View Full Version : Argentine Bank Accounts
Yesterday the peso was weaker against the dollar than it has been in a couple of weeks. Arriving here on Jan. 2, '05 I exchanged dollars at the airport bank for 3 pesos to the dollar. That was the last time I saw that rate. And last week the peso hit 2.85 against the dollar.
Back to yesterday, the online converter sites were showing the interbank rate at 3.03, a recent high, so I grabbed some cash and headed for the bank to try to grab some cheaper pesos. I tried the Citibank machine first withdrawing in pesos and received 2.887 pesos to the dollar. I then went to information desk and the guy quoted 2.86 p to d for over the counter exchanges. When I asked him why the difference he said the window exchange rates are independent of the machine rates. This is the same guy that told me that after getting all my papers in order, and on the basis of having 3 Citibank accounts in the U. S., I could open a savings account only in BsAs.
I stopped at an HSBC bank, they're popping up like mushrooms here just now. They required a minimum exchange of $300 U.S. and offered the sell of a dollar at 2.86 pesos. But when asked about opening a checking account they said that after getting papers in order, a normal checking account could be opened no problem. Maybe, as a result of their new level of activity, they've got a better arrangement with the government than Citibank.
Traveled to Manhattan from BsAs last week with a list of "things to do", one of them banking. As noted previously HSBC has come to BsAs in a big way recently. In the Tribeca branch, after establishing the fact that I had a New York address, I was able to open an International checking account which supposedly will allow me to operate same through any HSBC branch anywhere, making deposits and writing checks. BsAs will certainly be the test of this theory. I'm awaiting the ATM card and all paraphenalia before bringing my papers to their office on Santa Fe.
Will post again.
Well, the great White (and the offices are white) Hope ends up in the "almost there" column.
Visited the main office of HSBC at 201 Florida. If you haven't been to this part of BsAs it's worth the sight seeing trip for a taste of the serious business world. Lots of suits and mondo foot traffic.
In short I was told that Argentina doesn't have International accounts where you can go in and open an account with your passport. We knew this all ready but had hope for HSBC's worldly approach to banking.
What you can get with a CUIT right away is the saving account.
What you can get with documents (passport, evidence of address like an electric bill or phone bill or copy of a lease and a stamped ticket that shows that you're in the process of acquiring a DNI and applying for resident visa. You don't have to actually have the docs, but prove you're in process) are two accounts: a peso and a dollar account. This all ready is more than Citibank will offer. However, if you wire money into your account from the U.S. they can pay out only in pesos. And there's a U$50+ fee. So to get them back to U$ you'd have to pay the wire fee, the HSBC transaction fee and the conversion fee of pesos to dollars. I think it's called "dry cleaning".
However these accounts would allow you to conduct business in Argentina. Depositing, writing checks, atm trxns, probably a credit card. You can also get overdraft protection at 2 levels and I forget the exact levels of overdraft but the small level requires a minimum $1,000 peso CD and the next level requries $100,000 peso CD.
However again and this was the disappointment, forget being able to deposit a check drawn on an account outside of Argentina, or at least as I presented it, a check for U$ from the U.S. or Canada. They're not set up for clearing checks from outside the country. Maybe you could deposit a check from another South American country, didn't ask, but seems unlikely.
The good news, you can get one.
The bad news, it's a long ways from being "international".
I've also tried to open an account at HSBC in Buenos Aires, but I've opted for the branch in Palermo (they're all over) and just a typical "local" account.
So far, it looks like they've managed to open my account without the DNI and I have been able to deal with someone who speaks English, for the most part.
So far, so good, but still too early to tell if this will actually work. It's been almost a MONTH waiting for the debit/ATM card and their customer service is of typical Argentine standard: after the first day my wonderful English-speaking account rep stopped replying to emails and is impossible to get on the phone. The "tramites" necessary to open the account are also of typical Argentine standard.
If simply opening my account is this much fun, I can't wait to see what happens when I have a problem (or there's another run on the bank).
Guys:
I'm not sure that you can open a checking account in BA that easily. To do so, you need to present a copy of at least the last-year tax presentation to the local IRS, AFIP (if not the previous 3 years).
Frauds with checks were very common in the past, so authorities and banks had to exert caution on applicants.
Hope this helps,
Andres
Closet Boy
04-16-05, 00:08
What's the interest rate on a savings account?
I also have tried at two different banks to open an Argentine bank account. I have not had any luck so far, I wanted to do it to make it easier on my novia to get access to her funds, but maintain my name on the account.
I tried the BNP and also RioBanco. I am still not sure how to apply for the DNI and a Argentine passport without someone asking if you have been in the country over 90 days.
Also, anyone who knows a good attorney that could help me deed some proprerty in the country in my name I would be grateful.
Sky
I do business with argentina. If you pm me and describe your needs, I'll put you in contact with english speaking people who can help you with legal transactions[as opposed to the black, illegal] and explain the grey areas. They are not free, but a US$30. consultation can save you time. It costs 5%-10% when you total all the fees to transfer us dollars to the arg from the usa. With larger sums there are safe ways to save money on the transfers.
I you are going to buy an apartment, get some advise. The portenos will take advantage of you if you don't have good
people helping you. I thank the guy upstairs for a good honest accountant and lawyer.
Argentina is difficult. Many Argentines keep their money in Uruguay--the Switzerland of South America.
Closet Boy
04-17-05, 18:49
One month is way too long. Go to your bank, where you opened your account, and ask them where it is. I would not be surprised if they have it there for you. If it is, you will have to show ID and sign for it. My suggestion is based on experiences with HSBC in Brasil.
I've also tried to open an account at HSBC in Buenos Aires, but I've opted for the branch in Palermo (they're all over) and just a typical "local" account.
So far, it looks like they've managed to open my account without the DNI and I have been able to deal with someone who speaks English, for the most part.
So far, so good, but still too early to tell if this will actually work. It's been almost a MONTH waiting for the debit/ATM card and their customer service is of typical Argentine standard: after the first day my wonderful English-speaking account rep stopped replying to emails and is impossible to get on the phone. The "tramites" necessary to open the account are also of typical Argentine standard.
If simply opening my account is this much fun, I can't wait to see what happens when I have a problem (or there's another run on the bank).
Three days ago, I attempted to open a bank account at 2 banks.
I had my Passport, DNI, CUIT (tax number) Apartment lease and 1000 pesos.
CITI BANK; Presented all documentation and was told I need to deposit $35,000 usd into the checking account.
I said "No wonder your country is third world. Who would trust your bank with no deposit insurance and a bad track record of holding depositors money. So long sucker."
Next,
HSBC; Presented all documentation and was told I needed a two year apartment lease. I said F*ck you and f*uck your bank and walked out proud to be an ugly American.
So, a word to the wise, Use only ATMs and fu*ck the argy banks.
Jackpot
Rock Harders
03-12-06, 03:09
Jackpot-
That sounds absolutely ridiculous- $35,000 USD just to open a lowly, non interest bearing checking account? Most Argentines do not make that in 10 years.
Without knowing anything about you at all, your financial situation, etc, I am not sure if this would help you, but I know that Citibank now offers an "international" account, that permits banking somewhat interchangeably at Citibank locations worldwide. I am guessing that the minimums are very high relative to a normal US checking account, but it might be worth a look if you have the "scratch". Check out www.citi.com and you can get some details.
Suerte,
Dirk Diggler
Jackpot,
With your attitute, maybe they were just messing with you and/or there was a misunderstanding? 35k and an apartment lease for a checking acct - I've never heard of such a thing.
I opened my BancoRio account with my DNI, one utility bill statement, and a whopping 300 peso deposit in about 15 minutes, maybe less. I remember going in there expecting the worst but exiting truly shocked by how simple, smooth, and quick it was.
My banking experience with them has been excellent. I do almost everything online, have USD/peso accounts, transfer domestically and internationally, etc. When I was just starting they were very attentitive to my questions. Everything is quite cheap or free except intl xfers, which cost about the same as in USA.
I strongly recommend getting a bank account here since it makes bill/rent/other payments (all online) so simple. Of course I think you must have a DNI to do so.
PS a bank account thread already exists.
Most of my banking is done through BofA, but for travel reasons I also have one normal Citibank Checking account.
It's a competely normal Checking account that I opened with a Citibank branch in California last year, not an "international" or other special designation. It doesn't matter as I keep enough funds in there but the minimums are low and either no or low fees. Standard online access to manage your account plus Mastercard debit card for purchases and ATM withdrawals.
With this account, I can access my funds in dollars or in the local currency while travelling abroad at any Citibank location in the world, no fees for foreign currency withdrawals or use of ATMs. Via interinstitutional tranfers that you can automatically make online, I can either move cash out or into my Citibank account from other US bank accounts. There's something like a 5k per month limit on transfers, but the fee is either zero to transfer in, or $3 or so to transfer out. Basically, nothing.
I'd suggest opening a Citibank account if you are still in the states and going to be traveling to BA or other foreign countries that Citibank has branch locations in. Note - there is a 30 day period which you only have limited access when opening a new account, and if you make any change, even an email address, that 30-day period starts over, so if you go this option, open one well in advance before you get to BA.
I too have a Citibank account, in fact several for various purposes. I have not been able to withdraw funds in dollars at the branch in Recoleta or any other previously, though I haven't tried for several months. I think this must be something new.
I haven't had to do dollar withdrawals too many times, but I took dollars out in early and mid Feb. From the Quintana / Alvear branch of Citibank, as well as once from the HSBC branch on the bottom floor of the Galleria Pacifica (near the book store around the food court)
I don't think I did anything special with the account - all I asked while in the US when opening the account was to have my ATM withdrawal limit raised from the default to a higher limit, and to confirm that I could make foreign currency withdrawals from Citibanks around the world with no extra charge.
Just go with your DNI and recent utility bill and you will open an account. No need for your passport - the account will be identified by your DNI. There are branches all over the place - I think either BancoRio or BBVA Frances is the largest bank here, but it seems that most locals I know bank with BancoRio so thats probably why I chose them. The only benefit I saw with Frances is that they have Euro / USD accounts, while BR still only offers USD. It seems that even the smallest bumfuck town here has a BR branch, if I were to ever need it.
I'm not going to check out Citi or HSBC since I'm perfectly happy with my account here.
Rock Harders
03-14-06, 00:10
Mongers-
An added fringe benefit of Banco Rio is that when using your Banco Rio Visa Electron, you get extra discounts at certain times at both McDonald's and Disco supermercados. At Disco, I think it is up to 30% off your total ringup at the cash register. If I remember correctly, this promotion ran on Saturdays and / or Sundays at Disco.
Suerte,
Dirk Diggler
Also, some businesses will only accept local plastic such as the Banco Rio Electron card. I think that Madonna Whoarehouse on Pueyrredon only accepts this kind of plastic.
Its a debit/ATM card and I tested it in the USA, it worked.
Jjgoinslow
03-14-06, 16:52
I need to transfer a large sum from the states to here.
It sounds like Citibank is the best bet for a bank with locations in both countries? I assume its easy to set up an account.
Are there many branches or only in Recoleta?
Any one have experience with wiring money?
Thanks.
Jj
Rock Harders
03-14-06, 18:15
Jjgoinslow-
There are Citibank branches all over Buenos Aires Capital, Buenos Aires province, and many large provincial cities, such as Mendoza, Rosario, Cordoba, and Mar del Plata. However, although you get free ATM usage at the Citibank banking machines, including the ability to check your balance, the account is not transparent in the way having a Citibank account in NJ and using a Citibank location in NY would be, for example. You cannot just walk into the Citibank on Santa Fe, between Rodriguez Pena and Montevideo, and make a deposit or such as you could at a US citibank location.
However, there is utility in Citibank here other than the free ATM usage; it is possible to get money transfered to or from your US Citibank account to any Argentine Citibank account you might open through the Citibank system, which means you avoid having to use expensive Western Union, MoneyGram or other similar measures. Call citibank USA to find out the details.
Suerte,
Dirk Diggler
I have questioned the Citi Bank information reps.
Their response is; the name is the same, but there is no affiliation with Citi Bank USA.
Jackpot
I need to transfer a large sum from the states to here.
It sounds like Citibank is the best bet for a bank with locations in both countries? I assume its easy to set up an account.
Are there many branches or only in Recoleta?
Any one have experience with wiring money?
Thanks.
JjWell I'll say RTFF for the first time, such as the transferring funds, bank accts, and real estate threads.
As several people have recently posted, having a Citibank or HSBC acct in the USA/Europe apparently doesnt count for jack here except for maybe saving a buck on ATMs and having a higher cash withdrawl limit at certain machines. Mpexy says that you can access your US Citibank funds at any Citibranch in the world but I'll believe that when its confirmed here (except simple ATMs). I have a European friend that has HSBC accts in Europe and here, but he still transfers money from Europe to here...why wouldnt he just directly withdrawl it if the funds are already in the HSBC "network"? I assume that the fragmented "network" is due to varying international banking regulations. Not so many years ago, just interstate banking within the USA could often be a pain, so I'm told.
As you'll see on the aforementioned threads, using a transfer house for large amounts is probably the best option for most foreigners. The cost (about 1%) is reasonable and I think a few specific houses are listed.
In order to make a regular bank transfer from USA to here you will first need a bank acct here and to have that you will need a DNI. Assuming you are initiating the xfer from your US account via a phone call to that bank, you will need to have that feature (and password) enabled before you leave the USA. You usually have to enable that function in person, and you will receive your transfer PIN in the US mail a few weeks later. If you have these things then the bank xfer is quite simple and takes about 2 business days to arrive here. You simply provide the wiring instructions. The only part of this process thats not automated is - when the funds arrive to your Arg bank you have to go to your branch and sign a standard form in order for them to be credited to your account. I believe thats the law here, my HSBC buddy has to do the same.
Mpexy says that you can access your US Citibank funds at any Citibranch in the world but I'll believe that when its confirmed here (except simple ATMs)What I said was in the context of accessing your funds via ATM without fees and choosing to extract in dollars or pesos, and thus negating the need to bring a lot of dollars with you if that was a factor.
Whether you can personally walk in and take a direct access withdrawal from a Citibank here from your US account, no idea. Never tried it. My reply below is solely in the context of being able to get US dollars here without having to bring it all with you, with no foreign currency withdrawal fees, or use of ATM fees. Which hits 6.50 for a BofA account - $5 for using a non-BofA ATM, and 1.50 from the local ATM for using theirs.
FreddySmith52
03-14-06, 23:46
On my 2 visits to BA I have used my Citibank USA Debit Card to withdraw AR pesos from the Citibank ATM on Florida St. 746. Withdrawal is debited directly to my US Citibank account and there are no fees. There are several Citibank ATM machines at this location and what looks to be an actual branch.
Funny thing is that when I look at my account online it shows the description of the transaction as a "non Citibank ATM" whlie all the signage at the location says very boldly CITIBANK.
At this location there is a reception desk open during normal business hours and when I asked if I could make a US dollar deposit to my Citibank USA account I was told I could not.
I only used my Citibank debit card at this location. Never tried any other ATM.
At this location there is a reception desk open during normal business hours and when I asked if I could make a US dollar deposit to my Citibank USA account I was told I could not.I will bet that if you ask if can make a withdrawl from your Citibank USA acct that the answer will be the same.
My BankOne ATM/debit card has a PLUS symbol on the back and it has worked at every machine (and vendor when I occasionally use it as a debit) in the world so far even though I don't remember ever seeing a BankOne outside of USA. The ATM fee is 1.50.
The issue is that sometimes you need to get your hands on some real money. For example, you lease an apartment here and have to prepay 24 months rent at once. Lets say thats US$24,000 or the equivalent. You will need a transfer in that case, and I don't think that having a Citi acct in USA means anything here.
We do not have a free-market banking system in the US (see many relevant articles on www.mises.org) but, like so many other things, it is "relatively" more free market than other countries. Witness Argentina.
Jjgoinslow
03-15-06, 16:20
I got some scoop on CitiBank from some CitiBank reps.
They said I need a resident visa and a postal address to open an account.
(However a real estate agent said he knew a manager and could get the account opened for me without these things, which I don't have)
They said they have no international account for Argentina. As someone else mentioned this is probably because this isn't really Citibank, just a foreign ripoff or at best an affiliate, on further thought, of course an FDIC insured Citibank account wouldn't be accessible from a country that recently stole huge sums from their populace.
Wiring money through the local Citibank branch is only possible with a local citibank account and incurs a .6% fee. Thats not 6% , that's six tenths of one percent.
Much better, but still too much for doing basically nothing.
My real estate agent recommend Banco Francais (for opening a local account and transferring money, but I didnt get a location or # from him and now I cannot seem to find it in the phone book.
Jj
I got some scoop on CitiBank from some CitiBank reps.
They said I need a resident visa and a postal address to open an account.
(However a real estate agent said he knew a manager and could get the account opened for me without these things, which I don't have)
They said they have no international account for Argentina. As someone else mentioned this is probably because this isnt really citibank, just a foreign ripoff or at best an affiliate, on further thought, of course an FDIC insured citibank account wouldnt be accessible from a country that recently stole huge sums from their populace.
Wiring money through the local Citibank branch is only possible with a local citibank account and incurs a.6% fee. Thats not 6% , thats 0.6%
Much better but still too much for doing basically nothing.
My real estate agent recommend Banco Francais (for opening a local account and transferring money, but I didnt get a location or # from him and now I cannot seem to find it in the phone book.
JjI'll be surprised if you can open an acct without a residence visa/DNI and postal address. I don't think these rules vary from bank to bank. Possibly the BF bank manager can waive the requirement for a local acct, but losing US$200k to the central bank of Argentina would be a hard way to learn that your acct is invalid and not recognized as a destination for your incoming international transfer. At best the money would be in limbo with the central bank for months before being kicked back to your US acct and at worst you'd lose it all. But good luck and let us know if you can.
Banco Frances website is http://www.bancofrances.com
Since there are probably more Banco Frances branches than McDonalds, it is hard to walk a few blocks in BA without seeing one.
Yield on 12-month peso CD at SantanderRio is 15.25%.
5% for the same CD in dollars.
So, is the 15.25% a good deal?
I don't do this sort of thing for a living. ;)
I have used the American Express location, San Martin / Florida to cash travelers checks and have found them to be helpful and organized in making the transactions. Would they perhaps be a more secure institution to park some funds while in BA? I know they are not as convenient, but do they have any US affiiliation?
Most Forum members who live here permanently already know this, so this post is for visitors.
Do not make prior arrangements to pick up money from any bank or financial institution in Argentina. And especially not Banco Frances. And tell no-one of your intentions.
Part of the requirement if you want to negotiate a financial instrument, is to supply your current address in addition to your passport etc.
The scam is that you will be visited by some guys with guns shortly after and robbed and in at least one case this week, shot dead. They will follow you surreptitiously by motorbike or use your address supplied by an associate inside the bank and visit you later. Sometimes both. So if you are in the position of no choice, go in strength and supply a false address. And make a big effort not to be followed by motorbike.
Aqualung will disagree that the scam originates inside the bank and thinks that the thieves are just opportunists hanging around outside. Opportunists with 20 20 x-ray vision.
As an aside, it is next to impossible to catch these buckets of shit and so even when the police attend the robbery, unless someone is hurt or killed, if the victim does not want to spend a day to report the crime and be generally f u c k e d around, it does not appear as a crime. But it happens many times a day here.
Current crime statistics for the Province of Buenos Aires, which includes the majority population of Greater Buenos Aires (more than 10 million) is 4 armed robberies a minute for the past 2 months and doesn't include the majority of robberies of the type mentioned here. No one would have the true figures but try multiplying it by at least double according to my contact in the Federal Police.
A friend's housemaid only takes enough for her bus fares as she has been held up with a hand gun many times, sometimes just for 1 or 2 pesos.
So be aware.
Argento
Greetings everyone,
As a Argentine resident I have been considering opening a bank account here in BA with the idea of using it (after the cursory 6 month probationary period) to wire transfer money to myself from my accounts in the USA. However, in conversation with several Argentinos on this subject I have been advised that the Argentine tax authorities (AFIP) automatically withhold 30% of all incoming wire transfers from international sources, the purpose for said withholding to act as a guarantee against any future tax liability I may incur here in Argentina. Ostensibly, these withheld funds would be returned to me at some future point if no such tax liability materialized.
Unfortunately, my friends are not what I'd call financially savvy individuals, leaving me to seek additional insight into the subject.
Does anyone have any knowledge about or experience with this?
Thanks,
Jackson
I'm not sure if they take it out, or if the liability exists and if it's not paid and then recovered through the system (AFIP) that it could cause problems at some point.
I think I remember someone saying that AFIP couldn't actually touch the money, having given another example that wasn't exactly related but maybe close enough to show that the money couldn't be touched in the account itself, but that the problems might happen at some other point (about which I am certainly vague about what could happen)
I'm not sure if they take it out, or if the liability exists and if it's not paid and then recovered through the system (AFIP) that it could cause problems at some point.
I think I remember someone saying that AFIP couldn't actually touch the money, having given another example that wasn't exactly related but maybe close enough to show that the money couldn't be touched in the account itself, but that the problems might happen at some other point (about which I am certainly vague about what could happen)Jackson, assuming you can open an account (you don't have the DNI if I recall correctly) then I believe you will have a difficult or frustrating time getting your money credited to your account. Before I got my DNI it would take weeks to get the money, supposedly it had to first be approved by AFIP, into my account, because my account was opened using my passport number. In your case I believe you would use your American passport number which has 9 numbers and the DNI has 8 numbers. With the DNI it's a lot easier, but, really, it's not worth the hassle. By the way, they've never withheld 30%. As I understand it, the majority of the times they holdback 30% has to do with real-estate transactions or there isn't a good justification as to the origin of the money.
Saludos
There was never tax withheld on funds I transferred in nor was there a probationary period.
Thomaso276
11-02-08, 15:35
Here is a question for all you bank experts out there. With the turmoil in the world's banks it seems that they should be and are reviewing their procedures aqnd practises. Is this the right time for Arg. Banks to join the world and adhere to international banking rules, allowing for more flexibility in transfers, opening accts. Etc.
It is my understanding that Arg. Banks have not signed the international banking treaty, thus resulting in their total independence from their home banks (HSBC here is not a part of the global HSBS when it comes to normal transactions)
Would the government allow this or would they lose control over all the money in the country through the central bank. Wouldn't it be nice to be able to cash a check on your own account here or transfer money without waiting 30 days to see if it arrived?
Rock Harders
11-02-08, 18:40
Mongers,
First of all, I recommend that no one ever open a bank account in Argentina, period, with no exceptions. Every single Argentine bank (even the banks with international names, HSBC, Citibank, etc. are in the red and will collapse and again seize deposits the next time the Argentine government defaults on their bonds. This is because the Argentine government has forced the banks to buy their junk bonds, and to maintain greater than 50% of their "assets" in the form of these bonds, which in reality are not assets, but massive liabilities. The peso is depreciating on a daily basis and that combined with a minimum 2% MONTHLY inflation combined with almost no interest paid by the banks on accounts on top of the account maintainance fees means that you lose money everyday it is in the bank. The banks do allow dollar denominated accounts but only a complete idiot would keep any dollars in an Argentine bank, because once the meltdown occurs nobody will be allowed to withdraw any dollars, only toilet paper pesos. I manage a corporate bank account here only because a certain percentage of my inflows can be received only by bank deposit, otherwise I would never deal with the banks.
Suerte,
Rock Harders
Mongers,
First of all, I recommend that no one ever open a bank account in Argentina, period, with no exceptions. Every single Argentine bank (even the banks with international names, HSBC, Citibank, etc. Are in the red and will collapse and again seize deposits the next time the Argentine government defaults on their bonds. This is because the Argentine government has forced the banks to buy their junk bonds, and to maintain greater than 50% of their "assets" in the form of these bonds, which in reality are not assets, but massive liabilities. The peso is depreciating on a daily basis and that combined with a minimum 2% MONTHLY inflation combined with almost no interest paid by the banks on accounts on top of the account maintainance fees means that you lose money everyday it is in the bank. The banks do allow dollar denominated accounts but only a complete idiot would keep any dollars in an Argentine bank, because once the meltdown occurs nobody will be allowed to withdraw any dollars, only toilet paper pesos. I manage a corporate bank account here only because a certain percentage of my inflows can be received only by bank deposit, otherwise I would never deal with the banks.
Suerte,
Rock HardersI'm in agreement with you on your observation on the inherent risks associated with having bank accounts in Argentina. Let me tell you how I do make a little money from having a bank account.
First of all I simplify my life by having an argentine bank account because I can pay all of my bills on-line. It is horribly boring having to stand in line at some "PagoFacil" or "RapiPago". All my local bills appear on line and I just pay them before their do dates.
Secondly, I never keep more than $6000 pesos in the account.
Thirdly, since I pay for just about all my things on line or through my Bank Issued Debit Card, the bank returns to me a portion of the IVA, about $200 pesos per month.
And finally, most banks have promotions if you shop at certain stores. I use my Debit Card for the majority of my purchases and discounts of anywhere between $200 and 300 pesos monthly appear automatically in my account.
So, per year the bank returns to me about $5000 pesos just by having an account with monthly fees of about $25 pesos. Also, my risk is anywhere from $1000-6000 pesos (the minimum and maximum I keep in the account) but my life is a lot simpler.
Saludos
Member #3320
11-03-08, 17:31
I'm in agreement with you on your observation on the inherent risks associated with having bank accounts in Argentina. Let me tell you how I do make a little money from having a bank account.
First of all I simplify my life by having an argentine bank account because I can pay all of my bills on-line. It is horribly boring having to stand in line at some "PagoFacil" or "RapiPago". All my local bills appear on line and I just pay them before their do dates.
Secondly, I never keep more than $6000 pesos in the account.
Thirdly, since I pay for just about all my things on line or through my Bank Issued Debit Card, the bank returns to me a portion of the IVA, about $200 pesos per month.
And finally, most banks have promotions if you shop at certain stores. I use my Debit Card for the majority of my purchases and discounts of anywhere between $200 and 300 pesos monthly appear automatically in my account.
So, per year the bank returns to me about $5000 pesos just by having an account with monthly fees of about $25 pesos. Also, my risk is anywhere from $1000-6000 pesos (the minimum and maximum I keep in the account) but my life is a lot simpler.
SaludosI agree with Facundo. I would probably do the same as him, if I was living full time in Argentina. Its so easy to pay bills online than stand in the never ending serpentine lines to pay for "pago facil". If money is indeed lost, probability being 1/10 or worse, so what the heck. What is life without some risks / some gambles / some rush of adrenalin as the ecnomy tumbles!! I always like the convenience of online payments, debit cards / credit cards, which comes with bank accounts. Its invaluable.
Saludos
Member #3320
04-05-09, 12:21
Good day Mr Jackson,
I am curious to know, whether you did end up opening a bank account in BA. And if yes, how did you fare? And whether your initial fears about banking in Argentina were justified?
I am asking this because I am thinking on similar lines and any advise from a senior member like you would be very useful in helping me arrive on a conclusion.
Thanks,
Captain
Greetings everyone,
As a Argentine resident I have been considering opening a bank account here in BA with the idea of using it (after the cursory 6 month probationary period) to wire transfer money to myself from my accounts in the USA. However, in conversation with several Argentinos on this subject I have been advised that the Argentine tax authorities (AFIP) automatically withhold 30% of all incoming wire transfers from international sources, the purpose for said withholding to act as a guarantee against any future tax liability I may incur here in Argentina. Ostensibly, these withheld funds would be returned to me at some future point if no such tax liability materialized.
Unfortunately, my friends are not what I'd call financially savvy individuals, leaving me to seek additional insight into the subject.
Does anyone have any knowledge about or experience with this?
Thanks,
Jackson
Greetings everyone,
I've move the discussion regarding Argentina residency to the thread titled "Argentina Residency".
http://www.argentinaprivate.com/forum/showthread.php?t=1951
I've move the discussion regarding Argentina residency to a new thread titled "Investing in Argentina".
http://www.argentinaprivate.com/forum/showthread.php?t=5969
Thanks,
Jackson
AFIP, the taxing authority of Argentina, the equivalent of the IRS of the United States, instituted or refined older banking / credit card reporting regulations such that it will impact anyone, (including foreigners like ourselves) who has a debit card bank account and / or a credit card issued in Argentina and spends AR$3,000 or more per month.
Each bank must send monthly reports to the AFIP of anyone who has spent more than AR$3,000 using his bank account and or credit card. This information will be cross referenced with earnings reports on record. If there are discrepancies between what the person spends monthly from his bank / credit cards than the AFIP can conduct a "lifestyle audit". For example, the person's work records show he earns AR$2,500 per month but spends AR$4,000 per month than the AFIP will most likely contact the person to show why the discrepancies.
How can these newly adopted regulations impact foreigners like members of this board?
Let's say "Foreigner1" works or has some earnings in Argentina of AR$6,000 pesos but spends much more than that from his bank account (using a debit card) credit card. If he is audited he will be accused, most likely of not declaring all of his work income and he would most likely be hit with back taxes, interest and a fine. However, this can get very tricky. Let's say Foreigner1 declares he is using money he has back home to subsidize his meager wages. The AFIP can turn around and say he has violated the law by not declaring monies he has abroad and of not paying taxes on earnings from such monies. Argentina taxes, like the United States, world-wide income.
Let's take a look at "Foreigner2" who doesn't have any income in Argentina and spends at least or more than AR$3,000 per month from his bank account / credit cards. This foreigner in the eyes of AFIP doesn't have any income but is spending a hell of a lot of money from his accounts. This foreigner will most likely be accused of tax evasion for not declaring his world-wide income.
Interesting side note, the legal powers of AFIP have more statutory import than the accused individual. If AFIP goes to a judge with just a piece of paper with what it things the individual owes the judge has to accept it as fact. If I as an individual file a complaint against someone who owes me money I cannot just hand the judge a piece of paper with some numbers on it. No matter how much evidence I bring forth I have to fight legally to prove the person owes me the money. In the case of the AFIP they don't have to show any evidence. The judge has to accept the AFIP numbers and you have to prove you are innocent.
So far this month I have spent less than AR$3.000 from my account and in the future I will continue to spend less than AR$3,000 monthly. I will use cash to buy many things during the month. In the end, I think, argentines will do the same, the only god Argentines fear is the god AFIP, and the economy will suffer because they will buy items with cash and most likely not pay the IVA.
I think the noose around the foreigner's neck who has residency is being tightened more than a little with these AFIP regulations and stricter Visa regulations.
Saludos,
Facundo, thanks for that heads up!
I have been thinking about declaring a monotributo for myself to help get around some of these things. Monotributo is a monthly contribution based on your estimated average yearly earnings (for those who don't know)
As I understand it, monotributo will allow me to create invoices to send out of the country, and on top of paying a 3% export tax for that, I can also be allowed to have money sent directly to my local account, legally, that matches the amount of invoices I've sent. This is how I now pay my programmers, in fact, who got their monotributo and the ability to export and receive money internationally setup with an accountant's help.
What I like about this is the relatively (for Argentina! Low cost of being more legal (at least, it allows me to legally bring in more money to spend through my Argentine bank account) At $144K per year, the new monthly contributions for "other services" (other than "Locacion de servicios) are $685 pesos, or about 6%. On top of that is the 3% export tax, and then of course the banks take something like $50 US per transaction I believe it is. So about a 10% tax on the money you bring in to be legal with your local bank account is not terrible.
Remember, I wouldn't be bringing all the money I make in to the country, so I wouldn't be paying a total tax of 10% on all my earnings, but it would allow me to have access to more money locally and still live punder the radar of AFIP (most likely!
The actual limit on "Other Services" monotributo is $300K pesos a year, but the contribution is $2880 pesos a month. Obviously the Argentinos think that the "rich" should be penalized - that's almost 12% alone, plus the export taxes to bring it to 15%! Beware Democrats in the States! If Argentina does it, it can't be right!:)
But the $144K limit seems alright to have roughly $11,000 pesos a month to spend on your lifestyle out of your Argentine bank legally.
BTW - I completely agree with you that this is something that can't really help Argentina in the long run.
Member #3320
01-24-10, 17:37
Facundo,
Thank you for the heads up!
It was very useful in deciding future actions with regard to Argentina.
Thomaso276
01-25-10, 22:49
AFIP, the taxing authority of Argentina, the equivalent of the IRS of the United States, instituted or refined older banking / credit card reporting regulations such that it will impact anyone, (including foreigners like ourselves) who has a debit card bank account and / or a credit card issued in Argentina and spends AR$3,000 or more per month.
Each bank must send monthly reports to the AFIP of anyone who has spent more than AR$3,000 using his bank account and or credit card. This information will be cross referenced with earnings reports on record. If there are discrepancies between what the person spends monthly from his bank / credit cards than the AFIP can conduct a "lifestyle audit". For example, the person's work records show he earns AR$2,500 per month but spends AR$4,000 per month than the AFIP will most likely contact the person to show why the discrepancies.
How can these newly adopted regulations impact foreigners like members of this board?
Let's say "Foreigner1" works or has some earnings in Argentina of AR$6,000 pesos but spends much more than that from his bank account (using a debit card) credit card. If he is audited he will be accused, most likely of not declaring all of his work income and he would most likely be hit with back taxes, interest and a fine. However, this can get very tricky. Let's say Foreigner1 declares he is using money he has back home to subsidize his meager wages. The AFIP can turn around and say he has violated the law by not declaring monies he has abroad and of not paying taxes on earnings from such monies. Argentina taxes, like the United States, world-wide income.
Let's take a look at "Foreigner2" who doesn't have any income in Argentina and spends at least or more than AR$3,000 per month from his bank account / credit cards. This foreigner in the eyes of AFIP doesn't have any income but is spending a hell of a lot of money from his accounts. This foreigner will most likely be accused of tax evasion for not declaring his world-wide income.
Interesting side note, the legal powers of AFIP have more statutory import than the accused individual. If AFIP goes to a judge with just a piece of paper with what it things the individual owes the judge has to accept it as fact. If I as an individual file a complaint against someone who owes me money I cannot just hand the judge a piece of paper with some numbers on it. No matter how much evidence I bring forth I have to fight legally to prove the person owes me the money. In the case of the AFIP they don't have to show any evidence. The judge has to accept the AFIP numbers and you have to prove you are innocent.
So far this month I have spent less than AR$3.000 from my account and in the future I will continue to spend less than AR$3,000 monthly. I will use cash to buy many things during the month. In the end, I think, argentines will do the same, the only god Argentines fear is the god AFIP, and the economy will suffer because they will buy items with cash and most likely not pay the IVA.
I think the noose around the foreigner's neck who has residency is being tightened more than a little with these AFIP regulations and stricter Visa regulations.
Saludos,Is this only for debit / credit cards issued in Argentina? I use Citi Bank here with a card issued in USA to pull more than 3000 pesos monthly.
Can you post a link for this new process from AFIP?
Can you post a link for this new process from AFIP?Here's an article from Clarin 29-Dec-2009:
http://www.clarin.com/diario/2009/12/29/um/m-02109748.htm
I believe Argentine personal asset tax is 0.5%/year on worldwide assets over USD 100,000 though I'd need that confirmed. In that case you could, if necessary, declare decent savings abroad and pay zero to minimal tax.
Thomaso, this is only for credit / debit cards issued in Argentina. It doesn't impact you.
By the way, Argentina has been scrambling to sign agreements with different countries to find Argentine tax evaders. I believe last month they signed an agreement with, of all the places, San Marino. Argentines have billions of dollars stashed around the world. Last week it was disclosed that 25% of all bank accounts in Uruguay belong to Argentines. AFIP wants to start collecting back taxes and fines. The country needs the money to continue its massive expenditures.
Here's an article from Clarin 29-Dec.-2009:
http://www.clarin.com/diario/2009/12/29/um/m-02109748.htm
I believe Argentine personal asset tax is 0.5%/ year on worldwide assets over USD 100,000 though I'd need that confirmed. In that case you could, if necessary, declare decent savings abroad and pay zero to minimal tax.Moore I could be wrong but I blieve the tax statement AFIP sends to every registered tax payer at the end of each year mentions that taxes are to be paid on the cumulative value of items that exceed AR$130,000 or about US$33,000 (this includes such items as bank accounts, investments, and I believe autos) I'll also see if I can dig up the exact number.
Rock Harders
09-06-10, 20:46
Mongers,
Interesting article on the reality of life in Argentina:
http://news.yahoo.com/s/ap/20100906/ap_on_bi_ge/lt_argentina_banking_attacks
Mongers-
Interesting article on the reality of life in Argentina:
http://news.yahoo.com/s/ap/20100906/ap_on_bi_ge/lt_argentina_banking_attacksMan, there are a million things both wrong and right in this article. If I have the desire, I'll expand upon them later. I will say this. I just withdrew 10K USD in the last week. I did it as follows:
- Only 2000 USD at a time (which is too much)
- 3 different branches.
- Branches were on busy streets and immediately got into a taxi afterwards. Had the taxi drop me off 3 blocks from my house.
- Kept the money separate from everything else of value, including ATM cards and IDs in case I was robbed.
Paranoia? No. Common sense in Argentina. The poor woman mentioned in this article did not use common sense.
Man, there are a million things both wrong and right in this article. If I have the desire, I'll expand upon them later. I will say this. I just withdrew 10K USD in the last week. I did it as follows:
- Only 2000 USD at a time (which is too much)
- 3 different branches.
- Branches were on busy streets and immediately got into a taxi afterwards. Had the taxi drop me off 3 blocks from my house.
- Kept the money separate from everything else of value, including ATM cards and IDs in case I was robbed.
Paranoia? No. Common sense in Argentina. The poor woman mentioned in this article did not use common sense.Try doing that for a sustantial transaction, U$ 100k and up if a good house is involved. Not viable. I constantly am changing substantial sums in my business and I use a private money changer who gives a home service. But they get knocked off and one courier was killed a while back. He ended up in a gun fight and lost his life and the money. There is no simple way. I lost 20,000 pesos a few years back and the police didn't even record it as a crime. There is no one way.
Argento
Hello I am trying to open a bank account.
I do not have the necessary papers they usually ask for.. DNI, utility bill.
Does anyone know of a bank branch that would open account without the papers usually required.
Thanks for your time and information.
I am a USA citizen.
I don't know about now but 20 years ago it was impossible. I had a contract as Project Director for a US company that had a project in Argentina. Originally for six months but it lasted a year. When I was setting up shop in Bs As I went to about a half dozen banks to open a checking account but was turned down, at that time I was told it was necessary to own property of a certain value for a certain period of time in order to qualify. The next week back in the US I went to my bank and spoke with the President, he suggested I set up a seperate checking account that would be used to receive deposits from my customer and to make ATM withdrawls in Bs As. I had approval to withdraw up to $2000 dollars a day. At that time the peso and dollar were 1 to 1 and you could take your pick. I would draw dollars so as not to have an exchange fee at my bank. I averaged $10,000 a month for 12 months at no cost. Everytime I took money I would thank the Argentine bank for providing this service free of charge to me.
Don B.
Hello I am trying to open a bank account.
I do not have the necessary papers they usually ask for.. DNI, utility bill.
Does anyone know of a bank branch that would open account without the papers usually required.
Thanks for your time and information.
I am a USA citizen.Without a DNI is is impossible. Even if you had one, you would not like the high charges and outright theft of the banks. I got tired of spending 4 hours every month fighting over phantom service fees etc. And finally just canceled. You pay to put money in (over 1000 p) they charge you for withdrawals, they charge you if you use the card, they charge you if you don't use the card. The lines go around the block, the ATM's never have enough cash. I could go on and on but I imagine you get the idea.
Unfortunately, Argentina is mostly a cash economy. Most merchants do not want your checks and you take a haircut on the credit / debit card exchange rate. I do not know how much you plan to spend each month, or how long you will be in Argentina, but if you have a source of USD and do not want to bring a lot of USD to Argentina I recommend that you look into XOOM. Once you have jumped through all of the hoops for large transfers, XOOM is pretty painless, and lets you keep your money in a USA bank. The exchange rate is a little lower than what you can get from a cueva, but that is the price one pays for piece of mind, and the exchange rate is much better than the "official" rate that you get for credit / debit cards.
Without a DNI is is impossible. Even if you had one, you would not like the high charges and outright theft of the banks. I got tired of spending 4 hours every month fighting over phantom service fees etc. And finally just canceled. You pay to put money in (over 1000 p) they charge you for withdrawals, they charge you if you use the card, they charge you if you don't use the card. The lines go around the block, the ATM's never have enough cash. I could go on and on but I imagine you get the idea.I agree.
I opened a bank account in Argentina approximately 5 years ago as a requirement for my residency (I had to show that I had a way to get my money into the country to support myself, jajajajaja). I deposited $1,000 ARS ($350 USD when the peso was at 2.80) in Banco Galicia. I never used the ATM or otherwise withdrew any finds, and yet my monthly maintanence fees alone consumed the entire balance within a year.
I called one day and inquired about maintaining a minimum to avoid monthly fees, but apparently no such concept exists in Argentina.
Thanks,
Jax.
Without a DNI is is impossible.
This part isn't true. I opened my first (very basic) account in Banco de la Nacion as soon as I got my Residencia Precaria (5 years ago). Admittedly I did have a carrier bag with USD90,000 in it from the sale of a house! Then I got my 'proper' account (with credit cards etc) with HSBC 3+ years ago, opened with my passport and rental contract. They still had my passport number as my reference number until quite recently when I finally got round to giving them my DNI.
e2a: Of course, the 'rules' could have changed a dozen times in the last 3 years!
Even if you had one, you would not like the high charges and outright theft of the banks. I got tired of spending 4 hours every month fighting over phantom service fees etc. And finally just canceled. You pay to put money in (over 1000 p) they charge you for withdrawals, they charge you if you use the card, they charge you if you don't use the card. The lines go around the block, the ATM's never have enough cash. I could go on and on but I imagine you get the idea.
The rest is absolutely spot on!
This part isn't true. I opened my first (very basic) account in Banco de la Nacion as soon as I got my Residencia Precaria (5 years ago). Admittedly I did have a carrier bag with USD90,000 in it from the sale of a house! Then I got my 'proper' account (with credit cards etc) with HSBC 3+ years ago, opened with my passport and rental contract. They still had my passport number as my reference number until quite recently when I finally got round to giving them my DNI.
e2a: Of course, the 'rules' could have changed a dozen times in the last 3 years!
The rest is absolutely spot on!You are right, with a precaria you can open a account today. Before you did not need any thing but your passport (years ago!) After all a "precaria" is a "preDNI" .
Is it possible (or even worth it?) to open an Argentina bank acct on a tourist visa? What about Chile or Uruguay tourist visa dollar accounts? My chica don't work for free haha. Thanks.
Daddy Rulz
10-01-14, 11:51
Is it possible (or even worth it?) to open an Argentina bank acct on a tourist visa? What about Chile or Uruguay tourist visa dollar accounts? My chica don't work for free haha. Thanks.No you can't. As mentioned before part of getting residency used to be getting a bank account and el jeffe speaks about getting one through his attorney.
If you're trying to transfer money to some chica when you're not here, you can use Xoom.
Opening up an Argentinean bank account would be like shitting in your hat before you put it on your head.
Dickhead, your comment about opening a checking account in Argentina was great. With your permission I would like to use your comment in the future.
Why would you want to in the first place? First off there is NO customer service. The monthly fees are very high. There is a "transaction fee". There is a tax on all deposits over 1 k pesos. There is a tax on all checks you write. And then if you don't do enough transactions monthly so that they can make some money off of you they "invent" fees or charge fees on transactions you never made. And when you go to make a complaint you waste one or two hours and in the end you decide its not worth it for the lousy 100 pesos the stole from you. But the theft goes on, month after month after month. And then, on the day you really need a extra 500 pesos because you just stumbled on the most delicious little creature that you really want to do, you go to the ATM and either the system has crashed or your card no longer works! The banks here are the worst of the worst!
Here's a little heartwarming story for you all...
I went into my bank a few weeks before leaving the country to try and close my account. I had a bunch of cash on me to pay off my Mastercard and Visa credit cards.
After about an hour of being sent from one place to another and being told "it's not as easy as that", I gave up. I went back again a few days later when I had more time and met with the same nonsense. I was eventually given a bunch of forms to fill out, which I sat down and completed. But they still said they couldn't take the cash off me and close the accounts.
So I had a re-think and resorted to Plan B.
I said "fcuk you, you morons", went out and maxed out the credit cards and left the country with no intention of ever coming back.
:-D
I went in the bank yesterday to ask and it reminded me of the DMV back home. Nope. Uruguay is the answer bros!!
For instructions go on baexpats and search "uruguay account".
Dickhead, your comment about opening a checking account in Argentina was great. With your permission I would like to use your comment in the future.Actually, I stole that from Michel de Montaigne. He said, "Marrying your mistress is like shitting in your hat before you put it on your head."
I've had an account for several years with Santander. It was easy to open with DNI and worked very well for paying bills online.
It was also good because I could keep balances in pesos and USD. These days that's not so useful since if you convert USD at the bank it will be at the official rate.
The monthly fee is now 62 pesos.
Of course I would never keep more than a month or 2 living expenses in any Argentine account.
But I'm going to keep the account. May come in handy some day.
ElAlamoPalermo
10-07-14, 01:01
I've had an account for several years with Santander. It was easy to open with DNI and worked very well for paying bills online.
It was also good because I could keep balances in pesos and USD. These days that's not so useful since if you convert USD at the bank it will be at the official rate.
The monthly fee is now 62 pesos.
Of course I would never keep more than a month or 2 living expenses in any Argentine account.
But I'm going to keep the account. May come in handy some day.Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.
Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.
Tres3.
Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.This seems to be another Cristina LIE. I mentioned this to my ama de casa and she went to three banks and they all laughed at her. But it seems that if you are collecting one of the "plans" they will give you a debit card to take out the money so you don't have to go to a teller to collect. I don't know if that qualifies as a "bank account" since you cannot deposit any money into that account.
Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.
Tres3.If you are from another third world country it is quite easy since the powers in charge seem to like uneducated poor people. But if you are from the US or UK or other "normal" country they make you jump through hoops for a year or three first. If you are trying to enter as a "foreign investor" and you have a lot of money to throw around it is a lot easier.
If you are trying to enter as a "foreign investor" and you have a lot of money to throw around it is a lot easier.Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.
Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.Compared to the USA, UK, and many other countries, 18 months is an eternity.
Tres3.
Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.
Tres3.You may want to look into the student category for getting a DNI. I've heard it's fairly easy these days.
Thanks for the information on the free bank account, ElAlamoPalermo. I didn't know about that.
Here is the link to the BCRA regulation:
http://www.clientebancario.gov.ar/default.asp
Foreigners are eligible after residing in Argentina for 1 year, and they don't need the DNI, but they do need the "constancia del DNI en tramite". I assume that's a document showing the DNI is in process.
I contacted my bank and they said I can close my account and open this free account, called Cuenta Gratuita Universal. It's listed on their webpage.
But I can't believe they haven't increased the 10 k peso limit, set 4 years ago when this regulation started. It should be around 40 k now adjusted for inflation.
ElAlamoPalermo
10-07-14, 22:04
Thanks for the information on the free bank account, ElAlamoPalermo. I didn't know about that.
Here is the link to the BCRA regulation:
http://www.clientebancario.gov.ar/default.asp
Foreigners are eligible after residing in Argentina for 1 year, and they don't need the DNI, but they do need the "constancia del DNI en tramite". I assume that's a document showing the DNI is in process.
I contacted my bank and they said I can close my account and open this free account, called Cuenta Gratuita Universal. It's listed on their webpage.
But I can't believe they haven't increased the 10 k peso limit, set 4 years ago when this regulation started. It should be around 40 k now adjusted for inflation.This account is basically for Argentines who work as "monotributistas" or work in black; anyone working as an employee in white will have a bank account that their salary is by law deposited into and which the employer typically pays the monthly fees. The fact that the account is designed for small time independent workers and unregistered "marginalized" workers who are thought to earn low amounts is probably the reason why the BCRA hasn't raised the 10,000/ month deposit limit.
Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.They only want you around to support the kid while hes young. After that they don't care? Doesn't seem like a good deal for the kid.
This account is basically for Argentines who work as "monotributistas" or work in black; anyone working as an employee in white will have a bank account that their salary is by law deposited into and which the employer typically pays the monthly fees. The fact that the account is designed for small time independent workers and unregistered "marginalized" workers who are thought to earn low amounts is probably the reason why the BCRA hasn't raised the 10,000/ month deposit limit.So what your saying is that there is NO free account. They are just getting some one else to pay the fee. Typical Argie nonsense. Your boss (who is already overtaxed) can pay your fees since he has more money then you?
ElAlamoPalermo
10-08-14, 15:36
So what your saying is that there is NO free account. They are just getting some one else to pay the fee. Typical Argie nonsense. Your boss (who is already overtaxed) can pay your fees since he has more money then you?Gandolf, if you are unable to keep up with the conversation you may be better off sitting at the kiddies table. As I originally stated, and Moore confirmed by posting the link to the description of the account, THERE IS a free savings account available (with debit card) to ALL Argentines and it remains a FREE account as long as the accountholder deposits less than 10,000 AR pesos per month in said account.
Gandolf, if you are unable to keep up with the conversation you may be better off sitting at the kiddies table. As I originally stated, and Moore confirmed by posting the link to the description of the account, THERE IS a free savings account available (with debit card) to ALL Argentines and it remains a FREE account as long as the accountholder deposits less than 10,000 AR pesos per month in said account.I apologize (from the kiddies table!) My friend who asked about the free account is not a native but a foreigner with a DNI.
I apologize (from the kiddies table!) My friend who asked about the free account is not a native but a foreigner with a DNI.So your friend can get the account as long as: 1) s / he has resided in Argentina for 1 year and 2) meets the 10 k requirement.
So your friend can get the account as long as: 1) s / he has resided in Argentina for 1 year and 2) meets the 10 k requirement.We went to Banco de la Nacion, Banco Fracais, Santandar Rio and Banco de la Provincia. They ALL said there is no such thing as a free account. I went with her because I remembered hearing and reading that a free account was now available as a incentive for more people to open bank accounts. But her DNI clearly says DNI de Extanjero and its possible they were saying there is no free account for her? She had been in Argentina for five years but at that time the DNI was only a few months old. One of the banks said she was not even eligible for a bank account! (I don't remember which one). None of this surprises me as I am sure most of you have found that you can go to the same place for the same reason four times and get four different answers or opinions here. Recently I was shopping for car insurance and the women at La Caja (a large insurance company here) told me as a foreigner I can not legally own a car in Argentina and there for La Caja will not insure me? This despite the fact I'm on my fourth vehicle and have had insurance with four different companies with no problems. Another thing is that I have never met anyone who has one of these free accounts. But then, out here in the boonies most people hate the banks. Most people refuse to open a account. When one has to go to a bank its rare when there is not a line stretching down the block. (most likely because none of them has a account!) Something you don't see very often in the city where there are a lot more people.
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