Bank Account Set-up

[ianmcguinness]

Hi All

I move to BS AS at the end of July. I currently have a bank account with HSBC in the UK and am wondering how is best to open an account in Argentina.

I will not have a contract of employment for a few months as my first port of call is a language school to study Spanish (however I will have my DNI)

Any advice is more than welcome

Thanks
Ian

 

[tangobob]

My first question would be, Do you really need a bank account in Buenos Aires?
If you have a HSBC premier account you can draw on your card here without charges and in most places you can use your credit card or debit card. The only problem you will have is that you cannot pay in cuotas, that has never bothered me appart from the locals who want to tell you and do not understand that you do, and go off for their english speaking friend.
HSBC UK cannot open an account for you here (I know they tried for me) but you can transfer money back using your eban number at any of the big exchange houses, like Banco Piano or Alhec Group.
If you are still determined having a DNI will help and I am sure someone on this site will help you more.
Good luck you will need it!
I am back in the UK at the moment, PM me if you want to talk about anything.

 

[SaraSara]

Last time I checked you had to be a resident to open a bank account. I just use ATMs - they charge a 1% fee, which is less than bank transfer fees.

 

[flyfreely]

The HSBC in Florida and Peatonal used to open accounts for foreigners with a CDI and passport. I opened one a long time ago and know many people that did... not sure if they still allow it.

 

[ianmcguinness]

Ok, thanks for the updates........ I already have a permanent visa, utilities set up in my name (the benefits of having family already there) just the employment contract I do not have.

Looks like I will just use the UK and Dutch accounts for the time being

 

[gunt86]

Ok, thanks for the updates........ I already have a permanent visa, utilities set up in my name (the benefits of having family already there) just the employment contract I do not have.

If you are a permanent resident with a DNI, then you will have no problem opening an account. You do not need an employment contract. But you do need some sort of proof of your domicile, and your utility bills will be just fine for that. You will need to visit a branch to open the account - it cannot be opened from abroad.

 

[SaraSara]

Please be aware that the local IRS is on the prowl for new people to squeeze, and a bank account makes one an easy prey.

In countries such as Argentina and Uruguay, it is advisable to stay below the government's radar.

 

[ianmcguinness]

Of course, but surely they can only tax you on the interest you accrue and not the flat amount in the account.......... can they?

 

[steveinbsas]

Of course, but surely they can only tax you on the interest you accrue and not the flat amount in the account.......... can they?

Oh, but they can...and they do.

If you are a permanent resident and your worldwide assets (real estate, vehicles, mutual funds, stack, bonds, cash on hand and in banks, etc.) total more than $305,000 pesos you are subject to the annual bienes personales tax of .05% (of the total value of you assets...not just the amount over $305K). Non resident property owners must pay bienes personales at the rate of 1.25% (from zero), but only only their assets in Argentina.

If you have not been paying the bienes personales you will also owe 2% interest per month on any unpaid tax. AFIP is "looking" for foreigners who haven't been filing and or paying. If you need a good local accountant I suggest you contact:

Fernando Nesis
Av. Roque Saenz Peña 710, 1º Piso, Oficina “E”, Ciudad de Buenos Aires, Teléfono 5254-9025.
Celular: 154-169-8805

 

[SaraSara]

Originally Posted by ianmcguinness
Of course, but surely they can only tax you on the interest you accrue and not the flat amount in the account.......... can they?


"They" can do practically anything they want, and right now they are particularly rapacious and desperate for new funds. There are presidential elections next year, which means they need money to keep the faithful voting "right".

"They" are the ones who expropriated the retirement funds of a zillion Argentines, issuing questionable bonds in exchange.

Also, keep in mind that in the 2002 debacle many people lost 3/4 of their savings overnight, despite the fact that the government had "guaranteed" all dollar deposits.