Argentina, the black economy and living without banking

[nikad]

prohibitions on tourists opening bank accounts here

You are giving wrong information. There is not such prohibition, getting a bank account is possible with a CDI. Use the search feature on this forum.

 

[jrockstar80]

Use the search feature on this forum.

i use the search feature regularly, but "CDI" is not a valid search term.

i guess if the CDI's not too much of a pain, the question for everyone is - is an argentine bank account really worth it? the ATM situation is a pain, but is it different with a local bank account? might it be easier because with a schwab account you can use ANY ATM, even those not associated with your bank?

i'm definitely not the authority on this, and i think the tone of my last post may have imputed that i have more expertise than i do. i apologize for that. that said, as a tourist, i'm managing ok with schwab and capital one cards, and with paypal for money that needs to come IN to my account. i think there are other banks that reimburse ATM fees too - TD bank? maybe there are other relevant credit cards too.

i guess my point is that the idea of people who have access to the US banking system keeping money in a safe in their apartment in argentina seems... unncessary to me.

 

[NJtoBsAs]

TD Bank also reimburses for ATM fees. It really is worth it to have the reimbursements, especially considering so much business is done here in cash and ATMs have withdrawal limits.

 

[Davidglen77]

I use an argentine bank account for personal use and for my business and in terms of security, so far, and hopefully going forward, my money hasn't disappeared. What really stinks about bank accounts and credit cards here are the fees. For example, monthly maintenance on a combined checking and savings account that includes and ATM card and a VISA credit card is almost $70 YES $70 pesos per month. Then each year they try to charge you a "renovation fee" for the credit card which at one point they wanted to charge me $400 YES $400 pesos and I just said close down the card and of course they waived the fee. Also, you have to carefully review your bank statement each month for hidden fees which a lot of times are impossible to dechypher: "Res. 43/2 Ley 15 - $3,25" and "Transacc e/ caja 2348838 - 4,90" a lot of people never ask and that is why they pull this fraudulent crap. I asked in my branch what these things meant and of course they couldn't/wouldn't tell me, so I reported them to defensa al consumidor and wrote everything down in the libro de quejas. A few days later I got a call from a person in the corporate office of Banco Patagonia, who listened to everything I said. They refunded ALL of my fees (the above 2 were just a few listed) and apologized. Bank branch personnel are usually NASTY and act like they are important (tellers are usually nice though) and then when you threaten to close your account they back down. So a word to the wise, banking can be done here, but WATCH closely because the very bank where you have your money will try to deduct money little by little. Banks all over the world make their money by a simple principle, keep depositor's money and pay them interest and then lend it out at a higher rate of interest, very lucrative and done by banks all over the world for about 200 years. In Argentina, banks don't lend much money to anybody, so the majority of their income is from exorbitant and abusive fees. Something to keep in mind.......

 

[Celia]

If you don't have a DNI, you cannot make a transfer from your overseas account into your Argentine account. Central bank will not release the money...each type of transfer from overseas has to be authorised and has it's own code, eg "repatriacion de fondos/ repatriation of funds" or "ayuda familiar/ family help"...you need temporary residency and a DNI at the very least to do this.

 

[BROOKLYN]

You do not like our culture . JUST LEAVE LEAVE AND CLOSE THE DOOR . Argentina is not for whingers like you .

YES! I second that! Im sick and tired of these people whining and crying about the way of life in Argentina... If you dont like it leave...Only the Strong survive here in Buenos aires weaklings go back to ur midwest hickville town...

 

[citygirl]

Going back to the original article - I think the huge problem is that due to this "double system" of black and white - those employers (like my company) that do everything en blanco get absolutely hammered with taxes. With an ever shrinking tax base and an ever growing cost to support the system here - when does the system irrevocably break down?

It's so frustrating to me as an employer to constantly be faced with more & more taxes while knowing that a vast majority of companies and individuals aren't paying them. It is punitive to play by the rules here and IMO, it winds up hurting Argentina in the long-run. Responsible corporations (and yes, there are some), are closing up shop because trying to do business here en blanco is becoming almost impossible. And doing it en negro is something that a lot of us won't/can't do.

 

[Uncle Dermot]

YES! I second that! Im sick and tired of these people whining and crying about the way of life in Argentina... If you dont like it leave...Only the Strong survive here in Buenos aires weaklings go back to ur midwest hickville town...

To be honest with you I don't think I am going to change my mind about condemning corruption and favoritism because otherwise people might label me as a racist person against one people's culture...if that's what you like about Argentina you are absolutely free to say that, personally I have a different opinion.
And by the way I am not from the Midwest, I am from the cradle of culture in Europe and I also condemn corruption and favoritism in my own native country, but maybe I am simply racist against my own people after all...

 

[TexanPaul]

Regarding the cash "shortage," I've never seemed to have a problem getting cash out of ATMs at Shopping Malls. Somehow cash magically appears where people are going to spend it.

My 2 centavos.

 

[BROOKLYN]

To be honest with you I don't think I am going to change my mind about condemning corruption and favoritism because otherwise people might label me as a racist person against one people's culture...if that's what you like about Argentina you are absolutely free to say that, personally I have a different opinion.
And by the way I am not from the Midwest, I am from the cradle of culture in Europe and I also condemn corruption and favoritism in my own native country, but maybe I am simply racist against my own people after all...

OH excuse me sir..your from the cradle of culture.lol! I dont give a rats ass where u from..mr.grey poupon escargot eating fool! well I tell ya where im from...I will tell ya where im from..from nuuu yawwk.city. capital of the world..baby!!!