Bank Account for tourists

[FreelancerDigitalNomad]

Hi,
I have found this from BA Global's guide for digital nomads. To open a bank account I have to:

• 1. Download Form 663, complete it and take it to the nearest AFIP office, along with your passport. There you request an Identification Code (CDI).
• 2. With your CDI and your passport, present yourself at any of the following branches of Banco Ciudad to open your account:
• Av. Las Heras 1601, Buenos Aires | Av. Leandro Alem 1051, Buenos Aires 3. After 5 days you can withdraw your card at the same branch.

Has anyone done that as a tourist?

 

[jblaze5779]

Don't think anyone here has actually done this. You also have to ask yourself why you would want this account... Without dni you can't do anything online so your transaction would be mainly cash anyways.

 

[FreelancerDigitalNomad]

Don't think anyone here has actually done this. You also have to ask yourself why you would want this account... Without dni you can't do anything online so your transaction would be mainly cash anyways.

I was thinking to not carry a bunch of cash in my pocket and pay using the debit card. The idea is to get pesos from WU and put it in a bank and spend it from there. And regarding not be able to pay online, even if I have a debit card I can't pay online? I was thinking to pay for some domestic flights while in Argentina.

 

[jblaze5779]

I was thinking to not carry a bunch of cash in my pocket and pay using the debit card. The idea is to get pesos from WU and put it in a bank and spend it from there. And regarding not be able to pay online, even if I have a debit card I can't pay online? I was thinking to pay for some domestic flights while in Argentina.

The only pesos you can put in that account are ones that you transfer at the "special rate" set by the gov. I believe it's the solidarity rate (which actually right now is even with the blue). You can't take them with you when you leave so essentially any money you bring here is locked. Also you need a dni to make any online purchase with a local debit card, for example, flights, Mercado Libre, or the grocery store.

Without dni you are really only able to make in person purchases and at that point you could use cash anyways. Cash is king in Arg.

 

[FreelancerDigitalNomad]

The only pesos you can put in that account are ones that you transfer at the "special rate" set by the gov. I believe it's the solidarity rate (which actually right now is even with the blue). You can't take them with you when you leave so essentially any money you bring here is locked. Also you need a dni to make any online purchase with a local debit card, for example, flights, Mercado Libre, or the grocery store.

Without dni you are really only able to make in person purchases and at that point you could use cash anyways. Cash is king in Arg.

I see. Thanks for letting me know.
Just curious, how is the DNI check done in online transactions? Like some sort of app in your cellphone is needed to approve a transaction (And I have to verify my DNI with the app beforehand) ?

 

[dsp27]

I have heard of this before but thought it was no longer an option but I did find it here:

Study BA - Key Info - How to open your bank account

study.buenosaires.gob.ar

So it might be worth giving it a try. Just send money via WU/MG and deposit to your account if this ends up working....

 

[dsp27]

The only pesos you can put in that account are ones that you transfer at the "special rate" set by the gov. I believe it's the solidarity rate (which actually right now is even with the blue). You can't take them with you when you leave so essentially any money you bring here is locked. Also you need a dni to make any online purchase with a local debit card, for example, flights, Mercado Libre, or the grocery store.

Without dni you are really only able to make in person purchases and at that point you could use cash anyways. Cash is king in Arg.

Not sure you are right here. If the trick works it should be just like any ARG debit card. Sure cant use mercadopago and some other services but at least can pay at stores and use atms.
But lets see if it can even be done...

 

[jblaze5779]

I see. Thanks for letting me know.
Just curious, how is the DNI check done in online transactions? Like some sort of app in your cellphone is needed to approve a transaction (And I have to verify my DNI with the app beforehand) ?

You need the dni to open the user account. For example Mercado Libre won't even give you an account without one. Neither will any of the food stores or pedidosya or similar.

For in person purchases before I had my dni I just used my us drivers license number and no one said anything. But that was with a foreign card back in 2018

 

[steveinbsas]

Just curious, how is the DNI check done in online transactions? Like some sort of app in your cellphone is needed to approve a transaction (And I have to verify my DNI with the app beforehand) ?

If you actually open one of these accounts, you won't have a DNI, just a CDI and I don't think it will work to pay for anything online.

There is no doubt the debit card associated with the account could be used to make ATM withdrawals, but it will remain to be seen if it can be used with the CDI and your passport to pay for something in person at a store.

PS: This bank account for tourists sounds like a potential "tourist trap" to me...in more ways than one.

 

[steveinbsas]

I have heard of this before but thought it was no longer an option but I did find it here:

Study BA - Key Info - How to open your bank account

study.buenosaires.gob.ar

So it might be worth giving it a try. Just send money via WU/MG and deposit to your account if this ends up working....

Based on the info about transfers in the link, it does not look like it is possible to use Western Union to make a peos deposit into the account.

It looks like the government only wants DOLLARS to be transferred into the account and I have a "hunch" that transfers via WU, Momeygram, XOOM, etc. would be blocked by the Banco Ciudad.

How is the international transaction received?

The amount in pesos is received at the official exchange of the day on which the account is credited.

How long does it take to prove the international transfer?

If the payment instruction received indicates all the complete data of the Originator of the funds and the Beneficiary, the accreditation is automatic and within 24 hours.

What data is needed to make the transfer?

All the data of the Originator of the funds: full name, account number where the funds come from and address of the payer; and of the Beneficiary: full name and account number in which to accredit. Important: It is necessary to have the complete data, otherwise you cannot liquidate the item with credit to the client, nor return the funds abroad, until such data is completed.

What is the cost of the international transaction?*

Less than USD 30, 50% of the amount + IVA (21%)

Between USD 30 and USD 99.99 - USD 15 + IVA (21%)

Between USD 100 and 999.99 USD 25 + IVA (21%)

Between USD 1000 and 55 thousand - USD 55 + IVA (21%)

More than USD 55 thousand - 0.10% + IVA (21%)

*The 21% IVA is on the commission and not on the total transaction. Rates subject to modification, check with Banco Ciudad