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Getting money into Argentina

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canuckincordoba
9/14/2013 13:52 EST

Hi everyone. I've moved from Canada to Cordoba with my Argentine wife and our one year old. We'd like to buy a house. What's the best/ safest way to transfer money into Argentina? If possible, I would prefer getting the 'blue' rate. I've tried Xoom, but I need a US debit card, credit card or a US bank account. All my accounts are Canadian.

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TomP
9/15/2013 07:35 EST

Even if you use Xoom it won't allow more than about US$3,000 a month and surely you house will cost more than that.

And regarding bring "cash" into Argentina, being an American I can't bring over more than US$10,000 each trip and surely your house will cost more than that.

We built vineyards in San Rafael and after opening a Bank Account with Bank Of Nacion, obtaining a CUIT Number etc. we wired over more than US$500,000 but unfortunately our dollars were converted into the official peso rate.

If you come up with a way to bring large sums of US or Canadian dollars into Argentina please let us ex-pats know how you do it. The same goes for getting AR pesos out of the country into the US without taking a severe haircut.

Welcome to Argentina, the land of Queen Christina.

.

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carlyb
9/15/2013 10:26 EST

A bank transfer into the account of the seller in Argentina may work best. Although you'll get the official exchange rate which is about 60% less than if you handle dollars bills.
Some people have found a way thru bordering countries such as chile or uruguay. Get a bank account (chile has commercial ties with the US) in a bordering country and withdraw your money as needed. You may have to do several trips, but for a 60% more per dollar, the trip will pay itself and give yourself vacations! i am live in Córdoba let me know if you need anything here.

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frassinetti

From: Argentina
9/15/2013 14:31 EST

Hows it done, ....... informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, for example, through the use of bank accounts held by the IVTS operator.

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TomP
9/15/2013 15:31 EST

Carlyb gives good advice but don't forget AFIP (the IRS of Argentina) might someday knock on your door and say, "Gee, we're curious how you bought (as evidenced by a transfer of Deed) your lovely house worth US$100,000 without declaring any income in Argentina or Bank transfers to Argentina".

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MendozaHomes
9/15/2013 18:02 EST

Is important what said Tom, but let me explain an options, for example.
Price property: 100.000 usd real price.
you sing tittle of the property (escritura) for 40.000 usd around.
If you trip a lot of time to Canada to Argentin you can say to afip when you move to argentina you move with 10.000 usd in different times.
Now a lot of sellers want to sell their properties only if you pay in Uruguay or US bank accounts.
goog luck

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carlyb
9/15/2013 18:30 EST

I won't go in details about some suggestions, but allow me to say I am completely against false statements or deceiving AFIP or any institution. Lying about your property value or moving funds in an illegal way may get you in deep trouble; specially if you are a foreigner. Opening an account in a neighboring country, bringing any amount of money into the country and declaring it if it is over U$S 10000 is not against the law. If for any reason you get audited by the AFIP you show where the funds come from and what you are planing to do with it, no pain. It is completely legal to bring U$S dollars into Argentina for purchase or investment. There isn't any obligation to use an Argentine bank to move funds.

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TomP
9/15/2013 19:16 EST

Yes, you can bring money into Argentina and not through a Bank but if from the US only $10,000 at a time. I suppose if the Seller offered terms over a period of time you could make many trips with $10,000.

Regarding stating a lower purchase price to AFIP, say $40,000 when reality is $100,000 you will have effectively lowered your cost basis to $40,000 and when you sell the taxing Agency whether AFIP or the IRS ir both will read a $60,000 profit and tax it accordingly.

Regarding being "Audited" by AFIP, in 5 years we have been audited twice and each time thanks to our Argentine CPA and our insistance everything be done legally we came out squeaky clean.

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Eposternak
9/23/2013 10:49 EST

Sorry for you that decide it to go to Argentina. I'm was born there and I'm planning to move to Cuenca. Gov. in arg will take your money at the rate that they decide and if you need to travel, will be more expensive. Today house are high priced, tomorrow who knows.
Eduardo

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TomP
9/23/2013 14:12 EST

I think Eduardo makes a good point, however, what "expensive" means to one person may not be the same for another.

In 2008 when we moved to Mendoza Argentina into one of the nicest Condo buildings in town we were paying about US$600 a month and when we moved in 2013 from an even better Condo building next to the Diplomatic Hotel we were paying US$1,250. When compared to NYC or San Francisco it's a bargain.

If you come to Argentina today with limited funds, e.g. a few thousand US Dollars a month you will indeed see what Eduardo means, it doesn't go very far. Five years ago it did but not today.

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tgibob

From: Thailand
9/24/2013 09:58 EST

I thought you could bring any amount as long as you declared it. Am I wrong about that?

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TomP
9/24/2013 10:19 EST

I can only speak as an American but when I fly to Argentina on the flight you must declare on a form if you are bringing to a country more than $10,000.

I don't know about other countries.

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tgibob

From: Thailand
9/24/2013 11:08 EST

That's what I read too and I declared the amount I was bringing from the states. Of course nobody from Customs looked at or took the form.

The problem I worry about is stateside. You are supposed to declare there if you are taking more than 10K out with you, but I don't know where you do that. I've left the U.S. mostly from LAX but the last couple of times it has been from DFW and I have never seen a sign 'Declare More then 10K here' so I ignore that part.

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Eposternak
9/24/2013 11:18 EST

Not only this, now the have dogs sniffing if you have green cash. They go for bribes, is worse than Mexico.
You are supposed to sell at the rate of the official gov.

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TomP
9/24/2013 12:05 EST

The currency sniffing dogs are for Argentines taking money out of the country, not bringing in in. Christina loves Ben Franklins flowing into Argentina.

When you fly to Argentina and enter through Buenos Aires or Santiago, Chile I have never been asked about money or a suggestion made a bribe was i order.

In fact living for five years in Argentina I have never had to make a bribe although I have heard of such things and this is true even when my wife who drives has been stooped three times for traffic violations and where we have built a vineyard and a house and well that necessitates many Inspectors.

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littlejohn33
9/24/2013 13:06 EST

Well I'm not sure what is best but wouldn't it be possible to use Bit-coin? Surely their are lots of Argentinians that would rather have Bit-coin than the local currency.

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TomP
9/24/2013 13:14 EST

I am not sure what you mean, are you suggesting that a person buy more than $10,000 of Bit-coins and bring them to Argentina?

If the person brings less than $10,000 he/she can get AR 9 - 10 pesos compared to the official rate of AR 5.7. That is a 100% spread.

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littlejohn33
9/24/2013 13:50 EST

Bit-coin is an electronic currency you don't "bring" it anywhere its traded online(though it is possible to put it on a USB and trade it physically). You could have a million dollars worth and no one would know about it except perhaps the bank you traded your other currency from to get it. If you sent money from a bank. It can be traded in person as well.
For example you could buy say US$20,000 worth of bit-coin go to Argentina and advertise that you want to sell it there.

Here is a youtube video their are others. http://www.youtube.com/watch?v=e__m-w4N7NI

I'm no expert so do your own research just throwing it out as a suggestion.

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littlejohn33
9/24/2013 14:19 EST

Not sure but since bit-coin isn't a recognized currency it may be legal to trade in Argentina where dollars are not.

If you have a monthly income in a US $ account outside the country you could trade it for Bit-coin online then sell locally.

Of course I don't know the local rate and their is always risk when you go to physically trade with someone. Use caution.

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TomP
9/24/2013 15:19 EST

I believe that Argentina is one of the countries that the Bit-coin is strong but again I ask, why buy Bit-coins when you aren't sure you can sell them or get an attractive rate when you can bring in US dollars and receive almost a 100% premium?

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carlyb
9/24/2013 17:09 EST

good points TomP. BitCoin is good but again you might lose in the exchange while coverting them from dollars into pesos. Hardly anyone will pay the blue market dollar valuer for your bitcoin. Most people are looking to buy from the desperate to sell. I have some BitCoins (just have them for fun) I tried to sell some when it was under US$100 each, I got a few interested in them, all willing to pay under US$90. Get Dollars but don't hold them too long, our money is also depreciating.invest in precious metals.

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littlejohn33
9/24/2013 21:27 EST

Well it would allow you to exchange more than 10k if you can find a buyer. You don't need to even buy them till you do find a buyer so not much risk of getting stuck with them.

I heard one mention of people getting a premium for bitcoins in Argentina but it was a month old.

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TomP
9/25/2013 07:12 EST

I haven't followed up on it for several months but I too heard that Argentines liked Bit-coins so the question is how much will they pay for them opposed to bringing in US Dollars and having people stand in line to give you AR 9 - 10 pesos per 1 US Dollar.

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littlejohn33
9/25/2013 07:16 EST

Just found a site to connect local traders of BitCoin for cash of the 5 listed for Cordoba 3 are offering a premium 2 are 29% or more. But only a max of 10k AR pesos.
Of the 5 in Buenos Aires all are offering a premium 10-35% one is about 30% up to 50k pesos. not as good as the blue rate but not bad either.
https://localbitcoins.com/country/AR

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MendozaHomes
9/25/2013 08:07 EST

I know about people exchange 1 dollars to 7$AR, you transfer this money and they pay cash in the place. It isn´t bad. Best Regards

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TomP
9/25/2013 08:23 EST

Are you referring to Xoom?

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MendozaHomes
9/25/2013 08:31 EST

I am referring a person, you make a bank transaction of Uruguay bank and he pay here in Argentina. Is very normal, without use bank. When you use xoom you pay commission.

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TomP
9/25/2013 08:39 EST

I am not being rude but are you saying I give a Bank in Uruguay US$10,000 and hope someone I don't know in Argentina gives me my money back ?

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frassinetti

From: Argentina
9/25/2013 18:33 EST

Forget Bitcoins its used to change Pesos to USD $, Not the other way round!

Money for buying Properties need to come in threw official channel and the official rates, its the ONLY way, don't try it any other way if you are a Foreigner you will end up lost ( in translation!)

The only good part if you are a Foreigner when you sell with today's laws you can Buy US $s and take them out, at least for the moment.

Expect for Monitory Controls, especially on out going US $s for the next 2 Years.

I would only bring in USD $10,000 cash each time I travel, as its legal, this goes for Argentina and all other countries of the World except some where the Euro is King and there its 10,000 Euros max!

We should be going into some kind of melt down in Argentina, each crises is different, but it will effect us all in some ways, some for the better , some for the worse, see where you stand to see if you invest or ride out the wave, ....... Xoom and other ways of transfers are OK for small amounts if you don't mind loosing a 10 perscent or more, .......... other more, other wise its wise to find some one who does, ....... "IVTS"! Even if it seems strange, its the oldest way of transfer Money in the world! And still going strong!

IVTS, ............. ....... informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, for example, through the use of bank accounts held by the IVTS operator.

Hope I have been of help! Bob Frassinetti

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frassinetti

From: Argentina
9/25/2013 20:39 EST

PS, ......... Yes, that's right, if you brought into the country money through the correct channels and bought Real Estate in Argentina, in the past, and now, say, you want to sell it, you can, ............

Of course you need to sell in Pesos, but, with the right paper work in front of the AFIP, you will be able to exchange it into USD $s, when you show that you are a Foreigner, and want to move out, you will be able to exchange the Pesos into USD $ and transfer them out, at least for the time being, .......

............unless you are caught in between the changes that are coming, a risky deal so close to the elections, ........ another possibility would be to cash in exchange for your Real Estate "Cedins"!, .......... but this would be near Science Fiction to find a Buyer who would pay you in this Certified USD $ coupons, .........

How desperate are you in "leaving" Argentina?

I would if you could ride out the wave for the next 2 years when we should have a New President and Government, ........... prices should go up! Everything that goes down always goes up, ........... eventually!

South America an be disappointing, but, as I have learnt also can be very successfully, .............

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MendozaHomes
9/25/2013 22:25 EST

Tom, remember I am Argentinian and Realtor, I know about different options to don´t move to money here in Argentina. Is very normal you pay in Bank account and recive your pesos here, lot of Argentinian are thinking to move money to other countries. Mendocinian open bank account in chile also is very difficult and porteños in Uruguay. Other options is if you buy a properties here is only move to argentina the price of escritura and the rest in dollars.
Why exchange company not close here in Argentina, because they change a lot of money in blue (famosas cuevas). Is possible you buy and not move your money to argentina and pay afip.

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MendozaHomes
9/25/2013 22:25 EST

Tom, remember I am Argentinian and Realtor, I know about different options to don´t move to money here in Argentina. Is very normal you pay in Bank account and recive your pesos here, lot of Argentinian are thinking to move money to other countries. Mendocinian open bank account in chile also is very difficult and porteños in Uruguay. Other options is if you buy a properties here is only move to argentina the price of escritura and the rest in dollars.
Why exchange company not close here in Argentina, because they change a lot of money in blue (famosas cuevas). Is possible you buy and not move your money to argentina and pay afip.

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Galponero
3/16/2015 12:20 EST

Here is how to send you money to Argentina: Take a trip to uruguay and open a bank account there. You can transfer your funds from Canada to Uruguay very easily. Then you can go to Uruguay, take out 10.000 at a time and cross over to Argentina. Yes, you might need to do this several times, but if you take a trip with four friends then you can bring 50.000 in each trip. Urugay is just crossing the river. This is an easy, cheap and totally legal way to bring your money to Argentina.

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ismael
3/30/2015 10:21 EST

For purposes like buying real state, you can open a USD-denominated bank account in Argentina and transfer directly to it.

It is the simplest and fastest option for this case, you just need to be sure to provide all the required documentation regarding the transfer to the bank prior to the actual transfer to avoid any delays.

I have had a decent experience using Banco Hipotecario, and have been told BBVA and Santander Rio are good options, but never had a chance to try.

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TomP
3/30/2015 10:29 EST

Ismael raises an interesting point, I have never heard of opening a US denominated bank account in Argentina where for example you send $50,000 and receive in Argentina $50,000 US and can withdraw US dollars.

I have wired many hundreds of thousands from the USA to Argentina, Bank Nacional, to build my Argentine vineyards and when notified that my US money had arrived my balance at Bank Nacional was always in pesos and at the "official rate".

I would love to know how to send US dollars and receive US dollars ...///

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mrwanderingman
4/7/2015 17:08 EST

don't you wish you held on to those little bitcoins till they were worth $1200... ;-)

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Santier
4/16/2015 21:41 EST

If you had a US based account established with an international bank like Chase, wouldn't you theoretically be able to withdraw dollars in Argentina without an exchange to pesos being necessary? I could see them charging some fee for this service but it would be less costly than losing value in the exchange. Anyone using a setup like this?

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beachesl
4/17/2015 06:40 EST

First, the bank branches here are not really branches, they are separate legal entitites. The fact that you have an acoount or priveledges for your US bank account , it does not mean you have the same priveledges here with the "same" bank. Second, it is the law that dollars cannot be given except for certain citizens or legal residents who have applied for and given a limited priveledge by AFIP, the national tax agency..... If it costs less, it is only because of a policy giving you priveledges from your home bank, like the home bank waiving their normal rights to a service fee for using their card.

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TomP
4/17/2015 07:31 EST

Santier,

Chase is my bank and I have sent more than US$500,000 to Bank Nacion in Argentina so I could build vineyards. Each transfer was paid by Bank Nacion at the "Official" rate when received.

As far as using an ATM in Argentina the ATMs will not pay in US Dollars, only pesos.

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ocliselli
5/18/2015 17:25 EST

HI, if you bring money into the country it has to be at the official rate of exchange, otherwise the AFIP will check your finances alerted by the transaction of buying a house, same goes with a car. The blue does not apply you have to justify your income, period. Forget about the blue if you want to do everything straight otherwise check with your Notary.
When the4re is a will there is a way. Good luck!!

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panamajames
5/19/2015 16:31 EST

You have to bring US cash into Argentina to get the black market rate, or the blue dollar rate. If you want to buy a house, that is quite a truckload that you have to bring in.

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adamc465
10/1/2015 09:28 EST

Ive lived here for 5 years now. When the blue was nothing compared to what it is now. There is no real standard way of transfrring usd here. It all depends where you live. You have to do some looking in thd area you want to move to. Be sure to get all the facts before having some local do the wire. They get greedy when thdy learn of a large amount. My suggestion is to buy a home (if that is what you are asking) from someone who has a usa or canadian account, preferably a foreigner. Transactions within N America from bank to bank are still pretty easy. Getting a local guy to transfer a large amount is a little risky or at best you get hit with a pretty good % loss. Buying from a foreigner is less risky too. They tend to be more honest in the sale.

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panamajames
10/1/2015 10:49 EST

If your travel habits take you from the US to Argentina often, best to bring lots of blue with you, trade it on the streets for pesos and put the pesos in Argentinian banks. Bank to bank wires will convert your USD to Pesos at the bank rate. It is a chore to bring the blue to Argentina, but it is worth it.

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adamc465
10/1/2015 11:37 EST

Thats a lot of trips if someone is buying a home in Argentina. Property
prices have not gone down all that much. That is why i suggest buying a
property from a foreigner. The exchange is not done in Argentina. I know
that limits property listings but its the easiest and quickest way to do it.

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TomP
10/1/2015 16:07 EST

Having lived in Mendoza and San Rafael for 5 years I would try and take advantage of the Blue Rate spread which is about AR 9.3 pesos "Official" v. AR 16 pesos Blue Rate. That's a huge margin of about 60% when you are negotiating for an Argentine home in pesos.

Personally, I would not buy a home, not right away, make doubly sure you enjoy the City, the people, the politics. Rent a place for a year and then invest.

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MendozaHomes
10/2/2015 19:42 EST

I am a Real Estate in Mendoza, Argentina. Lot of expat are asking about sell and buy properties in Mendoza. The seller want to sell in usd but the buyer ask about Argentinos Pesos.
I have an apartment for sale in the residential área of Mendoza, the owner is an expat and you can pay in usd in Canada Account.
For more information, let me know.

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panamajames
10/2/2015 20:46 EST

I, and some friends will be visiting Argentina starting October 10th and looking for real estate, so please send me your contact information. We need to speak to you when we get there. You can e-mail me at panamajames@gmail.com or PM me, whatever works. I love Argentina and now is the time to find some property there. I liked the idea of the wine finca for sale that I heard about recently. Looking forward to the trip.

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TomP
10/3/2015 08:18 EST

I highly recommend Leandro at Mendoza Homes, he has the pulse of Argentina, knows the areas good and bad and can be trusted.

Tom Phelan
La Vida Buena Vineyards

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adamc465
10/3/2015 08:29 EST

Hey Tom is Leandro good at finding buyers y selling homes? Because i am selling mine. Im in San Rafael. 3 htr property with 2 br home, garage, guesthouse with pond, greenhouse, rootcellar y big garden. The rest is trees and blanco ready for planting....

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adamc465
10/3/2015 08:37 EST

A word of caution, xoom is known to have stolen money. Im not talking about 2-5% extra taken, im talking ALL of the cash that was transfered vanished. Type in a search xoom complaints. There are thousands. My friend lost 2000 usd using them.

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TomP
10/3/2015 14:22 EST

Adam,

Didn't I meet you a year or two ago when we visited with Stewart, Peter and myself? I remember your pond.

Yes, Leandro could list your house but I have found that few if any real estate agents who live in Mendoza will ever make the trip to San Rafael to show a property.

Drop him an email and see if he would be interested.

What are you going to do after you sell your house?

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adamc465
10/3/2015 16:28 EST

Hi Tom, ya its me. I did not realize that was you. Good to hear from you! So how are you doing?

Well i think you are correct, they probably will not come out this far. Its hard enough to motivate these people as it is, let alone a 2+ hrs drive for a sale.

The first answer is IF i sell my house. Nothing is sellilling. Sad to say, I lost too much here and with the 250-600% inflation in just two years im running out of cash. I really do not know where to move to just yet. Any suggestions? . Since things are not moving i suppose i have time to look around.

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MendozaHomes
10/6/2015 09:50 EST

Thank you Tomp... My recomendation is do a valuation of your property, is the farm, house in the city or where is located in San Rafael, with this information we could know is good in the market.
For more information, contact me.
mendozahomes@gmail.com

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TomP
10/6/2015 10:21 EST

Leandro,

My friend's house has some acreage as well and is in Rama Caida (rural).

Can you recommend someone in San Rafael who is qualified to render a "Valuation" of the property?

Thanks,

Tom

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adamc465
10/6/2015 13:31 EST

Thanks Tom i truly appreciate the help. I will send him some photos y info. Take care!

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AuSil
2/28/2017 18:22 EST

With all due respect, try to enter US$500,000 into USA or Canada and let me know if you can do it without paying any fees or, if it comes in a different currency, the change will apply with the official market or any illegal one?

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todikaios
2/28/2017 19:46 EST

You can bring all the cash you want into Argentina....if it is over $10,000 US you should declare it, otherwise if you were stopped and searched, you would be subject to having it confiscated. What is the likelihood of being stopped and searched. About 1% or less...but it is a possibility. What happens when you declare it? You don't lose any of it, you just have to provide some basic information for the computer program (that many customs/aduana people know nothing about), such as your name, source of funds, purpose of funds, etc. If you have reasonable answers to these basic questions, that's all that happens. Of course if you try to give false or phony answers you will have a more difficult time. It is the same process when bringing more than $10K into the US. I have followed the declaration processes (both Argentine and US) in the past with NO problems at all...except the very real possibility that someone might try to rob me.

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ericgee
7/28/2017 23:14 EST

Hi all

I'm bit new to all this. I love the country and am a dreamer but also very much a realist. I plan to visit a number more times, stays of a few months before I attempt "the" move.

I've read this thread and I'm a bit confused. I'm going to be curious ultimately about the smart or best way to get money into he country but to start what is the totally legit, straight forward legal way??

I've visited 3 times and just been a tourist so far, rallying on CC and atm withdrawal.

How do you transfer money into Argentina? the proper, pay all your taxes way? for renting a place or just your living expenses and/also ultimately buying a home or business.

I haven't found a bank here in the US where I live and am a citizen that transfers to Arg banks, though
my search was not all that extensive.

thanks
look forward to getting to know you all over the coming years.

Eric

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TBII
7/29/2017 00:50 EST

The best way is to bring in U.S. dollars cash. You can safely bring in $10,000 without declaring it. You can bring in more if you declare it. Exchange it on the street at the "blue" rate, now around 17.5 pesos to the dollar. You now have Argentine money. This is still a cash society. You don't want or need a bank account.

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TomP
7/29/2017 07:49 EST

TBill is correct up to US$10,000.

However, if you want to bring in large amounts to built a house or buy a vineyard you’ll have to probably open a Argentine bank account. This is good because it helps you document with AFIP how you were able to built a house or buy a farm.

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TomP
7/29/2017 07:49 EST

TBill is correct up to US$10,000.

However, if you want to bring in large amounts to built a house or buy a vineyard you’ll have to probably open a Argentine bank account. This is good because it helps you document with AFIP how you were able to built a house or buy a farm.

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ericgee
7/31/2017 19:33 EST

Hmm

I'm imagining that no one goes around with thousands of $ worth of Arg pesos in the their pocket or hidden in their apartment or am I wrong about that??

One would need to invest lots of time looking for property to buy and one needs money on hand to do the purchase when you find something that works, same for a car. How have you all dealt with this? Have you showed up to buy cars or property with tons of cash?!? Surely there must be checks....

other than bringing in cash in your suit case or having a bank account is there another above board option? Someone mentioned these informal businesses, is there not big risk here, how can you be assured that they will give you your money??

thanks
Eric

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todikaios
7/31/2017 22:19 EST

Most real estate and other large purchases are done in U.S. dollars, due to the continuing loss of value of the Argentine peso....now worth only 18 for 1 US dollar...while 6-7 years ago it was 3 to 1. I typically bring in a few thousand in US $$ and get the street price, whatever it is, when I need pesos. Yes, having a few thousand in US $$ is risky. There are banks that will give you short term CDs which you can redeem for US $$ if you put in US $$. The return is around 1 % for 30-60 day notes. You can put in 50K or 100K or more, as you like. There's no prohibition to bring large sums of US $$ into the country...you only have to declare it if it is greater than $10,000...and you can simply say you are buying a house or a car, or whatever. If you don't declare it you are subject to forfeiting it all, even though it is very rare to be searched and/or questioned when you pass through customs. You can also make bank-to-bank transfers of US $$ also, but then there are transaction fees, and again you have to make a declaration as to what was the source and what is the purpose of the funds being transferred. If you want to make frequent trips to an ATM, you can withdraw pesos from a US account at a exchange rate close to, but just a little less than the official rate. There are US ATM cards that do not charge for these transactions. l have also used this method when I didn't bring enuf green stuff with me, so I would get $17.95 argentine pesos for 1 US dollar instead the official rate of $18 to 1 (as an example).

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TBII
8/1/2017 00:34 EST

Property and cars are purchased in U.S. Dollars. You can put U$S10,000 in one pocket without bulging. Your wife can put $50,000 in her purse without bulging. Just don't flaunt it. Pesos take up a lot more room but you shouldn't need to carry that much in pesos to accomplish your objectives. Argentina is a cash society.

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TomP
8/1/2017 08:36 EST

I would be quite cautious when moving cash into Argentina. It is true if you have under US$10,000 allows you to honestly state on the Government Form handed to you on the airplane or at Customs that ... “You are NOT transporting more than US$10,000”. If you have more than US$10,000 in your pants, budge or no budge, or US$50,000 in a purse and you state “No” on the Form, well you are making an untruthful statement of fact and can suffer the consequences.

What are the “Consequences”?

I really don’t know and maybe this US$10,000 law has no teeth but I am not going to be the one to test the law.

If I need to send US$10,001 or more to Argentina I wire it to my Argentine Bank Nation Account.

Also, why would you want to move large amounts of money to Argentina unless you have visited the country first, ergo when you visit set up a bank account. I don’t suggest to anyone that they hide the movement of money.

Yes, Argentina may be a “cash” society” but if you pay your farm or vineyards workers cash under the table with no Government mandated benefits it is a recipe for trouble. I can tell you horror stories about using money in there “Black” but there isn’t enough room here to do so.

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TomP
8/1/2017 08:59 EST

Eric, a good reason for having your money in an Argentine Bank is because, say you buy a car for US$10,000 or AR 175,000 pesos, you simply meet the Seller of the car at your Bank and meet in a room where the cash (withdrawal) is given to you to give to the Seller. Personally, if I received a lot of money, 10,000+ dollars or pesos at a Bank I would immediately make a deposit in that Bank. If I knew I would be existing there Bank with the money I would likely hire a couple of Body Guards to escort me.

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SaintJohn
8/1/2017 16:13 EST

If you carry more than U$S 10 000 (or similar value in other foreign money) undeclared and you are found out (the costums authority has dogs trained to recognize the smell of U$S, Euros and UK £) then they confiscate every cent and also fine you. Do Not take that insane risk - always declare amounts over U$S 10 000.

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SaintJohn
8/1/2017 16:15 EST

Read my previous about declaring amount over U$S 10 000.

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SaintJohn
8/1/2017 17:12 EST

"Exchange it on the street at the "blue" rate"

Don't.

The 'arbolitos' are usually safe themselves (it's their livelihoods at stake), but there are 'zorros' watching the arbolitos and their customers. Like TomP wrote: if you carry lots of U$S in the street you'll need a couple of trustworthy 'torpedos' to protect you.

Instead get in touch with the expats in your town (google the expat community). They can usually offer two attractive possibilities:

1. This is how I exchange $ and €: One (usually several) expats have an Argentine friend (or six), who needs/wants U$S/€/£. He/she is willing to pay the average of blue buy/sell rate, better than both the official and the 'cueva' blue, because if he exchanges pesos to U$S legally, his exchanges will be registered by AFIP (Arg. IRS) and unless he has a large salary in blanco, he will soon get in trouble.

2. If no Argentine friend, have an expat introduce you to a safe cueva where you get the blue rate - on large amounts you *may* be able to negociate 1 or 2% over the blue rate. This is what I used to do before I were overrun by Argentine friends hungry for foreign currency.
- - -
Zorro: literrally 'fox', a scout for a gang of criminals.

Arbolito: literrally 'small tree', a street tout for a cave.

Cueva: literrally 'cave'. A not 100% legal exchange house, which also performs legal financial transactions to avoid being easily detected; money transfer to another country and/or rapipago is the most common legal occupation.

Rapipago: where you can pay your bills without waiting hours in a bank.

Torpedo: tough nut, ready to beat an attacker (or two) to pulp. In Brasil I had two who both were carrying concealed submachine guns - not to be had in Argentine. Here in Mendoza I have my "hermano de la calle", named Paco, gang leader who, for unknown reasons, have taken a liking to me and once saved me from an intended robbery simply by arriving full speed, embrace me and loudly say "hermano" (the 3 punks immediately sat down and started an intense study of the grass). I have been informed that paco has warned other gangs of serious consequences if somebody treats me unpleasently.

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