How to Open a Bank Account in Argentina

Argentina Vineyards

Argentina Vineyards

If you are moving to Argentina permanently or temporarily, you will have to eventually get a bank account. Banks charge exorbitant fees for foreign ATM withdrawals or transactions from an offshore bank, so you definitely want to try to open an account sooner rather than later. There is no federal banking policy for foreigners opening a bank account in Argentina. Each bank has its own requirements. The biggest local banks in the country are Banco De La Nación Argentina and Banco CreditCoop. You can also find well known foreign banks in the country such as Citibank, HSBC and Santander.

Argentinian banks only allow foreigners to open either a savings account or a current account. A current account is a checking account and is known locally as a cuenta corriente. One of the downsides to banking in Argentina is that foreigners cannot borrow money from banks.

To open an account in Argentina, most banks require the following documents:

  • A valid passport
  • Certificate of domicile
  • Proof of employment. Employment contract that ranges from 6 months to a year. This is not mandatory at all banks, but make sure you have some proof of employment when trying to open an account.
  • A CUIL, CUIT or CDI (Tax & Identification number)

Some banks make you get a CUIL or a CUIT. A CUIL stands for Código Único de Identificación Laboral and is your personal tax code. A CUIL can act as your social security number.

If you are going to work as a freelancer or open your own business, you will need a CUIT. This is also a tax identification number, but it is for companies, organizations and freelance workers. You will need help from an Argentina tax attorney or accountant to file the paperwork to obtain this number.

There is an alternative to a CUIL and CUIT. It is called the CDI (Clave de Identificación). To obtain a CDI, you will have to complete F663 form and have a valid passport.

Many of my readers tell me that Banco De La Nación Argentina is the easiest bank to open an account with. You only need a CDI and a Certificate of Domicile, and there are low minimum deposits. An account can be opened up in the same day, but the ATM card will usually take a couple of weeks to arrive at your home.

Basic Argentina Bank Knowledge

The banking hours in Argentina are very short. For the summer, the bank typically opens at 7:30 A.M. and closes at 12:30 P.M. That is very different for the United States banking hours. Most banks open at 8 or 8:30 AM. and close in the evening. For the winter, the banking hours are 8AM to 1PM. Be prepared for long lines and tellers that don’t speak a lick of English.

As a final note, 24 hour ATMs can easily be found in the city, but they are scarce in smaller towns. If you plan on venturing out of the large cities, I would, therefore, recommend you bring cash with you.

There you have it, how to open a bank account in Argentina. Also check out my article on the best online dating sites in Argentina.

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About Addison Sears-Collins

Hey! I'm Addison Sears-Collins, the founder of Visa Hunter. My dream is for a border-free world. I seek to destroy the barriers that prevent people from traveling or living in another country. You can learn more about me here. Join me in the border-free movement by liking my fan page on Facebook, connecting with me on Twitter, or adding me to your circle on Google+.

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