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Gayle
Member
Username: Flaka

Post Number: 51
Registered: 7-2007
Posted on Monday, January 19, 2009 - 12:54 pm:   Edit PostPrint Post

Would anyone know if it is possible for any Argentine to open an account at a Spanish bank in Buenos Aires?

Thank you for any info.
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Arial
Advanced Member
Username: Arial

Post Number: 318
Registered: 10-2006
Posted on Monday, January 19, 2009 - 4:30 pm:   Edit PostPrint Post

Gayle others here probably can answer you better but I will take a stab at it.

I checked your profile and it looks like you live in the US so I dont know any bank here where you could do that. In fact, as far as I am concerned, Argentina does not even have a banking system! Unless you have some special reason I suggest you look elsewhere!

I recently opened an account here and had to prove my address with a statement from the police, could not transfer more money in than what I needed for real estate (not a CENT more--not even to make improvements or buy furniture) and can only add certain things to the account. A "family member" can deposit up to $5,000 a month as "family aid" for me. It is ridiculous. I will do no more banking in Argentina than I have to, for sure!

However, there are other banks outside the US that will open an account for you (but they are getting scarce, lots of foreign banks don{t even want to mess with anything from a United States address) but if you can manage an Argentina address, for example, my understanding is that is a different matter.

I hope others with more knowledge will correct anything here that I have written that is wrong. I have only dealt with one bank here--and my son has experience with another one. Same story.
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movingtoargentina.typepad.com
Intermediate Member
Username: Sapphos

Post Number: 127
Registered: 2-2006
Posted on Tuesday, January 20, 2009 - 3:47 pm:   Edit PostPrint Post

Gayle, depending upon what you're looking for we might be able to help you. But I would need to know more details to know for sure. My husband and I have an offshore services business that includes opening bank accounts. We spend our time split between Buenos Aires and Miami but our business is based in Miami. You can check out the site at www.miamioffshoreservices.com and feel free to email me. Certainly if I can help then I would be happy to :-)

Personally, we don't dare do any banking with banks located in Argentina, hopefully that will change in the future.
have a great day!

Laura
Ebook Moving to and Living in Buenos Aires, Argentina
http://movingtoargentina.typepad.com
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Gayle
Member
Username: Flaka

Post Number: 52
Registered: 7-2007
Posted on Wednesday, January 21, 2009 - 12:11 pm:   Edit PostPrint Post

Thank you Arial and Laura for your information. A friend of mine, who now lives in Argentina, told me she opened an account at a Spanish bank in New York before she moved to Argentina.

I am concerned about the US currency in light news I have been hearing about the US minting Ameros to be used as the currency for the US, Mexico and Canada in the near future. If that happens, I don't know what the value of the dollar will be.

Gayle
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Arial
Advanced Member
Username: Arial

Post Number: 320
Registered: 10-2006
Posted on Wednesday, January 21, 2009 - 12:56 pm:   Edit PostPrint Post

Gayle, you are wise to be concerned. I hope it does not get as bad as I think it will but I am probably as concerned as you.

Some people recommend that you open a foreign account but not in any bank that has a branch in the US. Im afraid Im not a big help here. There are banks you could use but I think usually you need to go there. Again, perhaps others can help you more than I.

Some alternatives that might help though would be gold and silver (physical in your possession) and foreign currencies. Swiss treasuries (bonds, for example) have also been a traditional haven in scary times in the past. There is one man, Peter Schiff, who owns an investment company of some kind that you might call to see how to buy Swiss treasury instruments. I don{t remember his company name but if you do a search engine search for his name you can probably find it and I think, if you call, they will tell you even if you are not a client.

Also there is one U.S. bank that offers foreign currencies. It is Everbank and you can do a search and locate them. They also have a helpful newsletter you can sign up for on the site.

You can also do Swiss bonds through Everbank but they will issue them for no shorter time than one year. So if you want the money to be available sooner you might want to find someone who will issue them for six months. There are people who will do that. There is a drawback, however. I don{t think they pay interest on Swiss bonds.

In fact, the Swiss have been such a port for cash in dangerous times that there have been times when THEY charged YOU for parking your money. However, I dont think that is the case right now.

I hope this will help you. These are, in fact, precarious times and you are justified to be looking for solutions.
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Gayle
Member
Username: Flaka

Post Number: 53
Registered: 7-2007
Posted on Wednesday, January 21, 2009 - 2:45 pm:   Edit PostPrint Post

Arial,

Thank you for the information. I will do an engine search for Everbank.

Gayle

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