Western Union money transfer

[ventanilla]

I usually pick up my WU money in person but unfortunately it's impossible now with the huge lines. No bank account in Argentina. It's still working though, if you can wait.

 

[antipodean]

In your Argentine Bank activity, it shows as a deposit made by Western Union or it has your name on it? I mean, your bank in Argentina knows that you sent the money from the US to yourself or do they have no way to know that info and it just says WU deposited xxxx dollars? I mean, if the AFIP knows you are transferring money from the US without filling their form and all the paperwork they want, you can be in big troubles.

It shows as Western Union. You submit a virtual form / declaration. WU do data share with AFIP for all transactions. I understand that a certain amount of “family support” is allowed without tax. What amount, not sure.

 

[hgrimberg]

It shows as Western Union. You submit a virtual form / declaration. WU do data share with AFIP for all transactions. I understand that a certain amount of “family support” is allowed without tax. What amount, not sure.

Ok, but if you send money via WU from your bank account in the US to somebody’s bank account in Argentina, this somebody will not know who was the sender because in his bank statement will only see the words ‘Western Union’, right?

 

[Zetas]

Ok, but if you send money via WU from your bank account in the US to somebody’s bank account in Argentina, this somebody will not know who was the sender because in his bank statement will only see the words ‘Western Union’, right?

AFIP and banks know everything guys..

 

[dsp27]

Ok, but if you send money via WU from your bank account in the US to somebody’s bank account in Argentina, this somebody will not know who was the sender because in his bank statement will only see the words ‘Western Union’, right?

Technically yes. In reality no. In order to send someone money you need to provide their account number, full name, DNI number, address, provide a phone number and an email address. Unless the sender does not provide the correct email to the receiver, he/she will receive an email saying X sent you cash and it will arrive on X day.

 

[hgrimberg]

Technically yes. In reality no. In order to send someone money you need to provide their account number, full name, DNI number, address, provide a phone number and an email address. Unless the sender does not provide the correct email to the receiver, he/she will receive an email saying X sent you cash and it will arrive on X day.

Well, last time I transferred money from my US bank account to my Argentine bank account, they called me from my Argentine bank asking me to fill up a form to then be submitted to the Central Bank of Argentina for approval. Basically, they wanted to know where was that money coming from and if it was not coming from some shady activity or money laundering. Only after me showing them my export invoice, they released the funds. In those cases you have 2 choices, either show an export invoice or say it is a repatriation of funds. This is why I wonder how a Western Union transfer is not blocked... Maybe because Western Union sends you the money from another local/Argentine bank account they have here? In that case, AFIP will want to do an audit on you if those funds raise a flag to them...

 

[dsp27]

Well, last time I transferred money from my US bank account to my Argentine bank account, they called me from my Argentine bank asking me to fill up a form to then be submitted to the Central Bank of Argentina for approval. Basically, they wanted to know where was that money coming from and if it was not coming from some shady activity or money laundering. Only after me showing them my export invoice, they released the funds. In those cases you have 2 choices, either show an export invoice or say it is a repatriation of funds. This is why I wonder how a Western Union transfer is not blocked... Maybe because Western Union sends you the money from another local/Argentine bank account they have here? In that case, AFIP will want to do an audit on you if those funds raise a flag to them...

WU sends you the pesos as an "interbanking" which is the equivalent of the ACH in the US. So it's not even a wire transfer but a "payment". WU are required by Argie law to collect the data of the receiver. The first few transactions within, I think, 90 days would go just fine but after that any other transaction would be delayed until a declaration is complete online (https://www.e-pagofacil.com/APN/declaracion.php). It's very easy and it takes 5 minutes. You will need to do it just one time for all future transfers.

 

[hgrimberg]

WU sends you the pesos as an "interbanking" which is the equivalent of the ACH in the US. So it's not even a wire transfer but a "payment". WU are required by Argie law to collect the data of the receiver. The first few transactions within, I think, 90 days would go just fine but after that any other transaction would be delayed until a declaration is complete online (https://www.e-pagofacil.com/APN/declaracion.php). It's very easy and it takes 5 minutes. You will need to do it just one time for all future transfers.

That WU statement they want you to sign is just for WU to cover their rear but if you send large sums of money or too often, it will raise a flag on AFIP and they will come to you to audit. Most likely they will ask you where did that money come from and why you didn't submit an application for repatriation of funds. So, if you didn't, then you are breaching the law ad it will be subject to some penalty by the Argentine government in my point of view...

 

[dsp27]

That WU statement they want you to sign is just for WU to cover their rear but if you send large sums of money or too often, it will raise a flag on AFIP and they will come to you to audit. Most likely they will ask you where did that money come from and why you didn't submit an application for repatriation of funds. So, if you didn't, then you are breaching the law ad it will be subject to some penalty by the Argentine government in my point of view...

Of course. I have nothing to hide. If someone has then don’t send massive amounts on WU. I think it’s common sense.

 

[NYCExpat]

Question? Any information on the max limit for a bank transfer (WU) from the US to ARG - per transaction or per month? I typically use Xoom and I have been able to send the max of $2,490 USD (this max is based on my bank card) in the past, typically monthly. However, Xoom is not working now. Thanks in advance.