Banking Getting dollars into Argentina to purchase real estate

[Johnny]

Realtor: Most people bring cash with them from the US, it saves them 2-3% in fees.
Buyer: What are the risks?
Realtor: You get robbed on the way from the airport. And maybe murdered.
Buyer: 😳

I have been in the banking business for 30 years in the USA. I have been down in Buenos Aires 3 times now with Mike (owner of BuysellBA). The last trip he took me to a property closing where there was $450,000 dollars at the closing. It was crazy! I never deal with cash but it is normal down there. I took a few photos as a memory. And we went to pick up money a few times. I even got to go to one of the finance companies that handles all of the payments for the developer where I purchased my property. It was neat meeting the owner of the bank who have been around for 50 years in Buenos Aires.

@BuySellBA is a very dependable company. I have been working with the same team for over 20 years in Buenos Aires. They helped me buy two apartments in Buenos Aires. I still own one apartment in Palermo Uno that they purchased for me. They helped me sell one of my apartments in 2018. In all 3 of the transactions there was cash involved and they helped me get cash wired in and also when my apartment was sold the Argentine insisted on paying cash and they signed for me. No issues at all receiving my cash immediately the same day as they closed for me. I was not in Buenos Aires for any of these transactions. They signed with a power of attorney.

I would have never bought or sold without their help.

I have used BuysellBA 3 times in Mexico and for both my properties in Buenos Aires. I bought in the same project as @CraigM and I am excited for that one as I got a 2 bedroom this time. My penthouse aparmtent that they bought in 2023 has been a hit. Always rented out. I used them too to furnish and decorate my place. I had to wire down cash to BA and it was effortless.

 

[CraigM]

I bought in the same project as @CraigM and I am excited for that one as I got a 2 bedroom this time.

Looking forward to the grand opening Johnny! Mike says you're right below us which makes sense. Canadians above Americans, the way God intended (say what you want but geographically that is spot-on) 🙂

 

[Johnny]

Looking forward to the grand opening Johnny! Mike says you're right below us which makes sense. Canadians above Americans, the way God intended (say what you want but geographically that is spot-on) 🙂

🤣 That is ok @CraigM he told me if he does his hotel project I would get the Penthouse in that project so I will try not to make too much noise for you below.

Are you going to go down to BA when they finish the building in Palermo? There are many of us that purchased in that project. It will be nice to meet you. Maybe Mike can arrange a party. GyD prepares a party for all the owners. They did a BBQ for us in November 2023 for my other property that they finished and it was wonderful. They did it in lobby of the building before it was done. I thought it was so cool. They told me they do that for each building for the investors/owners.

 

[CraigM]

🤣 That is ok @CraigM he told me if he does his hotel project I would get the Penthouse in that project so I will try not to make too much noise for you below.

Are you going to go down to BA when they finish the building in Palermo? There are many of us that purchased in that project. It will be nice to meet you. Maybe Mike can arrange a party. GyD prepares a party for all the owners. They did a BBQ for us in November 2023 for my other property that they finished and it was wonderful. They did it in lobby of the building before it was done. I thought it was so cool. They told me they do that for each building for the investors/owners.

Absolutely Johnny! I hope to get down there sooner but if not we'll definitely meet up at the grand opening. What a great way to kick things off for new owners.

 

[Finance Prof]

That is classy doing an asado for the new owners in the building. Never heard of that before.

 

[Jenn]

I can't emphasize what a roller coaster it was! It was one thing after another after another. I felt like it never stopped from the moment we made the initial offer.

First I had to negotiate the price. It went back and forth 3 times. I ended up walking away as they wouldn't agree to my price. I went to go pick up my $3k deposit. Then the same day they finally accepted once they saw I was backing out. So I had to go and bring the money back to the office!

Then next hurdle was the seller only wanted to declare about half of the real price on the deed. I refused. That went on for 2 days when I found out that most here declare less. I went down to 80% and did not want to go lower because of potential capital gains taxes if/when I sell. They refused so once again I had to pick up my $3k deposit.

The next day they came back and after speaking to a lawyer I was comfortable with declaring 30% lower. So I had to take my deposit back again. There was a steep learning curve. I did not know there were companies that could help. I hope my post helps some of you. This was the single most stressful and chaotic thing I have done in my life. And it is not even close. There were many times I thought I was making a mistake.

That last day having to pay another fee to close was a kick in the pants but to be honest I was so happy that all went ok. I was certainly not going to carry around money and if you could have seen the look on the realtor's face when I asked him if he would personally guarantee if we got robbed. My first initial thought was the $260k in cash sure beat the realtors commission. There was nothing stopping him from telling someone to rob us.

I hope this makes someone laugh because I shed a few tears during all of this chaos.

This is terrible! Trying to picture all of this and you would think this would be an isolated incident but I have read alot of posts on expat websites about people going through the same experience being forced to carry bags of cash in the street to their closing. I wouldnt' believe it if so many people did not post the same thing!

 

[brandon]

Buying an apartment here was one of the most frustrating experiences of my life! Most that I have talked to also describe a stressful experience. In the end it worked out but in my purchase they also demanded cash. I jumped through a few hurdles to get the cash here. At one moment the realtor and lawyer told me to just carry it on the plane! Although it was legal if you declare it I could imagine someone robbing me once I landed or customs at EZE swapping out fake bills.

I did find an exchange house that would help me get it here. I paid about 2.5% of the total bringing it here. There was a final hiccup on the closing day. I just assumed they would deliver the money to the seller's bank where we were closing. But that was not the case! The realtor told me they would personally carry $260,000 dollars to the bank. I thought that was insane. He was trying to convince me to go and help me carry it. I asked him if he would guarantee it if he got robbed. Long story short he would not! The seller refused to close at the exchange house. I refused to carry it. I already paid a 30% deposit which I would have lost if I backed out.

I ended up using an armored truck that transported the money. It was 1% additional fee to guarantee delivery. The realtors ended up paying half of it and I paid the other half. Crazy having to pay $1300 at the last minute simply to move cash from one place to another.

When people tell me that things are improving here I laugh. This was a few weeks ago.

Great story! Thanks for sharing with us. This matches all the stories I am hearing about buying here. What a circus people having to carry cash around like this. Must be stressful.

Realtor: Most people bring cash with them from the US, it saves them 2-3% in fees.
Buyer: What are the risks?
Realtor: You get robbed on the way from the airport. And maybe murdered.
Buyer: 😳

No kidding! Why would anyone take that kind of risk. Recipe for disaster!

BuySellBA is really good. The process in Argentina is absurd and we wouldn't have attempted it without their help. You also pay a lot of fees and taxes to different entities but the only one adding any value is BuySellBA. The rest of them just get in the way.

Thank you. I am going to contact them. I need a few thousand dollars to make an offer on a property. Strange it is only with cash. @CraigM with these developers did they take a wire for the deposit? Everywhere I am going they want cash even to make an offer.

 

[Pink Panther]

I can't emphasize what a roller coaster it was! It was one thing after another after another. I felt like it never stopped from the moment we made the initial offer.

First I had to negotiate the price. It went back and forth 3 times. I ended up walking away as they wouldn't agree to my price. I went to go pick up my $3k deposit. Then the same day they finally accepted once they saw I was backing out. So I had to go and bring the money back to the office!

Then next hurdle was the seller only wanted to declare about half of the real price on the deed. I refused. That went on for 2 days when I found out that most here declare less. I went down to 80% and did not want to go lower because of potential capital gains taxes if/when I sell. They refused so once again I had to pick up my $3k deposit.

The next day they came back and after speaking to a lawyer I was comfortable with declaring 30% lower. So I had to take my deposit back again. There was a steep learning curve. I did not know there were companies that could help. I hope my post helps some of you. This was the single most stressful and chaotic thing I have done in my life. And it is not even close. There were many times I thought I was making a mistake.

That last day having to pay another fee to close was a kick in the pants but to be honest I was so happy that all went ok. I was certainly not going to carry around money and if you could have seen the look on the realtor's face when I asked him if he would personally guarantee if we got robbed. My first initial thought was the $260k in cash sure beat the realtors commission. There was nothing stopping him from telling someone to rob us.

I hope this makes someone laugh because I shed a few tears during all of this chaos.

🤣 Welcome to Argentina. The normal cars dealing with this. Sounds similar to when I bought.

Realtor: Most people bring cash with them from the US, it saves them 2-3% in fees.
Buyer: What are the risks?
Realtor: You get robbed on the way from the airport. And maybe murdered.
Buyer: 😳

The best is how they say it is no big deal to walk around with life's savings around a city where most people only make $700 bucks a month.

@BuySellBA is a very dependable company. I have been working with the same team for over 20 years in Buenos Aires. They helped me buy two apartments in Buenos Aires. I still own one apartment in Palermo Uno that they purchased for me. They helped me sell one of my apartments in 2018. In all 3 of the transactions there was cash involved and they helped me get cash wired in and also when my apartment was sold the Argentine insisted on paying cash and they signed for me. No issues at all receiving my cash immediately the same day as they closed for me. I was not in Buenos Aires for any of these transactions. They signed with a power of attorney.

I would have never bought or sold without their help.

It is great there are dependable companies that can help with this. No way you will see me walking around with cash.