Whacking Cash Down In The Bank..........

[Churchill]

I have just come back to Argentina after a spell working in the UK. I plan to change some dollars that I have brought back with me into pesos so that I can buy a car and deposit them at my local bank. I have an account with Santander, residency and a DNI. The money will be paid into my account and then immediately transferred to one held by a local car dealership. Are there any problems with doing this? Do I need to show proof of where the funds have come from (I have payslips from back home),

I have only been away a year or so but I see things have changed somewhat hence the question!

Thanks

 

[Montauk_Project]

Ask your bank, each bank is different. If your bank is too complicated, shop around.

 

[Rich One]

Well cash your dollars you brought with you into pesos at the best possible rate.. you know what I mean . Then when you select the, car deposit the pesos into the dealership account , they provide you with preprinted deposit slips for their bank account in $5000 pesos increments to avoid any questioning, With the deposit slips in hand the dealership handles the entire transaction.

No need to go through yous Santander account. !!!!!

 

[PaulBee]

This isn´t exactly what you asked, but if you end up using Xoom, they might ask to see an Argentine
bank statement if the recipient has received a sizable amount of money recently (which money for a
car might be),

 

[khairyexpat]

I opened a non-resident bank account just to buy a car. It took me almost 2 months of withdrawals from ATM. 2000 pesos/day from my Canadian bank account and deposit it at the same time, same ATM, into my Argentinean account. When I had the full amount I made the lump sum transfer to the dealership account. I was forced to do this cause I have been here for 8.5 years and my only access of cash is ATM. I am in the process now of arranging for a XOOM account, soon I hope.

In my case I followed what Rich One is saying: Deposit your lump sum incrementally, or do incremental withdrawal from XOOM, and inceremental deposit. No one will ask you, WOULD THEY STILL?

Just out of curiousity. Does anyone know what is the rational behind imposing a daily limit on withdrawal from a Foriegn Account ? This is extra money from outside the country to SPEND in Argentina. What harm does it do to bring some extra money from outside the country and spend it here? Banks are too small to handle more than $2000 pesos a day? ... what is it ....?

 

[AngelinBA]

my bank hsbc told me any deposit of over ar$30,000 needs to be explained.

 

[Rich One]

Well cash your dollars you brought with you into pesos at the best possible rate.. you know what I mean . Then when you select the, car deposit the pesos into the dealership account , they provide you with preprinted deposit slips for their bank account in $5000 pesos increments to avoid any questioning, With the deposit slips in hand the dealership handles the entire transaction.

No need to go through yous Santander account. !!!!!

Well what is above is what the dealership instructed me to to deposit in their account $5000 pesos increments to avoid checks by AFIP ..!!

 

[khairyexpat]

I missunderstood Rich One. It is not the same what I did.

 

[PhilipDT]

I would definitely try to make cash deposits to their bank account rather than deposit and then transfer.

 

[Churchill]

Very helpful - thanks all