Taxes How to get money *out* of Argentina?

[Katherina]

Certainly, there are legal and formal ways to transfer money from Argentina to the US or Europe. One common method is through international wire transfers facilitated by banks. If you have an Argentine bank account, you can instruct your bank to send the funds to a recipient's account in the desired country.

Additionally, you may explore the services of international money transfer platforms. These platforms often offer competitive exchange rates and lower fees compared to traditional banks.

It's important to note that you should comply with all relevant financial regulations and tax laws when transferring money across borders. Consulting with a financial advisor or contacting your bank for guidance on the most suitable and lawful method would be advisable.

 

[FeedLaps]

A viable strategy for transferring money out of Argentina involves establishing an arrangement with someone who needs to bring money into the country. In this scenario, they can transfer funds to your foreign bank account, and in return, you provide them with pesos in Argentina.

When dealing with pesos, the exchange rates can be less favorable if you aim to convert them directly to foreign currency. Currently, it may be challenging to secure a rate better than around 5.8-6 pesos to the dollar. Therefore, exploring options that involve currency exchange agreements with others can potentially provide more favorable terms.

 

[earlyretirement]

Yep the others are correct. The only way would be to take those pesos and buy dollars on the black/blue market and then wire it out via a reputable exchange house. All of those places are charging at least 5% (and as much as 6% a few weeks ago).

But if you are willing to do that, with a reference from someone that has a relationship with an exchange house you can easily get these funds wired out. Keep in mind it takes a good amount of trust because you must first give them the cash upfront and then they will wire you the funds from their accounts OUTSIDE of Argentina.

These exchange houses have accounts set up in Dubai, Hong Kong, Frankfurt, London, etc. and they will wire the funds to you. Most of the times when I've done it, it's made it to my account within 48-72 hours. It's quick but just expensive right now. But totally possible

 

[RichardOne]

Indeed, it's somewhat of a leap of faith in this process. The concept involves exchanging your pesos for someone else's foreign currency locally, and then, as a separate step, they credit your account abroad. It's a sequential arrangement where trust is a key factor.

On the other hand, if you have a local bank account with a dollar account, the dynamics can change. Some local banks might facilitate the purchase of Argentine stocks listed on the NY Stock Exchange using pesos. Subsequently, selling these stocks would generate a dollar amount that can be transferred to your US bank account, offering an alternative avenue for managing currency exchanges.

 

[SometimesX]

Indeed, it's somewhat of a leap of faith in this process. The concept involves exchanging your pesos for someone else's foreign currency locally, and then, as a separate step, they credit your account abroad. It's a sequential arrangement where trust is a key factor.

On the other hand, if you have a local bank account with a dollar account, the dynamics can change. Some local banks might facilitate the purchase of Argentine stocks listed on the NY Stock Exchange using pesos. Subsequently, selling these stocks would generate a dollar amount that can be transferred to your US bank account, offering an alternative avenue for managing currency exchanges.

There is no reason to do this anymore. As long as you can justify origin of the funds and have a dollar account here, just go to your bank and request a wire transfer. The account needs to be approved first for "comercio exterior" and it may take a week or two, but everything is done through the bank.

 

[earlyretirement]

There is no reason to do this anymore. As long as you can justify origin of the funds and have a dollar account here, just go to your bank and request a wire transfer. The account needs to be approved first for "comercio exterior" and it may take a week or two, but everything is done through the bank.

Yep. Totally correct. It used to be a major pain but these days as long as the funds are legal and declared you can wire it to yourself. I sold an apartment recently and was able to wire the $275,000 US to my USA bank. There was a commission of about 0.5% but that was much lower than what private exchange houses wanted.

The rate these days is CRAZY high at private institutions to wire funds out. There are so many people trying to do it it's caused the rate to skyrocket to about 5.5% as of last week. I've never seen it that high in 16 years of working in Argentina.

 

[FlowRose]

Yep. Totally correct. It used to be a major pain but these days as long as the funds are legal and declared you can wire it to yourself. I sold an apartment recently and was able to wire the $275,000 US to my USA bank. There was a commission of about 0.5% but that was much lower than what private exchange houses wanted.

The rate these days is CRAZY high at private institutions to wire funds out. There are so many people trying to do it it's caused the rate to skyrocket to about 5.5% as of last week. I've never seen it that high in 16 years of working in Argentina.

I am selling a property right now and have ran into a similar problem, however, I do not have an Argentina bank account, and will only be in Argentina for a week. Is there something similar that I can do?

 

[earlyretirement]

I am selling a property right now and have ran into a similar problem, however, I do not have an Argentina bank account, and will only be in Argentina for a week. Is there something similar that I can do?

Can you ask the buyer to just wire the funds to your bank outside Argentina? Just make it a condition of the sale.