Western Union money transfer

[rdino]

Hi all, i'm looking to help out my argentinian in laws with a some cash for a property purchase for a little holiday house outside CABA, looking to give around 30- 50k USD.
Would WU be a viable option for me? either in one go , or send the money is smaller parcels? If not, how would you do it?

 

[Edu R]

Hi all, i'm looking to help out my argentinian in laws with a some cash for a property purchase for a little holiday house outside CABA, looking to give around 30- 50k USD.
Would WU be a viable option for me? either in one go , or send the money is smaller parcels? If not, how would you do it?

For those amounts you're probably better off going through a regular wire transfer because a) it might trigger a review by the bank which will probably be a pain in the ass, and b) Real Estate transactions in Argentina are typically settled in USD (cash) and your in-laws will either have to use the WU pesos to buy USD or negotiate an exchange rate with the seller that will very likely be unfavorable to them.

That said, if you're going to do a wire transfer, if your partner has accounts both in the US and in Argentina, then it's best if they make the transfer to their own account, then to their parents. If that's not possible, the have your in-laws go to the bank and ask what supporting documents they'll need to not send the transfer for review. They will probably want a written document stating that you're gifting that money to them.

 

[Sojourner]

Hi all, i'm looking to help out my argentinian in laws with a some cash for a property purchase for a little holiday house outside CABA, looking to give around 30- 50k USD. Would WU be a viable option for me? either in one go, or send the money is smaller parcels? If not, how would you do it?

This is a fair question but so far it does not seem to be generating much in the way of response.

Personally I'm not sure what options are available for sending a very large lump sum of, say, USD 20K - 400K to BA, or of those options which would be best. I always assumed a straightforward wire transfer from the local bank to a BA account was probably the best or maybe the only means but I do not know that.

You might want to start a new thread on your issue, isolating it from the Western Union topic. I am sure others on this board have personal experience with significant transfers. Your local banker ought to be able to provide some insight as well - they do this for a living.

 

[Kula]

From which country you are sending it? WU has a limit to send, maybe it is not correct for all the countries.

Even if it's possible In theory receiver in Argentina will get it in pesos, seems a nightmare

 

[rdino]

For those amounts you're probably better off going through a regular wire transfer because a) it might trigger a review by the bank which will probably be a pain in the ass, and b) Real Estate transactions in Argentina are typically settled in USD (cash) and your in-laws will either have to use the WU pesos to buy USD or negotiate an exchange rate with the seller that will very likely be unfavorable to them.

That said, if you're going to do a wire transfer, if your partner has accounts both in the US and in Argentina, then it's best if they make the transfer to their own account, then to their parents. If that's not possible, the have your in-laws go to the bank and ask what supporting documents they'll need to not send the transfer for review. They will probably want a written document stating that you're gifting that money to them.

thanks Edu R,
how do locals buy in USD anyway? do they have money already saved in usd cash or just buy it (at blue rate)?
i guess it's like that - unless they can transfer outside the country from a usd to usd account overseas - which could work for me if its an option with the seller..

 

[rdino]

From which country you are sending it? WU has a limit to send, maybe it is not correct for all the countries.

Even if it's possible In theory receiver in Argentina will get it in pesos, seems a nightmare

sending from australia, but could use a global usd account or friends account in the us if i need to send via there... yeh could be easier haha

 

[Edu R]

thanks Edu R,
how do locals buy in USD anyway? do they have money already saved in usd cash or just buy it (at blue rate)?
i guess it's like that - unless they can transfer outside the country from a usd to usd account overseas - which could work for me if its an option with the seller..

The answer is different with every government, but for the most part, middle-class (what remains of it, at least) people usually buy through the "illegal" market (the "blue"), or get paid directly in USD where possible (like in real estate). If you have on-the-books pesos you can also access the USD through legal means (usually called "MEP" or "CCL"). Rich people, as usual, have access to more sophisticated methods.

Not every real estate operation is done in cash USD, but if it isn't, then the USD blue rate will usually be the rate of reference.

To be honest, getting a buyer that is willing to transfer to transfer USD to an international account is such a good opportunity that you should use it as an incentive to get a better price. It will of course depend on the profile of the seller (maybe they have no use for money outside Argentina), but if they do then it is absolutely something they will go for since it lets them essentially keep the money off-the-books and outside the country.

 

[Sojourner]

From which country you are sending it? WU has a limit to send, maybe it is not correct for all the countries.

Even if it's possible In theory receiver in Argentina will get it in pesos, seems a nightmare

There was a recent thread named "Reliable Way to get USD to Argentina now" that covered transferring foreign USD to a USD bank account in Argentina. Once funds are arrived in a USD account they can be withdrawn in USD (to take to the blue market), or in pesos at the official rate, or saved in the account of course. Presumably this is true of other currencies.The one bank with which I am familiar has a 10K/month limit on USD transfers (via Transferwise). I don't know that that is universal bank practice. Certainly people manage to pay for quite expensive properties all the time via wire transfer. If interested, search on the thread. Hopefully too your question will draw information from someone who has actually financed a property purchase from abroad.

 

[jblaze5779]

Probably be easiest to take 4 flights to the US and bring back 10k on your person.

 

[Sojourner]

For those amounts you're probably better off going through a regular wire transfer because a) it might trigger a review by the bank which will probably be a pain in the ass, and b) Real Estate transactions in Argentina are typically settled in USD (cash) and your in-laws will either have to use the WU pesos to buy USD or negotiate an exchange rate with the seller that will very likely be unfavorable to them.

That said, if you're going to do a wire transfer, if your partner has accounts both in the US and in Argentina, then it's best if they make the transfer to their own account, then to their parents. If that's not possible, the have your in-laws go to the bank and ask what supporting documents they'll need to not send the transfer for review. They will probably want a written document stating that you're gifting that money to them.

I'll add one additional factoid to this. According to my BA bank's policies the USD -> USD transfer is OK so long as it is "family" money - you are sending to a parent's account, son's account, etc. Or it can be your own account as mentioned. I've no idea if this is universally true, so it is definitely something to discuss with the Argentine bank.