Job Discussion Forums

mikesspamlessemail · Joined: 30 Dec 2004 Posts: 22

what are ya'll doing with your savings when you move down there? I've heard interest rates are much higher than in the states but the money is not guaranteed- do you keep an American/European/whatever account? I have a buddy living down there on 200 bucks a month but he's with his girlfiriend. Is there anybody living in BA on less than 500 a month, which is want I'm striving for? thanks!

sheena maclean · Posted: Tue Sep 20, 2005 9:11 pm Post subject: What savings??

Did nobobdy tell you that you can't save money here in Argentina. You'll just make enough to scrape aliving as an English teacher so what to do with my savings has never been a problem fo rme as I�ve never had any!!!
Sheena

REDLEY · Posted: Tue Sep 20, 2005 10:59 pm Post subject:

Mike, argentine guy here...

A certificate deposit of aprox. 3 months pays an APY of 6 % aprox.

The thing is that you will have to make the deposit in Argentine Pesos...and the currency is so unstable that you might take risks of losing everything as we all did in the 2002 crack. The deposits are not guaranteed (actually the written law says they are, but they wiped up their ***** in the 2002 with those laws).

Argentines we keep our savings in DOLLARS BILLS in "cajas de seguridad" which are safety boxes at Banks.

Suerte

JonnytheMann · Joined: 01 Dec 2004 Posts: 337 Location: USA

Um, I would never ever put my savings into an Argentine bank ...

mikesspamlessemail · Joined: 30 Dec 2004 Posts: 22

Gauchito · Joined: 24 Aug 2005 Posts: 39 Location: Buenos Aires

mikesspamlessemail, you know?, housing it's a big deal in this forum since you guys will pay what we (Argetinians) will not. Besides lots of paperwork you ought to fill that is actually complicated for an expat.

I'am seriously considering buying an apt. and rent it out to expat using the same principles of any other rent without the garantor, that will be convinient for everybody. (This was just me thinking out loud, OK?)

Money, well REDLEY gave you a pretty true picture of how safe is your money in our banks. Old school still works put your money under the matress it'll be safer than in a bank.
As far as interest and account goes, there's a post in this forum talking about ATMs and other things, you may want to read that, lots of good info.

Hope you enjoy your stay in our country.

Cheers

Gauchito

sheena maclean · Posted: Wed Sep 21, 2005 6:59 pm Post subject:

No Gauchito!!!
Please don't tar all us foreigners with the same brush, not all of us can afford to pay the prices that they charge here for accomodation!!! As I have said I came here from another crappily paying South American country (yes my choice) with the bare minimum of savings to tide me over till I got paid. I do not have any funds back home or any rich mummy or daddy to lend me money. I have to earn everything I spend here. I know you probably don`t have any sympathy with me after all I chose this life and if I don`t like it I have the option of going back to the UK and working, and believe me I am grateful for that luxuary that I have. I know no matter howe long I stay in Argentina and how much I try to live like a 'local' I`ll always be considered as a rich foreigner, i`'s just something I have to accept. But it certainly doesn`t help the people who genuinely want to make a go of it here in Argentina if everybody thinks of foreigners as walking Cash Machines.
Well thanks again for letting me have this rant (again!!!)
Sheena

Gauchito · Joined: 24 Aug 2005 Posts: 39 Location: Buenos Aires

Sheena,
May be I didn't explain my self well enough.

What I meant is that after seeing all the trouble that an expat should go thru in order to rent, and the obscene amount of money that some landlords are charging you guys, I thought that renting a flat to expat but at the same price that any other Argie would pay, it would be a good deal for both parts.

Sorry if I wasn't clear enough.

Cheers

Gauchito

sheena maclean · Posted: Wed Sep 21, 2005 7:50 pm Post subject:

Great!!
Well when you start renting I will be your first tenant!!!

REDLEY · Posted: Wed Sep 21, 2005 8:32 pm Post subject: Re: What savings??

4rentargentina has some apartments they claim hold 4 people that are 500 square feet! That works out to $150 per person per month, but daaaaaaamn. How to find three people to live with in that small space?

I guess that's how you can live on 500 dollars a month in BA.[/quote]

Mikes:

(i) I manage some US based accounts of clients who are Argentine citizens and who reside in Argentina. Every year I send to the IRS a form called W8 Certificate of Foreign Status, so there are no tax witholdings to any of their interests income. But bear in mind that they declare that they pay their taxes in Argentina.

(ii) Regarding u$s 600 dollars rent for a small apartments with a capacity of 4 tenants, mostly I think that they are telling you the maximum capacity, these apartmets are rented for days, or weeks, so, sometimes when 4 people are on holidays they just pack up a little and save money.

When the tenants stay for periods above a month, probably this apartment owner will suggest no more than 2 permanent guests.

(ii) You can live Ok with u$s 500 a month, you will probably spend btw u$s 250 and u$s 300 dollars for a room in a nice apartment and sharing the other room with a roommmate (total u$s 500/600 with ALL expenses included, even Cable TV, maid once a week and Internet). Apart from those u$s 250/300, you will need aditional u$s 300 a month for food, transportation, fun, etc.

Espero que te ayude. Suerte.

mikesspamlessemail · Joined: 30 Dec 2004 Posts: 22