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Taking money out of Argentina-The legal way (expat guide)
Get me my money back!!!!!!!!!!!!!
Many expats who relocate to Argentina face huge problem when it comes to transferring their hard earned money out of the country.
Many expats who relocate to Argentina face huge problem when it comes to transferring their hard earned money out of the country.I assume all the readers are already aware of these problems and are looking for some legal solution.
Now you may be thinking what is new in it and we all know its difficult.Well new thing is I have a legal and safe solution wherein you can transfer up to 1500 dollars out of Argentina every month.You can transfer money from an Argentinean Bank to a bank in your home country if you have some dependents living in your home country.Dependents may include parents,children,spouse etc. I would personally prefer any of these whose name is present on your passport page.
Lets see the steps in detail with example: Assume your home country is India and you are working in Buenos Aries (Argentina Capital) and have a salary account in Citi Bank there.Your mother resides in Mumbai(India).If you show her as a depended and want to transfer money to her account then,
Step 1: First thing you need is to have a notarized affidavit from your mother that she resides in 'XYZ' (her local address in Mumbai) location in India.
Step 2:This is a precautionary step as there are no standard rules and they vary form bank to bank in Buenos Aries:You should have a scanned copy of her bank pass book and if your passport has her name mentioned on it then it is well and good.Some banks do not go into much details but if you get unlucky they can ask you for more details.So better keep all the information handy.
Step 3:Now that you have all the documents, just show scanned copies of your passport and this notarized affidavit to the bank employees and fill a form requesting to transfer up to USD 1500 to her account.
Step 4:The bank authorities will process your request and within 3 days your money will be safely and officially transferred to your beloved mother.You need to repeat this process every month as there is limit on amount to be transferred.
Processing fee: The processing fee for this is negligible as compared to other options which are illegal as well as costly ( purchasing US dollars from black market).So I would recommend you this option. Hope this article helps the expats and they don't end up in wasting their hard earned money in illegal ways :)
Note:You can buy additional dollars form bank at 20% fee on the converted amount.But I do not have much details about this so wont be sharing it as of now.