Argentina - Dollars (USD) to Pesos (ARS)

Hello Everyone,

I will be travelling from NYC to Buenos Aires at the end of February. I would like to transfer a large sum of dollars (USD 20k) into pesos (ARS). The money is currently in my Citibank account in NYC I understand that many people are trying to do the opposite and the government is blocking it - but it appears to be difficult either way.

I want to do this in a secure and safe manner. I am purchasing a piece of land in the mountains from a lifelong friend, and he only wants pesos.

OPTION #1 - I have a Citibank Gold account and they have told me that I can withdraw $2,000 per day at Citibank locations in Pesos. I have read elsewhere that the limit at the ATM is actually far less. I would need to know before I travel.

OPTION #2 - Many trips to money exchanges locations. I would rather not spend my week in Buenos Aires going from bank to bank to trade in small sums of money. What would the maximum exchange be per transaction to keep it simple? Could I do $1,000 at a time - or will they track my passport number and deny me?

OPTION #3 - Day trip to Uruguay. I am travelling with a friend, so we could both bring in $10k, and I have heard that you can get a great exchange rate at legitimate Uruguay Banks, but I do not know if there are any limits. I do not truly consider this option safe, because I do not want to travel long distances with that large a sum of cash. But I would like to know if this option is feasible.

Any other thoughts?

Todd

I am sure there will be a few different opinions, and much depends on your level of comfort, and perhaps grasp of Spanish.

I have also brought in significant sums of dollars over the years, and found I did best by carrying 10k cash with me, then exchanging locally. There are reputable exchange stores (away from tourist areas) that offer better rates than the banks, with no paperwork or passport needed. Especially now, with dollars in demand, there is a premium being paid.

Some folks have concerns about getting counterfeit pesos, but I have never had a problem.

Just make sure to bring all $100 bills, and only clean crispy ones if possible, with no tears or damage. Nobody in the U.S. cares, but here they like them to look new, and may discount your exchange rate for old or worn bills.

While the above advice is not bad, its good for other uses but does not work for purchasing of real estate.

If you will be buying a registrable asset, like real estate, you cannot bring in the money in cash or use ATMs or a trip to Uruguay. Actually, you can... but if you do, you will get busted big time by the AFIP (Argentine IRS) when you try to sell the land.

You must bring in the funds using normal bank channels. The Citibank option you mention is the best one. Im very very very surprised your friend only wants Pesos, but that is not a problem. You will be able to give him Pesos if he so wishes but first, I insist, you need to wire Dollars into Argentina with the proper paperwork and documentation so that you will be able to take clean title of the piece of real estate.

The entire process is not rocket science, but its also not something that I can explain in a few minutes..... if you want, contact me via PM or email and I will give you a few leads. Whatever you do, please get proper advice and do your homework. Also, please read the important disclaimer below before you contact me.

Disclaimer: I own a Business & Real Estate Consultancy Service for investors in Argentina.

I would suggest that the OP find out the specific requirements from the escribano that will be dealing with the transaction that are necessary for a non-Argentine buyer using funds from outside the country.

Gaucho100k gives good advice, but I will point out that I *did* buy real estate with cash I brought in 10k at a time. To satisfy AFIP and get all the paperwork clean, I had to prove that I had traveled back and forth enough to have legally brought it all in, and I had to prove the original source of the money.

For a small transaction of 20k, you may be better off doing a proper wire transfer, even if paying a slightly higher % fee, and sleeping soundly at night.

We bought a property last week and had a hell of a job getting our hands on $US from the bank.

Its also important to remember that the scrutiny does not end with the original title transfer (purchase), but the entire purchase transaction including funding will all come back and be looked into when you have to sell the property. There is more flexibility if the seller has a DNI, even if the seller is technically a non resident, but for 100% foreigners with no DNI and history of permanent residency, all sales transactions must be pre-cleared with AFIP, else the Escribano that does the sale would be "responsable solidario" vs. the Tax Authorities..... dont know if the OP is an Argentine Citizen or not, but this issue and whether he has a DNI or not also comes into play.