Banking & Money in Argentina
Navigate Argentina's unique financial landscape. Understanding the blue dollar, transferring money, and managing your finances as an expat.
Understanding the Blue Dollar
Argentina has multiple exchange rates, which can be confusing for newcomers. The "blue dollar" (dólar blue) is the unofficial exchange rate for USD cash, typically 30-50% higher than the official rate.
The government-set rate. You'll get this at banks and ATMs. Not recommended for exchanging money.
The unofficial market rate. Access through Western Union, exchange houses (cuevas), or crypto. Much better for your USD.
Important: Always check current rates before exchanging. The gap between official and blue rates changes constantly. Use sites like Blue Dollar.net or ask in expat groups for current rates.
Transferring Money to Argentina
- Best exchange rates
- Widely available
- No recipient account needed
- Fees can be high
- Pickup location required
- Excellent rates
- Fast
- Low fees
- Requires technical knowledge
- Regulatory uncertainty
- Low fees
- Transparent
- Fast
- Official rate only
- Recipient needs account
- Blue rate
- Immediate cash
- No paperwork
- Safety concerns
- Need trusted exchange
Opening a Bank Account
While not strictly necessary for all expats, a local bank account makes paying rent, utilities, and receiving transfers much easier.
Major Banks
| Bank | Type | Notes |
|---|---|---|
| Banco Galicia | Major Private | Good online banking, expat-friendly |
| Banco Santander Río | Major Private | International connections |
| Banco Macro | Major Private | Wide branch network |
| BBVA Argentina | Major Private | Strong digital platform |
| Banco Nación | Public | Government bank, sometimes required for certain procedures |
Required Documents
- Valid passport
- Argentine DNI (if you have residency) or proof of address
- Proof of income or employment
- CDI (Clave de Identificación) - tax ID number
- Sometimes a local reference or guarantee
Banking Without DNI (2026 Workarounds)
DNI processing is taking 6+ months. Here's how to function financially without it.
MercadoPago is Argentina's largest digital wallet and works without DNI. You can:
- Send/receive money locally
- Pay at most stores and restaurants (QR code)
- Pay utilities and services
- Order a prepaid debit card (with passport)
Download the app and verify with your passport. Top up via Western Union transfers or cash at Rapipago/PagoFacil locations.
Crypto is widely used in Argentina to bypass banking restrictions. Local exchanges like Buenbit, Lemon Cash, and Ripio allow you to:
- Buy USDT (stablecoin pegged to USD) with cash or transfer
- Pay bills and services via crypto-to-peso conversion
- Get a prepaid card linked to your crypto balance
Many expats simply rely on Western Union transfers to themselves and operate primarily in cash. This works surprisingly well in Argentina's cash-based economy. Keep cash safe in a money belt or secure location at home.
Note: Traditional banks require DNI. Until you get yours (6+ months), these alternatives are essential for daily life in Argentina.
Essential Money Tips
- Bring USD cash for initial expenses - you'll get much better rates exchanging cash
- Open a local bank account for paying utilities and rent
- Get a local debit card for everyday purchases
- Credit cards are less widely accepted than in US/Europe
- Always carry some cash - many places don't accept cards
- Use Western Union for regular transfers to access better rates
Ready to Move?
Get our complete moving checklist and cost calculator to plan your finances before arriving in Argentina.