Wire dollars or use WU to send pesos?

[carride]

Howdy Carride,

Would you mind explaining this process? Is an Argentine brokerage or a US brokerage?

I transfer to my Santander account. The first one or 2 transfers there was a minor fee to receive, less than $10.
I then transfer to Balanz, where I perform the exchange, then transfer the pesos back to my Santander pesos account.

Yes @LuckyLuke, I was referring to Argentina Brokers like Balanz or Cocos Capital, or others. @SlowWalker @FrankPintor here, and others in recent threads have explained a bit as well.

You transfer USD to a broker the similar way you wire transfer from any other international location. Good chance I’ll explain something wrong, but this is how I understand -> Your USD arrive to your brokerage account as CCL (cable dólar). Not official dólar and not MEP dólar. You can now chat or call your broker to do all the magic to convert. OR you can do it yourself, which is to buy/sell Argentina bonds . The platforms have a button to do all this in one instant, though you can try to guess the market, hold the bonds for a few hours or days before selling to finally receive MEP or pesos.

You are only allowed to transfer from the broker to an argentina account in your name. The comisión fees for trading bonds will chip away at what you see as the listed CCL market rate. Each broker has different comisión rates, some different if you do with the app, compared to letting your assigned broker do the work. As @FrankPintor hinted, you should discuss with your argentina accountant to be confident all is finalized correctly.

 

[SlowWalker]

Yes @LuckyLuke, I was referring to Argentina Brokers like Balanz or Cocos Capital, or others. @SlowWalker @FrankPintor here, and others in recent threads have explained a bit as well.

You transfer USD to a broker the similar way you wire transfer from any other international location. Good chance I’ll explain something wrong, but this is how I understand -> Your USD arrive to your brokerage account as CCL (cable dólar). Not official dólar and not MEP dólar. You can now chat or call your broker to do all the magic to convert. OR you can do it yourself, which is to buy/sell Argentina bonds . The platforms have a button to do all this in one instant, though you can try to guess the market, hold the bonds for a few hours or days before selling to finally receive MEP or pesos.

You are only allowed to transfer from the broker to an argentina account in your name. The comisión fees for trading bonds will chip away at what you see as the listed CCL market rate. Each broker has different comisión rates, some different if you do with the app, compared to letting your assigned broker do the work. As @FrankPintor hinted, you should discuss with your argentina accountant to be confident all is finalized correctly.

Based on my experience, I think Balanz charges $20USD to receive wire transfers. They also take 2-3 business days to receive it, whereas with Santander, I typically send the funds at night, and it arrives in the morning.

I can't explain the difference between official/ MEP etc, but I do know that they can be transferred between institution as USD. I am not sure how much the various categories of dollars still exist after the cepo was removed in April.

With Balanz, there is a charge of 1% applied to the rate seen within the app. It is still better than the rate offered by the banks but at the expense of a bit of time. It isn't really an issue if you don't need the funds immediately. You can always leave some USD in your broker (Balanz) account, so some is available should you need pesos instantly.

 

[studiodio]

i looked up on santander web site how to transfer dollars from abroad...and there was no mention of having to give them a copy of my bank statements...that is what was making me hesitant to transfer directly to bank instead of western union. am i correct that now you dont have to send bank statements?

 

[SlowWalker]

i looked up on santander web site how to transfer dollars from abroad...and there was no mention of having to give them a copy of my bank statements...that is what was making me hesitant to transfer directly to bank instead of western union. am i correct that now you dont have to send bank statements?

Maybe call up their comex department or speak to a branch.

Maybe instead of statement you can get a letter from the bank that allows you are the account holder.

I'll be doing another transfer so I can try with that and see if it works.

 

[Alby]

This is how it worked for me the first time with Santander:

1) I sent the money from my bank overseas.
2) Santander sent me a confusing email telling me the money had arrived and needed to be liquidated.
3) I went into Home Banking and on the left hand side of the screen choose the Menu and found in the long list of operations "Cobros del exterior".
4) Once inside that function, I followed the prompts, choosing A07 (as others have pointed out) as the correct category to describe the reason for the transfer.

This is where it then gets tricky...

The system asked you to attach supporting documentation (by, for example, attaching it or clicking and dragging it), but doesn't tell you what that supporting documentation is. On the first occasion, I...

5) Proceeded without attaching anything (to see what would happen).

What happened was...

6) Santander sent me another email (the next day) telling me to attach my DNI front and back.
7) I went back into the system and repeated steps 1-4, and then this time uploaded (clicked and dragged) the two photos of my DNI.
8) Santander sent me another email (the next day) telling me the operation had been a success.

Ever since, I have always attached my DNI (including the new one when it changed after another residency renewal), and it has always worked as sufficient documentation. I don't know why, since the DNI doesn't seem to prove anything.

 

[studiodio]

i just found out that my US credit union, where my social security checks go, does not do SWIFT , cannot do international transfers. i want to stop using western union for transfers to my arg bank. can i open a US bank account without going back to US? my idea is to transfer funds to new bank then transfer to my arg bank.

 

[gkcanela]

i just found out that my US credit union, where my social security checks go, does not do SWIFT , cannot do international transfers. i want to stop using western union for transfers to my arg bank. can i open a US bank account without going back to US? my idea is to transfer funds to new bank then transfer to my arg bank.

What Argentine banks charge zero commission on usd transfers, as well as zero maintenance fee on usd savings accounts. Macro used to charge a high maintenance fee, for example.

 

[SlowWalker]

What Argentine banks charge zero commission on usd transfers, as well as zero maintenance fee on usd savings accounts. Macro used to charge a high maintenance fee, for example.

Santander

 

[SlowWalker]

i just found out that my US credit union, where my social security checks go, does not do SWIFT , cannot do international transfers. i want to stop using western union for transfers to my arg bank. can i open a US bank account without going back to US? my idea is to transfer funds to new bank then transfer to my arg bank.

Try setting up an account with Wise. You should then be able to transfer from your credit union to Wise, and wise to local account (either pesos or USD).

 

[Caribbean Cool]

What's the fuss? These days WU pays more than you can get on the street here......So maybe you have to deposit the pesos in your debit account here assuming that is not difficult. No paper work.....no trail.....no delay.....no nothing.