM) and you cannot make deposits into the foreign account in Argentina, even if the banks have the same name.

 

[domdom]

In any country, transfers made officially enter into the country in local currency (changed by central bank when entering into the country).. HSBC doesn't charge anything for ATM withdrawals made in Banelco banks.. It makes a huge difference with the other banks.. You can enter into Argentina with 10.000 dollars without declaring it.. If you enter more than 40.000 dollars per month, then the central bank makes a retention of over 30% for one year... Only dollars you have in hand, can be put into an account in dollars.. No transfer will reach in dollar. There are a lot of possibilities to enter dollars here, but not officially.
Have a nice trip

 

[nikad]

To open a US bank account, just go to a bank in the US and do it ( as long as you do it in person there are no restrictions ), then use your debit card to withdraw money here ( you will only be allowed to do so in pesos as a non resident)