Western Union money transfer

[sts7049]

You buy your Bitcoin (or other crypto currency) in the US (e.g. at Coinbase Pro, Gemini) and then send it to one of the exchanges here (e.g. Ripio, Satoshi Tango, ArgenBTC). There you sell the crypto currency for pesos and let them deposit the money into your Argentinian bank account. For your bank it looks like someone from inside Argentina deposited money into your account. So, no questions asked. However you have to register one time with both the exchange in the US and in Argentina (send scan of ID, declare where money comes from ... the usual).

this works as a foreigner? i was never able to create a local account on the exchanges here, i think because i wasn't a citizen or permanent resident

 

[hgrimberg]

You buy your Bitcoin (or other crypto currency) in the US (e.g. at Coinbase Pro, Gemini) and then send it to one of the exchanges here (e.g. Ripio, Satoshi Tango, ArgenBTC). There you sell the crypto currency for pesos and let them deposit the money into your Argentinian bank account. For your bank it looks like someone from inside Argentina deposited money into your account. So, no questions asked. However you have to register one time with both the exchange in the US and in Argentina (send scan of ID, declare where money comes from ... the usual).

Well, then it seems the bitcoin way will be the only one possible from now on. But, for instance if you let one of the Argentine exchanges deposit money into your Argentine account and let's say for instance, they deposit $300,000 all at once, will AFIP ask you how did you get/earn that money? That won't trigger an audit from AFIP to you?

 

[elgordito]

Dolar blue almost at $140....

 

[lost]

how are the sell rates here, equal to dollar blue or even better?

So far it has been sometimes slightly above and sometimes a little below the blue. Bitcoin is volatile and sometimes goes up until all confirmations of the transaction are complete, but sometimes also goes down.
I have not used it for over a month, though. Now, with the blue through the roof it may be closer to the Dólar MEP.

 

[lost]

Well, then it seems the bitcoin way will be the only one possible from now on. But, for instance if you let one of the Argentine exchanges deposit money into your Argentine account and let's say for instance, they deposit $300,000 all at once, will AFIP ask you how did you get/earn that money? That won't trigger an audit from AFIP to you?

I just called WU and asked them about the status. I have made a 4th transfer after the third one was sent back (a couple of days ago). On the phone they said that this 4th transfer will go through and be deposited approximately in the next 48 hours. I keep my fingers crossed. They could not tell me why the third transfer was sent back.

With Bitcoin I have never made a $300000 peso transaction. I usually send myself around 1k USD per transaction. I guess it is the same as with WU regarding Afip. If you receive a lot of money in your Argentinian bank account (and it does not match your declared income) then they may at some point take a closer look.

 

[jblaze5779]

Never was able to get an exchange acount here even with m DNI. I tried to do this when pessification of my salary started and I could get my pay to the states.

 

[lost]

this works as a foreigner? i was never able to create a local account on the exchanges here, i think because i wasn't a citizen or permanent resident

You need a DNI that is for sure. I always had to send scans of my DNI to open the local account.

 

[hgrimberg]

I just called WU and asked them about the status. I have made a 4th transfer after the third one was sent back (a couple of days ago). On the phone they said that this 4th transfer will go through and be deposited approximately in the next 48 hours. I keep my fingers crossed. They could not tell me why the third transfer was sent back.

With Bitcoin I have never made a $300000 peso transaction. I usually send myself around 1k USD per transaction. I guess it is the same as with WU regarding Afip. If you receive a lot of money in your Argentinian bank account (and it does not match your declared income) then they may at some point take a closer look.

Is the bitcoin way, form-free, cheaper and faster than the WU way? If so, why people here in this forum are talking about WU instead of bitcoins? Why not everyone here uses the bitcoin way? Actually, for this purpose, another cryptocurrency, "Tether" is a stablecoin pegged to the dollar, so there is no risk on loosing money during the transactions.

 

[jblaze5779]

My attitude is that if bitcoin was much easier to use all the argentines would be doing it. Kinda why I gave up after spending a little bit of time researching.

 

[lost]

Is the bitcoin way, form-free, cheaper and faster than the WU way? If so, why people here in this forum are talking about WU instead of bitcoins? Why not everyone here uses the bitcoin way? Actually, for this purpose, another cryptocurrency, "Tether" is a stablecoin pegged to the dollar, so there is no risk on loosing money during the transactions.

The Bitcoin way is faster. From sending the Bitcoin to receiving the pesos on your account it takes half a day or a day tops. But it is more work. You need to purchase the crypto currency first. Then send it. Wait for the confirmations. The sell the at the Argentinian exchange and finally request the transfer of the pesos to your bank account. So, WU ist definitely easier to do.

Regarding stable coins (crypto currency pegged to the dollar) not all exchanges in Argentina may have them. Or the exchange rate for them may be less interesting than if you used Bitcoin. But you are right there is little volatility with them.