Getting Dollars Into Argentina
I received a very important question from a reader about getting dollars into the country in order to buy an apartment. First the question and then the response.
Did you transfer dollars from a bank out of Argentina to your Argentine bank and then have them converted to pesos, then reconverted to dollars to pay the seller at closing? Or did you do a wire transfer into your Argentine bank and get out dollars directly?
I did a wire transfer in dollars and received the money here in dollars. However, most transfers are required to go through the central bank to be converted into pesos. If you use certain exchange houses here you can do the transfer in dollars. Your realtor here will provide you with a recommendation. The cost is usually 1.5% of the amount they transfer for you, which is still cheaper than doing two currency conversions.
Be aware that there is a new law that says transfers over a certain amount (I'm not sure what the amount is) will have 30% held by the central bank for 1 year before the full amount is released. This is ostensibly to prevent speculation. I've been told there are people who can get around this regulation one way or another.