Opening a USA bank account in Buenos Aires

[argcalif2010]

Hi everybody,

I have lived quite a few years in Argentina, (9) and want to open a USA bank account, but without having to fly to the USA. Does anybody have any tips. I have an account here in Buenos Aires with Standard Bank. I have a social security number, USA passport , but no USA address.

Thanks in advance....

 

[steveinbsas]

I don't think that you can open a US bank account at any bank in Argentina, even if they share the same name. Without a US address you cannot open a bank account in the US, even if you fly there. You don't have to live at the address you provide. I opened an account with Schwab on line in 2008. First I opened an investor account (with no paperwork that I can remember), but before I could open a checking account and get the ATM "fee free" debit card I had to send them a signature form (which I did while in the US). When I went "paperless" in 2010 they still needed a US address. It might be possible to use a private mailbox to satisfy this requirement, but I'm not sure. When I opened my account I still had a US driver's license and I was asked to provide it. I gave them my brother's home address (which I had been using since 2000 as my legal US residence).

 

[steveinbsas]

Yes, you can open an account in the USA from Argentina. First you need a passport and a letter of introduction from your banker. It is easy. Many of my friends of done it!

Good luck!

How does one get a letter of introduction from their banker when they don't have a bank account? Are you referring to a letter of introduction from an Argentine bank? If so, what information must be included in the letter? Would it have to be written in English?

 

[el_expatriado]

If you have an HSBC Premier account here in Buenos Aires, they can open a US account for you without needing to travel. This is for people with balances of $100,000 though. Not everyone qualifies. They'll give you a credit card in the US also.

 

[Escu]

Yep, you'll need a US address, but you can get one at usaboxdotcom.

I used them for about a year when I first moved to BA and they're reliable. You get a US address and they'll forward your mail here. Just be aware that if they forward anything other than documents, Argentine customs will slaughter you on import duties.

For example, my bank sent me one of those tokens that generate a number to access your account and someone at customs decided it was some sophisticated electronic item and I got slapped with a 300 peso import duty.

I don't use them anymore, but while I used them I got very reliable service from them.

 

[camberiu]

If you have an HSBC Premier account here in Buenos Aires, they can open a US account for you without needing to travel. This is for people with balances of $100,000 though. Not everyone qualifies. They'll give you a credit card in the US also.

$100K pesos or dollars?

 

[steveinbsas]

If you have an HSBC Premier account here in Buenos Aires, they can open a US account for you without needing to travel. This is for people with balances of $100,000 though. Not everyone qualifies. They'll give you a credit card in the US also.

Thanks for adding this. Does this balance have to be maintained on a monthly basis or is $100,000 the amount required to open the account?

I would not want to have anywhere near $100,000 pesos in an Argentine bank for any length of time. Even if the government never reached out and touched it, the purchasing power of $100,000 pesos could easily decline up to 30% in a year. Does the account pay interest? If so, do you know the current rate?

If the requirement is $100,000 dollars, wouldn't the source of the funds have to be declared.

 

[citygirl]

$100K pesos or dollars?

100.000 dollars.

 

[el_expatriado]

Back in 2005 it was $100,000 pesos. Today the requirement is $200,000 pesos.

Or you could apply directly to Premier in the United States. You will have to keep $100,000 USD to qualify in the USA. The Premier account is a worldwide system, though, so if you qualify in one country you don't have to maintain the minimum balance in all the other countries.

HSBC Premier is actually pretty good for retail banking since they give you an account exec who will respond to you by e-mail, etc. Mostly I use mine to help navigate the bank's own internal bureaucracy.

Back in the day where you could actually wire transfer funds and get dollars, they would do a special deal for Premier clients where they would repurchase the dollars you wired in from your Premier account in the USA and the wires were free of charge. No wires fee in the US and no wire fee in Argentina. That was before the exchange controls, though.

Today I can't think of any good reason to keep pesos in an Argentine bank. They'd need to pay out 40% per year just to get me to think about it.

 

[NYCExpat]

I use a PO Box through earthclassmail.com (you can pick the state/city) for my US address and I was able to open a US bank account with Fidelity.

Earthclassmail also has the scan feature, so it almost eliminates the need to have any mail sent to me in BA.