Banking in Argentina

[rdcooper]

What is the most cost effective way of getting money in Argentina? I've looked into wire transfers and I understand the banks in Argentina charge a fee for receiving the money into an account. I've also seen YouTube videos of people using Western Union. It seems like a big hassle and not particularly wise to walk down the street with big stacks of Argentine money. I was told to pick an international bank like Citibank and open an account in the US and I would be able to use them in Argentina, but they are only located in Buenos Aires, and I'm not planning on living there. Is it just easier to use credit cards and then pay them off every month?

 

[steveinbsas]

Is it just easier to use credit cards and then pay them off every month?

Yes.

I was told to pick an international bank like Citibank and open an account in the US and I would be able to use them in Argentina....

Banks with the same name in other countries are not linked to banks in Argentina.

I've looked into wire transfers and I understand the banks in Argentina charge a fee for receiving the money into an account.

As a non resident you won't be able to open a bank account in Argentina in which to v recieve the money.

I've also seen YouTube videos of people using Western Union. It seems like a big hassle and not particularly wise to walk down the street with big stacks of Argentine money.

Westerns Union will always be an option if and when you find that you want to have cash to spend and with the "larger" bills now in widespread circulation, big stacks of currency probably won't.be necessary.

 

[steveinbsas]

PS: Deending on the exchange rates, if you have a debit card from a foreign bank the doesn't change internacional transaction fees, using it at ATMs in Argentina might be better than making transfers using Western Union. It wiil undoubtedly be much easier.

 

[IamWaldo]

What is the most cost effective way of getting money in Argentina? I've looked into wire transfers and I understand the banks in Argentina charge a fee for receiving the money into an account. I've also seen YouTube videos of people using Western Union. It seems like a big hassle and not particularly wise to walk down the street with big stacks of Argentine money. I was told to pick an international bank like Citibank and open an account in the US and I would be able to use them in Argentina, but they are only located in Buenos Aires, and I'm not planning on living there. Is it just easier to use credit cards and then pay them off every month?

i made a thread on how to open bank account without a DNI in argentina.

It's working perfect and you can just wire money through WU or any other medium to that account.

 

[antipodean]

What is the most cost effective way of getting money in Argentina?

If you are just here as a tourist for a few months then Western Union like services, cash brought with you and your foreign credit and debit cards from your home are about your only options. You'll really only need cash for rental accomodation, 99.5% of the rest can be done with a card and many banks and fintechs like Revolut, N26 etc now offer fee free foreign transactions with good FX rates that often beat paying 2-3% on foreign transaction fees per transaction if using a standard credit card.

If it makes sense to obtain residency here even if not physically living here year round, you can open an account with a local bank in USD.
Then you can just transfer USD to USD paying only the bank fees (which for me are nil on one end and about $20-$50 on the Argentine end for large transfers). When you need the USD you can go to the bank and withdraw it in cash, or spend it using your debit card (in some cases).
Alternatively when you need ARS you can change the USD instantly in the online banking app (using either official or MEP, whatever is most advantageous in the moment) and use it electronically or physically. The only rule that still stands to avoid administrative headaches is that the account you are sending from abroad needs to be in the exact same name as the bank account receiving the funds in Argentina. It usually arrives in Argentina within an hour or two of sending from abroad and is released into your account after you send your bank a copy of your DNI which can take anywhere from 30 minutes to a full working day or two.

How cost effective this is for you will depend mostly on the frequency of how often you need to do it vs. options like Western Union etc that eventually start charging fees and/ or hidden FX commissions that can add up over time.

 

[LuckyLuke]

I was told to pick an international bank like Citibank and open an account in the US and I would be able to use them in Argentina...

I looked into this at one point, and was told this service only exists for high net worth clients. It's my understanding that there is no bank that spans both countries. The US and Argentina are separate banking systems and even under the same bank, will require separate accounts in each country.

 

[steveinbsas]

i made a thread on how to open bank account without a DNI in argentina.

It's working perfect and you can just wire money through WU or any other medium to that account.

How to open a bank without a DNI

Hi, I just wanted to make a clear thread and post about how to open a bank without a DNI. I did this myself and thought it is good to help and share :) Step 1: Go to the police station or to registracion civil to obtain certificado domicilio. You will need to carry your passport, nothing else...

baexpats.org

 

[antipodean]

I looked into this at one point, and was told this service only exists for high net worth clients. It's my understanding that there is no bank that spans both countries. The US and Argentina are separate banking systems and even under the same bank, will require separate accounts in each country.

As for international/ global banking, each country is always a separate legal entity.
Santander has banks in the US and Argentina. (It also has Spain, Portugal, UK, Brazil, Uruguay etc) and they do open accounts for non-residents in both the US and Spain which is good if you are an Argentine resident.

Having the same bank brand or not really does not make it any more or less easier apart from perhaps familiarity navigating things.
It may be helpful if looking for financing and investment solutions and it may make it easier to open or qualify for better products, but for day to day banking you'll still be using two different websites/ phone numbers/ branches/ apps/ cards etc.

The exception is some private Argentine banks that also have banks in the US (or other countries) which let you manage entirely from Argentina and using a single digital platform. Example Puente, CMF or Banque Heritage - but you will need a to be able to maintain six digit minimum balance just to get in the door (or international banks like JP Morgan with offices here that will require seven digits, however they may have less local capabilities - e.g. no Argentine debit cards). These are good if frequently moving large sums to and from Argentina or during complex times.