Banking Best way to buy US Dollars here in Buenos Aires? Or best way to get your hands on Dollars?

[Katherina]

I've been back and forth from the USA to Argentina as I was here before COVID but then barely escaped before the lockdown. Money matters are a bit easier now with Western Union paying so well now! I am loving these high WU rates!

I am going to pay my rent and my landlord doesn't take pesos even at the blue rate. Understandable as it is so crazy and changing. I normally just send pesos to myself with WU and then go down to a cueva and buy US dollars. Is this still the best way to do it? I was told to find a private cueva but they didn't want to hassle with a small amount. Is the way I'm doing it ok? How do you all get US dollars here? Or do you need them? I only use it for my rental.

I asked the owner if they have a US dollar account somewhere else I can do a wire but they demand cash here. Maybe for tax reasons?

 

[All the Answers]

Avoid purchasing dollars from Western Union as they often charge exorbitant fees. I'm not sure if they still do that but I talked to an expat that was doing that and WU was ripping them off!

Instead, consider seeking out a "cueva" (an informal currency exchange), especially if you are unfamiliar with any. In Galeria Boston on 147 Florida Street, there are several cuevas. Head up the stairs to the first floor, turn right, and you should find rates within a few percentage points of the blue market rate. (Dolar Blue)

They are open weekdays. I'm not sure about the weekends.

Cotización del dólar hoy, dólar blue | Ámbito

Cotización y el precio del dólar hoy. Seguí la información sobre el dólar, el dólar blue, dólar MEP, dólar CCL, dólar ahorro, dólar turista, el dólar Banco Nación, y el dólar mayorista minuto a minuto.

www.ambito.com

 

[Katherina]

Avoid purchasing dollars from Western Union as they often charge exorbitant fees. I'm not sure if they still do that but I talked to an expat that was doing that and WU was ripping them off!

Instead, consider seeking out a "cueva" (an informal currency exchange), especially if you are unfamiliar with any. In Galeria Boston on 147 Florida Street, there are several cuevas. Head up the stairs to the first floor, turn right, and you should find rates within a few percentage points of the blue market rate. (Dolar Blue)

They are open weekdays. I'm not sure about the weekends.

Cotización del dólar hoy, dólar blue | Ámbito

Cotización y el precio del dólar hoy. Seguí la información sobre el dólar, el dólar blue, dólar MEP, dólar CCL, dólar ahorro, dólar turista, el dólar Banco Nación, y el dólar mayorista minuto a minuto.

www.ambito.com

Thank you so much! I will try that today. Also, I saw that link you sent and I see official rate is close to normal now. Is it possible to go to the bank and buy US dollars at official rate? That probably is too good to be true but is it possible?

 

[Man on the Moon]

Thank you so much! I will try that today. Also, I saw that link you sent and I see official rate is close to normal now. Is it possible to go to the bank and buy US dollars at official rate? That probably is too good to be true but is it possible?

When they first introduced this CEPO" thing, you could exchange $200 USD at the official rate at the bank. But now, to do that, you need to go through a validation process with BCRA, ANSES, and some other stuff. So, in simple terms, this option probably isn't for you or other expats like you.

Qué es el cepo cambiario y cuándo podría levantarse

Eliminar el cepo cambiario: ¿la promesa de Milei que podría cambiar la economía argentina?

noticiasargentinas.com

 

[Wally]

If you'd rather avoid carrying a lot of pesos and dealing with informal currency exchanges (cuevas), and you're an Argentine Permanent Resident or citizen with a tax ID number and both a USD and ARS bank account, you can use apps like Cocos Capital to buy and sell dollars at the "Dolar MEP" rate. You can always check this rate at the top of websites like infobae.com to see if it's better for you to buy from a cueva or use the MEP rate based on the day's exchange rates.
Here are the simple steps to get dollars using such an app:

1. Download and sign up for an app or online broker account that deals with MEP.
2. Follow the instructions to link your bank accounts in the app.
3. Transfer ARS from your own bank account to your app account using your online banking or the bank's app (or even an ATM). Usually, the money arrives on the same day.
4. In the app, choose the option to buy the desired amount of dollars and pay with your ARS app account balance.
5. About a day later, the USD you bought will be credited to your app account.
6. Select the option to "withdraw" the USD from your app account, and it will be sent to your USD bank account, usually arriving on the same day.
7. Visit your bank teller window and withdraw the USD in cash from your USD bank account.

This process also works in reverse if you want to send yourself USD from abroad to sell for ARS in the app.

 

[Katherina]

If you'd rather avoid carrying a lot of pesos and dealing with informal currency exchanges (cuevas), and you're an Argentine Permanent Resident or citizen with a tax ID number and both a USD and ARS bank account, you can use apps like Cocos Capital to buy and sell dollars at the "Dolar MEP" rate. You can always check this rate at the top of websites like infobae.com to see if it's better for you to buy from a cueva or use the MEP rate based on the day's exchange rates.
Here are the simple steps to get dollars using such an app:

1. Download and sign up for an app or online broker account that deals with MEP.
2. Follow the instructions to link your bank accounts in the app.
3. Transfer ARS from your own bank account to your app account using your online banking or the bank's app (or even an ATM). Usually, the money arrives on the same day.
4. In the app, choose the option to buy the desired amount of dollars and pay with your ARS app account balance.
5. About a day later, the USD you bought will be credited to your app account.
6. Select the option to "withdraw" the USD from your app account, and it will be sent to your USD bank account, usually arriving on the same day.
7. Visit your bank teller window and withdraw the USD in cash from your USD bank account.

This process also works in reverse if you want to send yourself USD from abroad to sell for ARS in the app.

I don't quality but I will ask my Argentina boyfriend about Cocos Capital!

Cocos

Invertir es para todos y sin comisiones!

app.cocos.capital

Do you know how much you can send monthly to the United States via Cocos? Will my boyfriend have issues with Argentina's IRS (AFIP)? He doesn't make much money.

 

[Wally]

I don't quality but I will ask my Argentina boyfriend about Cocos Capital!

Cocos

Invertir es para todos y sin comisiones!

app.cocos.capital

Do you know how much you can send monthly to the United States via Cocos? Will my boyfriend have issues with Argentina's IRS (AFIP)? He doesn't make much money.

I'm not sure about the AFIP part. But even if they don't ask questions, your bank might if you're dealing with large or frequent amounts. They may request you to declare where these funds are coming from and ask for proof like a bank statement. Most banks these days want to avoid money laundering possible issues or drug trafficking profits.

But, when it comes to bringing money in using the MEP method, there are no specific limits. The weekly cap for buying USD through MEP is approximately US$40,000.