Skip to main content
No. of Recommendations: 0
Hello,

The funds usually are converted from dollars to pesos based on the then current exchange rate

like others suggested you, he must ask from his employer not to convert the $$$ for a start. In the meantime you can find a bank in USA (even a brokerage like Datek might work with less paperwork maybe) and he just instructs his employer to directly deposit the money into that american account. It is for sure a big overkill to convert dollars-pesos-then dollars again. Definately his bigger concern is to protect the value of his dollars therefore he should not care too much about interest rates for now. A caveat emptor with brokerages is that often they require the deposit to originate from a source with same name as the brokerage account holder so if he opts for that solution to park his money make sure you ask the brokerage those questions too. When you ask people at your local branch it is possible that they do not know the answers even if their bank offers such services centrally. Usually the central offices of the "big" names that tend to deal with such accounts are in the "bigger" states (NY, FL, CA etc)

I am not sure I understand the reputability issue either. If you refer to solvency of a bank, it is a big concern of course and you should not go with anything that looks "suspect" to you. If he goes with american account you should make sure that it is FDIC insured and the bank must be known. You will not go with "Smyr's bank" (that nobody has heard of) or any other scam scheme. My suggestion is not to bother with "offshore" stuff either since the target group of offshore is another category of people therefore the fees are accordingly high.
Do not search the web "in the blind". Go to the web sites of banks that you know and see there if they have links for international customers etc. Careful though not to pass to the websites of their daughter companies operating in other countries ( = if there is such option at their homepage you select country USA not Argentina).

I will repeat in case it was not clear: even if he has an "online" bank I doubt he will be able to proceed to international transactions through the computer. If you looked the links markber gave about Everbank I think it says that you can not proceed to international transactions online (you either call or mail written instructions).

If they have an "american" bank in Argentina (Citibank, JPM Chase etc... the term "american" is misleading because if the bank is incorporated in Argentina it operates under argentinian law and really it is an argentinian bank even if the shareholders are "americans") the best for him is to open an account at that bank in pesos and an account in the US branches of this same bank in USA. This might eliminate the "correspondant bank" fees. For example my Citibank in Greece clears checks sent to USA at their NY offices so they do not really use a "correspondant" bank. Of course for everything related to fees you better ask over and over to avoid surprises.

Foobar mentions the use of ATM to withdraw money. The potential problem here is that ATMs in Argentina I would bet only give money in pesos therefore the $$$ will be converted into pesos before they arrive at his hands. This is not usually a concern (of course you get charged the fees for using ATM abroad and all that) but in this specific case *might* not be what he wants: usually with problematic situations like the one there, the "official" rates might be *way different* from the (illegal) unofficial rates "at the street". If he is satisifed with the official rates of conversion then this is not a problem.

Some links:
WellsFargo http://www.wellsfargo.com/per/ipb/index.jhtml;jsessionid=PUZGTJVV0ESCKCQMKU1E4GQKLAFFOUM0

Citibank (I am not sure if this is the correct page for him but you may ask them)
http://www.citibank.com/pboe/homepage/index.htm

JPMorgan Chase
http://www.chase.com/cm/cs?pagename=Chase/Href&urlname=chase/pf/banking/intbank
here you might want to read their FAQ- even if you are not interested about them the answers might give you a better insight:
http://www.chase.com/cm/cs?pagename=Chase/Href&urlname=chase/pf/banking/intbank/custservice/faqs

best regards and if you find anything more you could post to enlighten us (I wonder if the USAA bank so much recommended here would offer accounts to non resident aliens)




Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.