Does opening a bank account in Argentina affect my taxes in the US?

[fattyexpatty]

Regarding this:

Tourists Inflows of Foreign Currency Are Now Easier

Foreign tourists will be able to open savings accounts in Argentine pesos and United States dollars to use financial services and electronic means of payment.

www.bcra.gob.ar

I have cash savings, so if I deposit cash into the Argentine bank account, will that affect my taxes in the States?

 

[sts7049]

you are supposed to file a FBAR if your accounts exceed 10k USD.

by doing so, you then of course become visible to how you are earning that money. so it might be subject to income taxes.

 

[lunar]

I have cash savings, so if I deposit cash into the Argentine bank account, will that affect my taxes in the States?

Firstly, regarding this particular type of account. I think they made opening the account so easy that nobody has been able to do it so far. Does anyone know an example when such an account was actually opened? In any case, it is temporary in nature.

My guess is that If you just withdraw some amount from your US bank and deposit it to a non-interest-bearing account in Argentina, then it should not create tax consequences in the US.

If you are providing some service (teaching English, for example) and collect money or earning interest on this account, then this is a different story.

Why do you want to do it anyway? To make purchases online?

 

[Alby]

As of May 24, not a single account had been opened: https://www.lanacion.com.ar/economi...-recomendar-practicas-no-legales-nid23052022/

Fatty may be the first.

 

[duggie]

I tried to open a tourist account at Banco de la Nación Argentina on Las Heras in September and was informed that the account exists on paper, but it is "pointless" and you "cannot really open one". One of the conditions to open it, said this one bank employee, was that you not stay at a temporary rental (something that 99.999% of tourists do). When I enquired about what kind of tourist WOULD qualify, the employee said "maybe if you were staying with family here in Argentina".

We both had a good laugh about it, and I learned a very important lesson about Argentina that day

 

[jblaze5779]

Why would you keep savings in a bank in Arg? Args don't even do this.

 

[fattyexpatty]

you are supposed to file a FBAR if your accounts exceed 10k USD.

by doing so, you then of course become visible to how you are earning that money. so it might be subject to income taxes.

Oh, nice. Haha I don't think they allow more than $5k USD deposits anyway, and I wasn't planning on depositing more than a few k if I managed to get the account in the first place.

Firstly, regarding this particular type of account. I think they made opening the account so easy that nobody has been able to do it so far. Does anyone know an example when such an account was actually opened? In any case, it is temporary in nature.

My guess is that If you just withdraw some amount from your US bank and deposit it to a non-interest-bearing account in Argentina, then it should not create tax consequences in the US.

If you are providing some service (teaching English, for example) and collect money or earning interest on this account, then this is a different story.

Why do you want to do it anyway? To make purchases online?

Yes. From what I understand, they offer a similar/better rate for USD>ARS than dolar blue while offering some of the convenience of having a bank/debit card. I was going to use my boyfriend's DNI and accounts while linking my card, so I'd have more options to purchase things on my own without having to ask him for his info/permission

I tried to open a tourist account at Banco de la Nación Argentina on Las Heras in September and was informed that the account exists on paper, but it is "pointless" and you "cannot really open one". One of the conditions to open it, said this one bank employee, was that you not stay at a temporary rental (something that 99.999% of tourists do). When I enquired about what kind of tourist WOULD qualify, the employee said "maybe if you were staying with family here in Argentina".

We both had a good laugh about it, and I learned a very important lesson about Argentina that day

Temporary rentals = rentals in general? I'm staying with my boyfriend who has the apartment rented to his name/identity, although I suppose I could see if I could use his parents' address to open the account. Everything runs so oddly here in Argentina lol

Why would you keep savings in a bank in Arg? Args don't even do this.

Not all my savings, but to my understanding, they offer a similar/better rate for USD>ARS to dolar blue, so it'd give me some freedom to purchase things online without having to worry about my boyfriend's finances or asking him for permission all the time to buy things lol

 

[jblaze5779]

Argentina is a cash based society. Without a DNI a lot of things are impossible. Even if you had a bank account you would still need your own dni to buy anything online.

The tourist bank account was a joke announced by people who want to blow smoke to give the appearance of progress to fix problems. It was never intended to work.