Reco's on banks

bicycledreamer

Registered
Hello, I'll be doing a 1-2 year sabbatical to Argentina with my family. We will be traveling around the country throughout that time. Can anyone recommend a bank that works well for internationals?

Thank you!
 

Alby

Registered
Have you looked into obtaining temporary residency through the National Migrations Directorate? (Without temporary residency you will be unable to open a bank account in Argentina.)
 

elhombresinnombre

Registered
Are you an Argentine citizen or do you hold some form of residency status? At present, and for the forseeable future and under Presidential Decree because of the Covid-19 emergency, only Argentine citizens and legal residents of Argentina are permitted to enter the country. There are a very few exceptions to this rule so check the website of your nation's embassy in Argentina or your country's official foreign travel information resource to find out more. Keep regularly checking those resources to be advised when, in the future, it might be possible to visit.

If you are a citizen, resident or exception it might be worth your while checking out the Western Union threads on this forum for an alternative solution to local banking. If, when the country opens up, you come as a tourist, local banking won't be easily available to you anyway so WU or its alternatives will probably be the way to go.

Good luck!
 

toongeorges

Registered
Banks in Argentina are not like banks in the developed world, where you can freely and cheaply move money around. As Fiscal suggested, you probably do not need a bank account in Argentina, it will give you too much headaches.

A lot of Argentines do not have a bank account (this article says over half: https://www.google.com/amp/s/www.clarin.com/sociedad/52-cuenta-bancaria-crecio-brecha-ricos-pobres_0_r1mzAsTkm.amp.html ), there are ways around banks in Argentina.

Cash is king. Bring some dollars when you enter the country, which you will be able to exchange at a much better rate than if you go through banks. If you are out of money in Argentina, wire money to yourself through Western Union or Xoom or similar services, they will give you a slightly lower rate than if you had the money in cash, but still a much better rate than if you go through local banks.
 
Banks in Argentina are not like banks in the developed world, where you can freely and cheaply move money around. As Fiscal suggested, you probably do not need a bank account in Argentina, it will give you too much headaches.

A lot of Argentines do not have a bank account (this article says over half: https://www.google.com/amp/s/www.clarin.com/sociedad/52-cuenta-bancaria-crecio-brecha-ricos-pobres_0_r1mzAsTkm.amp.html ), there are ways around banks in Argentina.

Cash is king. Bring some dollars when you enter the country, which you will be able to exchange at a much better rate than if you go through banks. If you are out of money in Argentina, wire money to yourself through Western Union or Xoom or similar services, they will give you a slightly lower rate than if you had the money in cash, but still a much better rate than if you go through local banks.
I second that post. You do not need a bank account here, even if you had the credentials to get one.

Enjoy the bliss of being a foreigner in a financially nutty society. Being from tROW (The rest ofd the world.) is a strength, not a disadvantage.
 

D.B. Cooper

Registered
To open a bank account in Argentina you need to have a some kind of utility bill (e.g. cable, water, light, gas bill etc.) with your name and address on it. I went through this when I move to BA more than a decade ago. The Western Union or Xoom recommendations are your best options. BTW Xoom is a PayPal company.
 

Fiscal

Registered
I use Transferwise if I want to make bank transfers to someone in Argentina or withdraw cash from an ATM (bad exchange rates!). If you have a DNI you can charge money on a MercadoLibre card. What works best for me is sending myself cash via Western Union, which gives me close to the blue rate. I would not fly down here with $10k in cash to change into pesos because, you just never know here.
 
I use Transferwise if I want to make bank transfers to someone in Argentina or withdraw cash from an ATM (bad exchange rates!). If you have a DNI you can charge money on a MercadoLibre card. What works best for me is sending myself cash via Western Union, which gives me close to the blue rate. I would not fly down here with $10k in cash to change into pesos because, you just never know here.
In my opinion, the maximum amount of cash to enter the country with would be nothing greater than $2,500.00 USD. It will take you very far and give you plenty of time to adjust. If you were to get robbed, (I recommend carrying a drop wallet.) it won't ruin you. Even though you would be at the official rate and depending upon your credit card, there may be currency fees, your plastic is a tool as well. But as Fiscal posted and as have many others, use WU to send money to yourself as you need it. The exchange rate will be very competitive and your buying power ("poder adquisitivo") won't start being eroded until the pesos hit your hands.
 
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