Can Non-Citizens Open Bank Accounts in Argentina?

Opening a bank account in Argentina as a non-citizen can be a challenging but achievable task, despite the varying requirements and potential difficulties. This article seeks to provide a detailed guide on the process and highlight the steps you need to take to gain access to banking services in this South American country.

Overview of Non-Citizen Banking Requirements

Non-citizens in Argentina generally have the ability to open a bank account, although the process may be more complex than for citizens. The following documents typically are required for most banks:

1. Valid Identification:

Passport National ID from your home country

2. Proof of Address:

Utility bill Rental agreement Another document showing your residence

3. Tax Identification Number (CUIT or CDI):

Resident non-citizens may need to obtain this from the Argentine tax authority (AFIP), but it is not always strictly required for opening a bank account as a non-resident.

4. Additional Documentation:

Some banks might ask for:

Letter of reference from your home bank Proof of employment

It's essential to check with the specific bank you wish to open an account with, as their requirements can vary. Some banks may also have restrictions on the types of accounts available to non-residents.

Thoroughly Investigate Your Options

David Cummings, a knowledgeable source, emphasizes the importance of understanding the legal framework surrounding bank account openings in Argentina. He mentions that while some banks might permit account openings without a DNI (Documento Nacional de Identidad), it is highly unlikely and often impossible for non-residents.

For foreigners without legal residence, the process can be extremely difficult, and the only viable option might be to incorporate and open a company account. However, this approach requires significant monetary investment (around US$100,000) and a local agent to assist with the process.

For foreign residents in Argentina, it's possible to open a bank account, though the complexity varies. The initial requirement often includes a local ID (DNI), which can be a cumbersome process. Banks in Argentina may offer expensive packages with high monthly fees, or even no free accounts with just a debit card. Expect monthly fees of around 100 pesos for a savings account with a debit card.

Challenges and Considerations

Money laundering controls in Argentina make it challenging to transfer funds from abroad. It is advisable to bring cash and deposit it into your account up to 10,000 USD per person without needing to declare it at customs. Using ATMs for deposits can have high fees and limited amounts per transaction. Alternative methods include purchasing Argentine stocks abroad or doing a currency swap with a trusted friend.

Cryptocurrencies can be another option, with operators like Satoshitango facilitating transactions. However, popular services like Transferwise do not operate in Argentina due to bureaucratic requirements. Another service, Exchange4free, is available, but it is a slow and bureaucratic process.

Overall, non-citizens can open bank accounts in Argentina, but the process is subject to many variables. Thoroughly research the specific requirements and potential fees for each bank you consider, and be prepared for a detailed application process.