On Opening Bank Accounts...

[ed.be]

Hi there everyone! So I arrive in Buenos Aires in three days for a stay of about one year, and I'm wondering how easy it will be for me to open a bank account?

I'll be on a tourist visa, with the hope of finding work teaching English, but from what I've read so far most teachers work illegally. Is this an obstacle for the bank? I imagine so, seeing as it prevents you from having an 'official' job and with it all the tax numbers and financial records that bank managers generally want to see before they'll let foreigners open accounts... What are your experiences? What does the bank ask for, and is it possible for an unsalaried foreigner to open a current account?

Thanks for advice!

 

[mariposa]

There are already several threads on this website that address your question.

The short answer to your question: you're out of luck.

 

[Peony54]

Are you hoping to open a bank account to transfer funds from your home country or for your income in Argentina? If its the latter I wouldn't bother as income generally goes out of your pocket rather fast

 

[Rich One]

in shor you need Permanent Status Visa plus proof of income. So you are a couple of years away.

 

[ed.be]

Sorry to bother with familair questions Mariposa. I'd taken a look and hadn't found any threads that were up-to-date and specifically on this topic.

I had been intending to use a bank account to deposit the dollars I'll be bringing + any income I can make, as the prospect of hiding wads of cash under my mattress for a year seemed unrealistic. But is this what you suggest newcomers do? How did you manage when you first arrived without a bank account? Again, all advice would be much appreciated!

 

[stephensonle]

There are still a couple of options for accessing your bank account back home:

1 ATMs (these are best for cash emergencies, see below)
2 change dollars to pesos at a casa de cambio (they are everywhere, particularly on Calle Florida, but there are of course risks carrying large amounts of cash on you, and occasionally people get robbed)
3 services like Xoom (there are others if you check the forum). You set up an account linked to your US bank account, wait a few hours, and withdraw pesos at a set location at a rate between the blue (black market) dollar and the official rate. This means getting MANY more pesos than you would at an ATM.

Good luck!!

 

[lucha54]

hide it under the mattress. you need to learn about the blue rate. do not put your dollars into any institution here, just the mattress.

 

[ben]

Sorry to bother with familair questions Mariposa. I'd taken a look and hadn't found any threads that were up-to-date and specifically on this topic.

I had been intending to use a bank account to deposit the dollars I'll be bringing + any income I can make, as the prospect of hiding wads of cash under my mattress for a year seemed unrealistic. But is this what you suggest newcomers do? How did you manage when you first arrived without a bank account? Again, all advice would be much appreciated!

1) For someone not from here, carrying/stashing cash is admittedly not the most reliable/stable method to come to mind.
2) In this country, using the bank for deposits is considered less reliable/stable, not without reason. Sticking with cash is not limited to newcomers who can't open a bank account.
3) In several normal industries here, there are exchanged on an hourly or daily basis amounts of cash that in other countries would signify "drug dealer".
4) Xoom is perfectly fine for relatively small transfers, there are also more sophisticated options out there.
5) As others have noted, don't bother worrying about a bank account to store income.

 

[Ries]

Argentina isnt like other countries, particularly when it comes to the economy.

Technically, it is POSSIBLE to open a savings account ( cuenta de ahorros) if you are here on a tourist visa.
These days, I am pretty sure only State owned banks, like Banco Nacion, will do this- privately owned banks will not.
It is a lot of paperwork, and you will not be able to write checks or get a credit card.
If you deposit dollars, you will only get the official rate.

Its probably not worth it for a short stay. Even a year.
I only did it because I own an apartment, and having a bank account allows me to pay my utilities automatically online.
But for the average person who doesnt own real estate, its a lot of hassle and expense, and, like many things in Argentina, your ability to even get a bank account at any given bank will depend on who waits on you, the day of the week, the phase of the moon, and what color socks you are wearing.
Some bankers will tell you its absolutely impossible, and then, the next one will fill out the forms and do it- and there is no predicting which one you get.

As mentioned above, cash, in the form of American One Hundred Dollar bills, is a very very common thing in Argentina. And yes, its a security issue to keep it, and there are no easy answers. Secrecy, Safes, and elaborate schemes to transfer money are all common.

 

[ARbound]

Argentina isnt like other countries, particularly when it comes to the economy.

Technically, it is POSSIBLE to open a savings account ( cuenta de ahorros) if you are here on a tourist visa.
These days, I am pretty sure only State owned banks, like Banco Nacion, will do this- privately owned banks will not.
It is a lot of paperwork, and you will not be able to write checks or get a credit card.
If you deposit dollars, you will only get the official rate.

Its probably not worth it for a short stay. Even a year.
I only did it because I own an apartment, and having a bank account allows me to pay my utilities automatically online.
But for the average person who doesnt own real estate, its a lot of hassle and expense, and, like many things in Argentina, your ability to even get a bank account at any given bank will depend on who waits on you, the day of the week, the phase of the moon, and what color socks you are wearing.
Some bankers will tell you its absolutely impossible, and then, the next one will fill out the forms and do it- and there is no predicting which one you get.

As mentioned above, cash, in the form of American One Hundred Dollar bills, is a very very common thing in Argentina. And yes, its a security issue to keep it, and there are no easy answers. Secrecy, Safes, and elaborate schemes to transfer money are all common.

Everything Ries has said here is how Arge is. I too worry about keeping my dollars with me, and the like. XOOM works great for me, but you need a bank account in the US to get the lower fee as using a debit/credit card caries a heftier fee from XOOM, plus a 2.5%-3% currency exchange fee if the card is not in US Dollars.

I'm going to try to get a current (checking) account since I need to pay rent, bills, and prefer not to keep all my cash under my mattress like most Argies. I'm going to go with my verification of address from the police, our lease, and my CUIL and roommate/friend and hope the person I speak to heard their favorite song on the radio because stuff like that seems to determine whether you can get something you want, even if you have everything in order.

My example is a SUBE Card, easy enough, right? Recoleta Post Office says no cards for non-Argies, next day 25 of May Post Office says yes (event he SUBE website says yes).

Good luck if you do try, you'll need it!

P.S. US Dollar accounts often require at least $500.00 for an initial deposit. Not sure if it's a mandatory balance too.