Banking

[VillaFamilia]

Hello All,
I am about to ask a question and as I know banking in Argentina is not secure. I have been travelling and living abroad for many years, so I am well aware. However, I do like to establish an account to keep a little bit of money in the country where I am residing. For example when I lived in the Dominican Republic, almost all of my funds were in the US, but I always kept about $3000 us in US and Dominican Pesos in a local bank in case of a problem.
What I would like to know - is what is the most stable bank in Argentina? And do they have a website?
Thank you
HV

 

[chris]

Branches of foreign banks in Argentina operate under Argentine law, hence they are not the same as in the US, for example. Keep only what you need here. Past history makes it clear that banks are not safe. Some people find Bank of Boston more reliable than others.

 

[VillaFamilia]

However, if you insist upon putting money in an Argentine bank, I wouldn't worry about small deposits of a couple of thousand Pesos; especially with Banco Popular, which has so many local branches you cannot help but trip over one on almost every block in BsAs.

Banco Popular... is this the same Banco Popular that operates in the Dominican Republic? I currently have many accounts with BPD Bank in New York/ DR and Banco Popular in the Dominican Republic.
I am just looking for a local bank to store my money so I do not have it in my house so to speak. My pay is direct deposited in the US and I will w/d as needed with my atm card. However, I have another client who deposits my funds in a prepaid card so to speak and I withdraw those. If I am withdrawing 3000 pesos (argentina) a week from an atm card I would like a place to store them - that is what I will be operating with while working there.
Therefore no bank will open up accounts without Argentina Residency? Even with my US Passport?
Thank you
HV

 

[bigbadwolf]

No one really knows what is going to happen to this struggling economy [snip]

Going off on a tangent, as is my wont. Why struggling? Labor strife over unmet working-class aspirations? Recurrent fiscal deficits and budgetary problems? Underdeveloped agrarian economy?

I shudder to think what the total unsecured personal debt is in this country because Argentines earn so little -- even compared to Canada and Australia -- that it seems over extending one's self via credit card is about the only way they can afford to keep afloat -- which won't be for long if the economic status quo remains in place.

Can you elaborate for the uninitiated? Are interest rates rising? Is the level of recorded personal debt too high?
I am genuinely ignorant and beseech you for any scraps of insight you may throw my way.

 

[igor]

The usual "maximum" amount you can withdraw each day from an ATM is 500 Pesos. They are cunning little machines who "talk" to each other and as I previously mentioned transactions take place quickly, so it is doubtful you'll be able to rush off to another ATM to take out another 500 Pesos on the same day.

IMHO limit on how much money you can withdraw per day is imposed by your bank and not by ATM that gives out money. On couple of occasions I was able to get out 2,500 pesos in 500 pesos withdrawals without even taking the card out from the ATM.
Many virtual internet banks in US do not have ATM withdrawal fee. Some of them even give you $1.50 rebate because they assume that foreign ATM charges you for withdrawal. And you can always call your bank and request to increase your withdrawal limit.
Naturally, local authorities do follow what foreign bank cards are used to get cash out here and the situation can be changed. But for now on I don't see much of a problem.

 

[VillaFamilia]

Thank you for all your comments - I guess that I will wait until I get there to see what I should do. I do not want to open MORE accounts, I have plenty in the US - I work in 3 different countries and Argentina will be my 4th, I mainly just like to store cash in a home bank for whatever emergencies I may have, it may be best to wait until I get there.

 

[sapphos]

Typically to open a bank account here you will need a CDI. It is the same document you would need to buy a property or car. Essentially it's a tax number. Once you have your CDI you will only be allowed to open a savings account for which Banco Rio is pretty good. In reality you don't need to have an account here as banks are plentiful and it's easy to take out in pesos and many also allow dollars.However, if you do really want one be prepared for a bit of headache. AFIP, the governing body that issues the CDI's has recently added a new requirement. Before it was to go to your local AFIP with your passport, and a Certificado de Domicilio. Now, you also need to have someone who has their DNI here provide a notarized power of attorney for you, essentially saying they will take responsiblity if you go AWOL. I have a feeling this will create some issues for buying properties for people. I have heard from some people that it's still a bit easier to get the CDI in Capital, but that should be changing soon.Hope this answers your question more thoroughly. If you want to email me feel free at [email protected]

 

[dropthezero]

that's always been the requirement but it's never been enforced. i can assure you that it still isn't. according to my mate matt at realbuenosaires, this idea that the government was suddenly asking for a local to register along with the foreigner is based on a case of chinese whispers. an argentine property website carried an article stating the theoretical requirements of foreigners getting a CDI, it was picked up by a couple of news agencies and reported verbatim (without checking its veracity) and then the buenos aires herald reported it in english in the same manner. what surprised me is that anyone would believe anything written in a 'paper written by a bunch of semi-literate 18 yearold gap-year students, but i guess that's for another thread...DTZ

 

[Big_m]

Hi,Can someone tell me where the nearest AFIP office is to Palermo and what parts of the passport do they need photocopies of? Also do they need my flat rental contract? I was thinking about opening an account with HSBC.
Matt

 

[Big_m]

Thanks. Do I need a certificate from the cops if I have a contract for my current flat?? Cant make anything of the AFIP website, my spanish isnt that good yet. Anybody can help with that?Went to main HSBC branch after I posted originally and it seems they seemed quite helpful. But ONLY if you are a premier customer.