How to Open a Bank Account in Argentina as an Expat
Step-by-step guide to opening a bank account in Argentina. Documents needed, best banks for expats, and tips for navigating the system.
How to Open a Bank Account in Argentina as an Expat
Opening a bank account in Argentina can feel like a mission impossible, but it's essential for long-term stays. Here's the complete guide to navigating the system.
Why You Need an Argentine Bank Account
While you can survive on cash and foreign cards, a local account offers:
- Salary deposits (if working locally)
- Rent payments (most landlords prefer transfers)
- Utility bills (automatic debit = discounts)
- Avoiding ATM fees (foreign cards charge $3-5 per withdrawal)
- MercadoPago (Argentina's payment app, essential for online purchases)
Requirements for Opening an Account
Basic Requirements
1. DNI (Documento Nacional de Identidad) or passport with valid visa
2. Proof of Address (utility bill, rental contract)
3. CDI (Clave de Identificación) or CUIT/CUIL
4. Proof of Income (employment contract, tax returns)
Getting Your CDI/CUIT
The CDI (Clave de Identificación) is your tax identification number:
- Apply at AFIP (tax authority) office
- Or online with a local's help
- Required for most financial transactions
- Free to obtain
Best Banks for Expats
1. Santander Río
Best for: English support, international transfers
Pros:
- Some English-speaking staff
- Good online banking
- International wire capabilities
- Wide ATM network
Cons:
- Higher fees
- Long lines at branches
2. Galicia
Best for: Digital banking, expat-friendly
Pros:
- Excellent mobile app
- Lower fees
- Growing expat customer base
- Good customer service
Cons:
- Limited English support
- Smaller branch network
3. BBVA
Best for: International presence
Pros:
- Global bank with local presence
- Good for receiving foreign transfers
- Decent online platform
Cons:
- Higher minimum balances
- Bureaucratic processes
4. Banco Nación
Best for: Government employees, lowest fees
Pros:
- Lowest fees
- Government backing
- Accepts more document types
- Many branches
Cons:
- Longest lines
- Worst technology
- Limited English support
5. MercadoPago (Digital)
Best for: Digital natives, immediate needs
Pros:
- Open instantly with DNI
- No minimum balance
- Accepted everywhere
- Great app experience
Cons:
- Not a full bank (no wire transfers)
- Limited cash deposit options
Step-by-Step Opening Process
Step 1: Gather Documents
- Original passport + copies
- Visa or residency document
- Proof of address (rental contract or utility bill)
- CDI/CUIT document
- Proof of income (payslip, contract, or tax return)
Step 2: Make an Appointment
- Many banks require appointments
- Call or book online
- Some branches accept walk-ins
Step 3: Visit the Branch
- Arrive early (lines form quickly)
- Bring all documents plus extras
- Dress professionally
- Be prepared for Spanish-only service
Step 4: Fill Out Forms
- Multiple forms in Spanish
- Bank officer will guide you
- Sign everywhere indicated
Step 5: Wait for Approval
- Can be immediate or take days
- Account may have initial limits
- Full functionality after verification
Account Types
Caja de Ahorro (Savings Account)
- Most common for individuals
- Limited transactions per month
- Small interest (below inflation)
- Usually free or low fee
Cuenta Corriente (Checking Account)
- Unlimited transactions
- Overdraft possible
- Higher fees
- Usually for businesses or high-income individuals
Cuenta Sueldo (Salary Account)
- Opened by employer
- Usually free
- Linked to salary deposits
- Can convert to regular account if employment ends
Banking Fees to Know
Digital Banking in Argentina
MercadoPago
Argentina's essential payment app:
- Link to bank account or credit card
- Pay at most businesses
- Send money to friends
- Pay bills
- Buy phone credit
- Even invest in funds
Download: Available for all phones
Requirements: Local phone number, DNI
Modo
Bank consortium app:
- Transfer between any banks instantly
- QR code payments
- Growing acceptance
Home Banking
Every major bank offers online banking:
- Check balances
- Transfer money
- Pay bills
- Deposit checks via photo
Receiving Money from Abroad
Wire Transfers
- Provide sender with: Bank name, account number, CBU, SWIFT code
- Takes 2-5 business days
- Receiving fees: $15-50
- Exchange rate at bank (not favorable)
Western Union / MoneyGram
- Pick up cash at thousands of locations
- Better exchange rates than banks
- Fees vary by amount
- Need ID and tracking number
Wise (formerly TransferWise)
- Best exchange rates
- Low fees
- Direct to Argentine account
- Takes 1-2 days
Crypto
- Growing option for expats
- Buy USDT, cash out via P2P
- Requires crypto knowledge
- Legal gray area
Banking Tips for Expats
1. Open ASAP: The process gets harder the longer you wait
2. Bring a Translator: If your Spanish is weak
3. Multiple Copies: Banks love paperwork
4. Patience: Everything takes longer than expected
5. Keep Records: Screenshot everything
6. Check Statements: Fees appear without warning
7. Maintain Minimum: Avoid monthly fees
8. Use Home Banking: Branch visits are time-consuming
9. Link to MercadoPago: Essential for daily life
10. Inform Your Home Bank: Avoid account freezes
Common Problems & Solutions
Problem: "We can't open accounts for foreigners"
Solution: Try multiple branches. Some are more expat-friendly. Ask for a supervisor.
Problem: "Your documents aren't sufficient"
Solution: Bring extra proof. Utility bills, phone bills, anything official with your address.
Problem: "You need a guarantor"
Solution: This is old-school banking. Try a different bank or digital options like MercadoPago.
Problem: Account frozen after transfer
Solution: Inform bank before large transfers. Keep transfer receipts. Expect questions.
Problem: Can't access account from abroad
Solution: Set up VPN to Argentina. Enable international access before traveling.
Alternative: No Bank Account
If banking proves impossible:
- Wise Card: Works for most purchases
- Western Union: For cash needs
- Crypto: Growing acceptance
- Cash: Still king in Argentina
- Foreign Cards: For large purchases (use official rate)
Conclusion
Opening a bank account in Argentina requires patience and persistence, but it's doable. Start with MercadoPago for immediate needs, then work toward a traditional account. Bring every document you can think of, expect multiple visits, and celebrate when you finally get that debit card.
Once set up, banking in Argentina is functional. The mobile apps are surprisingly good, transfers are instant, and you'll save money on ATM fees. Just remember: cash is still king, and always keep some pesos on hand.