Argentine bank charges

[Ashley]

I have a personal bank account here (with santander rio) and yesterday discovered some charges that I couldn't account for in my bank statement.
When I called up the bank, I was informed that each time I use an atm that is not Santander Rio, but that belongs to the Banelco network, I get charged 8 pesos (balance check, withdrawal...anything!) and that if I use any other network, I get charged 10 pesos.
It seems ridiculous to me, that as well as paying a monthly maintenance fee to have the account, I am getting stung every time I withdraw cash.
Has anyone else experienced these ludicrous charges?

 

[cafeconleche]

Our Citibank card, though supposedly meant to work everywhere on the Banelco network, does not work anywhere except in Citibank ATMs. So there's never any likelihood of our being charged as you were

 

[igor]

It seems ridiculous to me

This is more or less industry standard. At least in the USA.

 

[Ashley]

This is more or less industry standard. At least in the USA.

Really? it just seems so high compared to what people earn here. According to my statement, one month I paid over 1/30th of my monthly salary making withdrawals!
In the UK, I can make as many withdrawals I like from my current account (and don't have to pay an administration fee either). Basic banking is completely "free". I would've thought they earned enough money investing your cash and giving you such low interest rates to cover all of these sorts of petty charges.

 

[chris]

Citibank charges me $45 a month to maintain the account. My US account is free.

 

[Ashley]

Citibank charges me $45 a month to maintain the account. My US account is free.

And does it charge you withdrawal fees on top of that if you don't use a Citi ATM?

 

[Davidglen77]

When I had my store, my buisness account charges were as follows:
(Banco Patagonia)
Monthly maintenance fee $155 pesos + IVA
E-Mail monthly statement $15 pesos + IVA
Posnet device (to accept credit cards) $130 pesos + IVA monthly
Each credit card transaction 3% of total sale comission paid to bank + IVA(money credited in 30 days)
Each debit card transaction 1.5% of total sale comission paid to bank (money credited in 7 days)
Visa (Maintenance fee) $10 pesos
Mastercard (Maintenance fee) $10 pesos
Argencard (Maintenance fee) $10 pesos
American Express (Maintenance fee) $10 pesos
Everytime a deposit is made 0,06% impuesto al credito
Everytime a withdrawal is made 0,06% impuesto al debito
Book of 50 checks $75 pesos
So I easily spent about $1,000 to $1,500 pesos per month in bank fees
In the US I had a business account it cost $18 per month included everything
I recently found out that the only banks that have more reasonable fees are Banco Ciudad and Banco de la Nación Argentina. When I decide to open up a new business, I am going there. The fees are about 75% less than private banks.

 

[esllou]

I've never understood why a UK/US bank doesn't come here and offer free banking. Wouldn't they clean up? Are there laws/regulations that stipulate that banks MUST charge for having basic current accounts?

 

[esllou]

When I had my store, my buisness account charges were as follows:
(Banco Patagonia)
Monthly maintenance fee $155 pesos + IVA
E-Mail monthly statement $15 pesos + IVA
Posnet device (to accept credit cards) $130 pesos + IVA monthly
Each credit card transaction 3% of total sale comission paid to bank + IVA(money credited in 30 days)
Each debit card transaction 1.5% of total sale comission paid to bank (money credited in 7 days)
Visa (Maintenance fee) $10 pesos
Mastercard (Maintenance fee) $10 pesos
Argencard (Maintenance fee) $10 pesos
American Express (Maintenance fee) $10 pesos
Everytime a deposit is made 0,06% impuesto al credito
Everytime a withdrawal is made 0,06% impuesto al debito
Book of 50 checks $75 pesos
So I easily spent about $1,000 to $1,500 pesos per month in bank fees
In the US I had a business account it cost $18 per month included everything
I recently found out that the only banks that have more reasonable fees are Banco Ciudad and Banco de la Nación Argentina. When I decide to open up a new business, I am going there. The fees are about 75% less than private banks.

...and they wonder why everyone prefers to keep their money under their mattresses here?

 

[dennisr]

I've never understood why a UK/US bank doesn't come here and offer free banking. Wouldn't they clean up?

Argentina placed special restrictions on foreign banks to prevent capital flight. They packed their suitcases and departed.

"As from April 1, 2010, sixteen (16) representative offices of foreign banks terminated their operations in Argentina. The decision made by these banks was triggered by Communication “A” No. 4,981 of the Central Bank of Argentina, dated October 2009 (the "Communication"). The Communication set forth more stringent requirements for the activity of representative offices of foreign banks."

http://www.canosa.com.ar/en/publications/2010/04/11-10.php