±JOIN OUR NEWSLETTER
±Compare Expat Providers
±Expat Focus Partners
±Latest Financial Articles
· How To Make The Most Of Your Retirement Abroad
· Expat Focus Financial Update September 2017
· 10 Things To Think About Before You Move Abroad In Your Middle Age
· Expat Focus Financial Update August 2017
· What Could Higher Interest Rates Mean For Your Overseas Property Purchase?
· Expat Focus Financial Update July 2017
· The Lifestyles And Cultures Of Great Expat Locations
· Understanding Exchange Rates for Your Overseas Property Purchase
· Interview With Duncan Khoury, Head of Marketing, World First Australia
BankingBack to top Back to main Skip to menu
Argentina - Banking
Expats have the choice of opening a bank account in pesos, the currency of Argentina, or in American dollars. The choice you make will depend upon what you are using the account for. An account in local currency is ideal for those who are working in the country and who are being paid in pesos, while an account in American dollars is better for those whose income originates outside the country and is being transferred in.
The main requirement for an expat to open an account is identification and this will usually mean a passport and visa which shows you have the right to live and/or work in the country. You will also need to have proof of your address in the country, and this usually means a copy of a utility bill that is in your name. Some banks will also request personal details such as your social security number (known as CUIT – issued when you first begin work in the country) and your identification card number (CDI).
Other documentation that may be required includes a copy of your employment contract as proof of your work status and income, and your tenancy agreement from your place of residence, which may be requested in place of a utility bill. Some banks may have minimum residency limit on some of their accounts, which mean that you may not be able to open the account until you have been there for at least a year. In this case you may be better off with an international bank which allows you to open the account before you move.
It should also be noted that you cannot open a bank account – either savings or current – without having money to pay in. The amount you will need to pay will vary depending upon the type of account that you have. For example, an account being opened in Argentinian pesos will require at least AR$10, while an American dollar account may ask for a minimum of $500. Again, this may vary depending upon the bank you are using and some banks may request as much as AR$1000.
Each year the account holder will have to pay a small ‘maintenance’ fee (cargo) for the account. This amount also varies but an average is around AR$6 for a peso account and $2 for an American dollar account. The maintenance charges that you pay include the fees for using one of the bank’s debit cards (tarjeta de débito). Cards are usually issued within a fortnight of the account being opened and it is common for a withdrawal (reintegro) limit to be placed on the card.
Argentine banks are usually only open from Monday to Friday, from 10 am to 3 pm. However, most will have ATMs (cajero automatic) which can be used round the clock. The ATMs use the Spanish language, although many do offer an English option.
A number of foreign owned banks are in operation in Argentina. American banks such as Citibank and Bank of New York have several branches, particularly in Buenos Aires. HSBC is another foreign banking network that has a lot of branches (oficina) in the country. It may be easier if you wish to use a bank from your country of origin to open the account before you arrive in the country if your own bank is able to take care of that for you. However, they will still require the same amount of documentation in order to open the account.
The Bank of Argentina (Banco de la Nación Argentina) has the most branches in the country at over 600. Using one of the larger banks has a number of advantages. They will have more experience at dealing with the needs of an expat and customers will have access to more ATMs. There will also be staff in most branches that are able to speak English and they will also offer some online banking facilities.
Read more about this country
Expat Health Insurance Partners
Our award-winning expatriate business provides health benefits to more than 650,000 members worldwide. In addition, we have helped develop world-class health systems for governments, corporations and providers around the world. We want to be the global leader in delivering world-class health solutions, making quality health care more accessible and empowering people to live healthier lives.
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.