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Xoabop's avatar

How are the banks now? I don't which one to choose for ease of transfers to and from the US. You mentioned you bank with Galacia (or because HSBC was bought out by Galacia).

For ease of use, which bank is the least horrible for expats here?

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BowTiedMara's avatar

For local transactions I prefer Galicia. For international wires I would still prefer a cueva vs doing that through the traditional system because all transfers need to go through the BCRA first. As long as the fx restrictions are not lifted, that is still going to be an issue. Another thing that works well is opening a Cocos Capital brokerage account, which also includes crypto, and send USDT there, convert to pesos or USD and deposit on your local pesos or USD account.

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Xoabop's avatar

This is going to be a disaster sending the required $1,800/month to fulfill the rentista visa.

So I could open the Cocos Capital brokerage account, transfer the equivalent in stable coins, and convert.

However, maybe immigration department wants to see proof of me suffering through BCRA to bring the money in.

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BowTiedMara's avatar

Yes that would be best to check with your attorney because migraciones changes what they want to see every few months, it’s very annoying

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BuySellBA's avatar

Great read. Maybe the laws are different but I've brought in over $80,000 at one time. I just declared it. I was buying a property and the seller wanted to sell really quickly so I brought it in. I had a certified and notarized letter from my bank stating it was withdrawn for the purpose of buying real estate. I didn't have any issues at all. I had a security guard meet me at the airport and it was uneventful.

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BowTiedMara's avatar

That is a great additional way; technically you had to declare that while leaving the US as well (You're required to file a form with U.S. Customs and Border Protection when entering or departing the United States with more than $10,000). But with those statements and certified notary letter that is all fine.

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BuySellBA's avatar

Yes, I think there might be some legal requirement to leave the country with it. I didn't bother to. I had the certified and notarized letter from the bank so I would have pleaded ignorance if they asked. But I didn't have any issues. Not an ideal scenario but works in a pinch.

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BowTied Hippo's avatar

Interesting read

and

HSBC PTSD

How Simple Becomes Complex

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BowTiedMara's avatar

Hahaha yeah when I saw that I immediately abandoned all hope of receiving those funds

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BowTied Hippo's avatar

Amazing hahahaha

Crypto in fact, does fix this...

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Olivier Roland's avatar

Very interesting, thanks. What about cryptos ?

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BowTiedMara's avatar

That is mainly done through the cueva option, and p2p to a lesser extent. Many cuevas accept USDT to USD cash or Pesos at the blue rate

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