[TheMetetron]

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Metetron,

Thank you for doing this thread (you probably saved yourself at least 8 PMs from me [img]/images/graemlins/crazy.gif[/img]). My gf and I have decided to live abroad for a year or 2, and BA sounds really good. It is really important to me to make sure we can swing it (financially) before we go. So...

Financial questions on living abroad:

1.) A common theme in these threads on Thailand, BA, etc. is that the 'cost of living' is lower. Does this mean that, even if you worked in the city and were being paid in the peso (thats the currency, correct?), that your living expenses (rent, food, utilities, etc) are a smaller % of your income than they would be in the US?

Our plan is for me to play poker, and she is going to work wherever she feels like in the area (im assuming being paid in local currency).

2.) Are there any complications for someone staying on the visa you outlined above to find work locally?

3.) As I mentioned, I will be playing poker. You said that you have a swiss account, and that minimum balances to open an account are 5k +. We will probably have about 5k exactly at the time of the move. If I deposit 5k into a swiss account can I then withdraw 1k? Or is 5k the minimum balance? Can I open another account internationally for less?

4.) How exactly does currency exchange work? If I play in US$, can I make withdrawls in BA from an international account in US$? Do you have to convert this to the peso or can you spend US$ in BA? Any info on this topic is appreciated.

5.) You said you rent a 1br funrished in Recoleta for 1k/month. Could i find a decent one for less (~500-800) in the same area? If I grind out ~ 1.5k a month (I am trying to budget for a 'worst case scnario') and my gf works in thec city part-time. will we be comfortable financially?

As you can see, I know virtually nothing on this topic. Any other info you think may be relevent would be appreciated.

thanks again,
GS

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GS,

1) No, the cost of living in lower if you are paid in US Dollars. If you are being paid in pesos it is probably only marginally lower. You plan can still work though.

2) She will be working illegally if she gets a job like this. Doesn't mean I don't know a lot of people who do it. Most Americans I know teach English here and get paid somewhere between 18-30 pesos per hour depending on where. This usually required taking a class first to be certified which is about a month long and runs about $1,000 if I am correct. Some of my friends who speak somewhat fluent Spanish are considering getting other jobs as a waitress or something similar. Others still (like poker players) work online and make USD.

3) You should probably not attempt to open a Swiss account. If you are barely at the minimum they aren't going to appreciate it very much. I'd look into a Caribbean island nation for your banking needs.

4) For me, I make money in USD from poker. I get that money wired to my USD Swiss Bank Account. When I went to take money out I transfer a certain amount to my Swiss Franc (CHF) Swiss Bank Account and use my Maestro card to take money out of an ATM. You get the interbank exchange rate with a small ($3-4) ATM fee. I also have a Argentine Peso account if I needed to wire money here in ARS, so I could do the currency exchange all at my bank in Switzerland.

USD are not really accepted outside of renting apartments, spanish classes, or private drivers to/from the airport. Back when the peso was pegged to the dollar at 1:1, they used to be interchangeable as currency everywhere in the city. Now, you have to pay in pesos.

5) I paid 1k/mo for mine. You can certainly find places for $500 for a 1 bedroom, even in the same area. The furnishings will probably be older and the building not quite as nice or new, but it's doable for sure.

If you are making 4,500 pesos per month and she makes say even 1,000 pesos a month, after paying for an apartment you should have 3,000-4,000 pesos to live which should be plenty. Even if your rent is $800, at a worse case scenario that gives you 2,100 pesos a month to live on. Could you live on $2,100 a month in the united states after paying for rent? Sure you could.