Banking How to bring in USD Legally to buy property?

[FrankPintos]

Hi, I'm in a bit of a pickle.

I need to bring in USD cash Legally (for paper trail for escribano) but I don't know how.

I called up https://www.puentenet.com/ and one other capital markets company and they both said they only do transfers to bank account only.

Of course , seller only wants cash in Argentina!!

Anyone know of service to bring in USD cash for a fee , legally? thanks!

 

[EliasArg]

Talk to your bank. If you have a DNI and are in a regular situation and all you should be able to open a USD account here to send yourself USD from your own USD account abroad (names must be identical.) You then go to your bank here and withdraw your USD from your USD account in USD cash.

 

[LainaINK]

I'm in the same situation as original post, I'm looking to buy a $500K property in BA.

The sellers are old persons they don't want to be paid on a US Bank account or cryptos... they only want USD in Argentina.

So as a non resident I got a CDI, opened a Balanz broker account that would have been used to bring $MEP by buying/selling bonds.
I started the process to open a bank account with Banco Galicia to receive the MEP from Balanz.
But today I received a bad news from Banco Galicia, they can't open a USD balance for me as I don't have a DNI 😕

So my question is the following :
As a non resident what are my options to buy this 500K property ?
Can I get a DNI quickly or will it takes months ? Is there a bank that would open USD balance without being resident ?


Thanks in advance for your hel

 

[earlyretirement]

I'm in the same situation as original post, I'm looking to buy a $500K property in BA.

The sellers are old persons they don't want to be paid on a US Bank account or cryptos... they only want USD in Argentina.

So as a non resident I got a CDI, opened a Balanz broker account that would have been used to bring $MEP by buying/selling bonds.
I started the process to open a bank account with Banco Galicia to receive the MEP from Balanz.
But today I received a bad news from Banco Galicia, they can't open a USD balance for me as I don't have a DNI 😕

So my question is the following :
As a non resident what are my options to buy this 500K property ?
Can I get a DNI quickly or will it takes months ? Is there a bank that would open USD balance without being resident ?


Thanks in advance for your hel

As others mentioned, use a LEGAL money transfer firm. One thing that is VERY important that many foreigners don't really pay attention to is that you have to legally show how you got funds into Argentina when you sell. When you go to sell as a foreigner (non-resident) AFIP (Argentina IRS) will require you to get a permit to sell and part of that process takes a really careful look how you legally brought your funds into Argentina.

There are legal ways to do it and there are easier ways with money transfer firms that aren't registered with the Argentina Central Bank. You'll want to make sure that you can show how you get it in.

You don't need a DNI to wire in funds. You just need a CDI to buy a property. Think of a CDI # as a tax ID number. You can do it on your own or an Escribano can get it on your behalf.

I've used lots of different money transfer firms to wire funds into Argentina to buy real estate. I've used Banco Piano before and they are reputable. Also, I don't know if this place is still in business but I used them many times. https://www.cucchiara.co.nz they have a sister company in Uruguay as well - Sekoia Agente de Valores S.A (Keep in mind I'm not endorsing this firm... Just stating that I used them many, many times without issues).

All these places work similarly that they will charge a flat % of whatever you're wiring in. They will legally get your funds into Argentina.

Make sure you take the time and trouble to get your funds legally into Argentina that can be documented. Otherwise it's a real nightmare when you go to sell your property. The solution has been outlined so you have to just be prepared to pay about 2.5% or so extra to get your funds legally into Argentina. Do NOT mess around with this. Make sure you do it properly.

Many Americans (and foreigners in general) fall in love with Argentina. They want to move here. They want to buy a property here. And then they throw total common sense out of the window. Make sure you do everything legally or at least know the consequences and steps involved when you sell your property.

The vast majority of sellers in Argentina want cold hard crisp $100 US bills when selling.

 

[RemptilGuy]

When I bought my apartment in 2009, I used a company named Multifinanzas, which is now named Transatlantica Compañia Financiera. They are located downtown in microcenter. They were great. The price for the service was very reasonable, and we also did the closing in a room at their office. The sellers got their cash and I never had to touch it.

 

[earlyretirement]

When I bought my apartment in 2009, I used a company named Multifinanzas, which is now named Transatlantica Compañia Financiera. They are located downtown in microcenter. They were great. The price for the service was very reasonable, and we also did the closing in a room at their office. The sellers got their cash and I never had to touch it.

Yep. I used them a few times as well. No problems at all using them.

 

[Jetreee]

Yep. I used them a few times as well. No problems at all using them.

Now they use bond swaps. The company just charged a flat % rate and promised their commission wouldn’t go above that.

I had to fill out some paperwork and keep in mind they do a background check. They said that they can’t have a criminal record as they have big problems with the Central Bank and reputation risk.

But the cash came through and at the closing they paid the seller and the seller counted out all the $100 bills.

 

[FiatAlo]

Now they use bond swaps. The company just charged a flat % rate and promised their commission wouldn’t go above that.

I had to fill out some paperwork and keep in mind they do a background check. They said that they can’t have a criminal record as they have big problems with the Central Bank and reputation risk.

But the cash came through and at the closing they paid the seller and the seller counted out all the $100 bills.

Something in the new laws is restricting the bond swaps? There’s now a 15 day wait? Does anyone understand this new law?

 

[earlyretirement]

Something in the new laws is restricting the bond swaps? There’s now a 15 day wait? Does anyone understand this new law?

Wow, how long ago did this new law start? 15 days is a long time to wait. I haven't heard of this but would love more information on it too if anyone has any information or URL links.

 

[PhilipDM]

I just spoke with Franco Tealdi, my broker at Inviu who helped me get U.S. dollars for a real estate purchase. He said nothing has change with the bond swap and it continues to function normally. All that is needed is a DNI and an Argentine dollar account.

In case anyone is interested, Inviu charges only 1% and can obtain either dollars or pesos (useful for a salaried income stream). Here is Franco's contact info:

Franco Tealdi:
francotealdi@gmail.com
Franco Tealdi Twitter 54 9 351 266-1022 WhatsApp [his preferred method]
He is fluent in English too.

 

[earlyretirement]

I just spoke with Franco Tealdi, my broker at Inviu who helped me get U.S. dollars for a real estate purchase. He said nothing has change with the bond swap and it continues to function normally. All that is needed is a DNI and an Argentine dollar account.

In case anyone is interested, Inviu charges only 1% and can obtain either dollars or pesos (useful for a salaried income stream). Here is Franco's contact info:

Franco Tealdi:
francotealdi@gmail.com
Franco Tealdi Twitter 54 9 351 266-1022 WhatsApp [his preferred method]
He is fluent in English too.

Good to hear nothing has changed on the bond swaps but you mentioned that "all that is needed is a DNI and a dollar account". Both of which foreigners wouldn't have that are buying. Does his process or rate change for non-resident foreigners?