Economy Moving US $ out to anywhere.

[Extraname]

We are in the process of selling a property in Buenos Aires with an estimated value of US$100,000. The proceeds will initially be held in cash in US dollars in a Buenos Aires bank. We're seeking guidance on the legal process for transferring this money out of the country. What are the associated commission costs? Is it possible to transfer the funds to an Australian or US bank? The property is registered in my spouse's name, who is an Argentine citizen. Would the process be smoother for an Argentine citizen or a foreigner? We are also looking for recommendations for reputable lawyers who can assist us, preferably English-speaking. The only legal alternative we're aware of involves transferring the money in chunks of $9,999, requiring multiple trips for five individuals and incurring additional expenses. Any advice or referrals would be greatly appreciated.

 

[Nikes]

If the funds from the property sale are deposited in a local bank, and all transactions were duly declared during the sale, the most cost-effective and secure option is to utilize the bank for an international transfer. Have you engaged in discussions with your bank regarding this matter? Could you specify the bank you are dealing with? It's advised to exercise caution when considering alternative methods such as a "cueva" for a significant transfer, as it involves a degree of blind trust, and there's a lack of proper documentation and receipts. Unless you have firsthand positive experiences with a particular "cueva," it's crucial to be vigilant. Why are you facing challenges with using a conventional bank for the transfer?

 

[Extraname]

Thank you Nikad and others. The preferred way is using a bank of course and we will use HSBC. what about the regulations? Have they changed since Macri got to power? There use to be central bank restrictions on moving US$ out. Can u still have US$ in a bank account in Argentina? Can u transfer them out without having to change to pesos? The idea is to transfer from HSBC in BA to HSBC in Sydney. Ideally we would only exchange once. From US$ to AUD$.

 

[earlyretirement]

I have an account at HSBC in Argentina (I'm an HSBC Premier client in Argentina, USA and UK). I had no problem at all wiring from my HSBC Argentina account to my USA Bank (non HSBC). Proceeds of an apartment sale for $250,000+. I paid about 0.5% fee to do it. I was surprised how easy it was. Yes, things have certainly improved with banking since Macri took over. The K days were a nightmare!