Using Wise to deposit dollars in a USD bank account of house seller in Arg?

[desde_Holanda]

Hi! Likely in Nov we will buy a house in Capital Federal. The money will come from a EUR bank account. The owner of the house has a USD account at BBVA Argentina and has contacted the bank to check on possibilities and requirements to receive dollars without pesification.

From my side I have been looking at ways to transfer the dollars, which involves exchange from EUR to USD, about 250K. As it seems, Wise gives a very attractive rate and low costs. Does anybody have experience with using Wise for large international bank transactions to Argentina? If so, I am very interested in knowing more.

 

[Lanick]

Using Wise depends on your bank account’s daily transfer limit. You may need to speak with your bank to increase this limit since this is a mobile banking issue. Otherwise you can’t send 250K on wise at one go. I strongly recommend contacting wise beforehand as they may offer something else. Or you can even speak to your bank and see hey may offer you a lot better deal. Good luck.

 

[Frinkiac8]

Following this thread because I am curious about what the best or recommended method people are using for transferring or getting USD purchase price into the country is. I have heard all kinds of crazy examples but am just going to see what others' experience has been.

 

[dilmah]

If this works at all (transfer to local bank account without losing 20-30%) then why not just use plain bank wire transfer?
Why do you need Wise?

 

[desde_Holanda]

If this works at all (transfer to local bank account without losing 20-30%) then why not just use plain bank wire transfer?
Why do you need Wise?

Because Wise is cheaper. Note: in the meantime I have found out that Wise doesn't offer their services yet to Argentina. They mention they are working on it. :-(

 

[dilmah]

Because Wise is cheaper.

wire transfer fee in American banks is usually fixed fee around $30 for any amount of transfer.
Not percentage of transfer.
So you can wire transfer $500k and still pay $30 fee. I think it's pretty cheap.

 

[desde_Holanda]

wire transfer fee in American banks is usually fixed fee around $30 for any amount of transfer.
Not percentage of transfer.
So you can wire transfer $500k and still pay $30 fee. I think it's pretty cheap.

I need to find out how that is for a European Bank. I am not so much worried about the fee, more about the exchange rate EUR/USD they will use.