Why does Argentina make it hard to deposit money in it`s banks?

[PaulBee]

Does anyone know why Argentina makes it hard, to say the least, for non-residents to transfer money into their Argentine bank accounts ? I no longer live in Argentina but still have rental properties there. Especially as the money is arriving in US$, I would have thought Argentina would want the money coming into the country.

 

[steveinbsas]

Does anyone know why Argentina makes it hard, to say the least, for non-residents to transfer money into their Argentine bank accounts ? I no longer live in Argentina but still have rental properties there. Especially as the money is arriving in US$, I would have thought Argentina would want the money coming into the country.

I suggest you enter the phrase "money laundering in Argentina" in a Google search.

PS: Since I started using transferwise.com it's easier than ever.

 

[lamarque]

Does anyone know why Argentina makes it hard, to say the least, for non-residents to transfer money into their Argentine bank accounts ? I no longer live in Argentina but still have rental properties there. Especially as the money is arriving in US$, I would have thought Argentina would want the money coming into the country.

Mostly because of money laundering, before it was pretty common money comming from colombia, venezuela, rusia to construct or do legal bussiness with their narco money, still i think now we are in the opposite extreme, is quite annoying to bring money to the country.

 

[pizzadreams]

Why does Argentina make it so hard to -post anything here-?

 

[PaulBee]

Mostly because of money laundering, before it was pretty common money comming from colombia, venezuela, rusia to construct or do legal bussiness with their narco money, still i think now we are in the opposite extreme, is quite annoying to bring money to the country.

I agree that this makes it hard to do legal business here and I assume this is also harming the Argentine peso.

 

[PaulBee]

I suggest you enter the phrase "money laundering in Argentina" in a Google search.

PS: Since I started using transferwise.com it's easier than ever.

Thanks so much for telling me about Transfer Wise ! It looks like a good way to send money ! I wonder, though, if my Argentine bank would deposit money from Transfer Wise into my account if it doesn`t want to deposit money from my Mexican bank account ?

 

[ben]

I wonder, though, if my Argentine bank would deposit money from Transfer Wise into my account if it doesn`t want to deposit money from my Mexican bank account ?

Because they know who TransferWise is, and any questions regarding the provenance of the funds are answered with one word: TransferWise.
Any questions about where TransferWise got the money from is their problem, the Arg bank doesn't need to care.
Whereas with the Mexican bank account, they need to know the accountholder well enough to have grounds for confidence that the money is legit.

 

[Rishab]

Hi Steve,

Good evening. If I need to send money from my Argentina account to India account, is it great? Is the charges that is displayed is final or we pay anything other than that which comes out later.

 

[steveinbsas]

Hi Steve,

Good evening. If I need to send money from my Argentina account to India account, is it great? Is the charges that is displayed is final or we pay anything other than that which comes out later.

Hi Rishab,

Good morning. There are no hidden charges. The net amount of the transfer will be displayed before you "send" the money, but I have no idea if it's possible to use Transfer Wise to make an outgoing transfer from Argentina. That's not something I have ever tried to do.

The Transfer Wise website does not show an option to make a transfer of Argentine pesos that will be converted into any other currency, but it is clearly possible to make a transfer in dollars that will be converted to Indian rupees. If you have dollars in an Argentine bank account you'll have to go to the Transfer Wise website, enter your data, and try to make a transfer. Then let us know if you were successful.

 

[Rishab]

Hi Steve,

Good morning. Sorry I forgot to mention that I will be sending the money in USD and not in Argentina pesos.

Thanks