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