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Section 7 - Payment / Transferring the money.

Transferring the money is one of the most complicated parts of the process.

In some cases the constructor or seller will have a bank account in U.S., and you will be able to  wire the money from your bank.

In this case you have to sign two different escrituras one before the money is transferred and you sign the second escritura after (both with the Public Notary -Escribano-).

This is very simple and will save you the cost of transferring the money abroad. The major  project builders will allow you to pay them in their bank accounts abroad. You sign two escrituras but that doesn't increase the escribano fee.

If the seller doesn't have a bank outside Argentina (most of the times), you have to transfer the money to the country using a Casa de Cambio (Exchange Bureau).

One of the most established and traditional casas de cambio in Argentina is Casa Piano, they do this type of operation all the time.

The cost to transfer money to the country is 2% of the amount.  If you are buying a property what they do is to give you their account number in Bank Of America and details so you transfer the money there.

The money will be available in Buenos Aires 24 to 48 hs. later in Buenos Aires.

Casa Piano will open you an argentine pesos savings account and they will exchange the dollars to pesos at the markets rate. Then they will sell the dollars to the seller of the apartment at the same rate.

The international transfer has some requirements to prevent money laundering. Before doing the operation you have to prove the Casa de Piano the origin of the funds.

You can fax them the selling papers of a house or apartment, or copy of your salary receipt plus a resume stating how many years have you worked in a similar position, or they can ask you your last two years tax declarations.

The prove of the origins will differ depending where the money is coming from. Stocks and bonds are considered the same that cash, you have to prove where the money to buy them comes from.

There has to be a proportion between the money you are transferring and the source of the income.

 

 

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Last Update: 06 de October de 2011