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Yesterday the peso was weaker against the dollar than it has been in a couple of weeks. Arriving here on Jan. 2, '05 I exchanged dollars at the airport bank for 3 pesos to the dollar. That was the last time I saw that rate. And last week the peso hit 2.85 against the dollar.
Back to yesterday, the online converter sites were showing the interbank rate at 3.03, a recent high, so I grabbed some cash and headed for the bank to try to grab some cheaper pesos. I tried the Citibank machine first withdrawing in pesos and received 2.887 pesos to the dollar. I then went to information desk and the guy quoted 2.86 p to d for over the counter exchanges. When I asked him why the difference he said the window exchange rates are independent of the machine rates. This is the same guy that told me that after getting all my papers in order, and on the basis of having 3 Citibank accounts in the U. S., I could open a savings account only in BsAs.
I stopped at an HSBC bank, they're popping up like mushrooms here just now. They required a minimum exchange of $300 U.S. and offered the sell of a dollar at 2.86 pesos. But when asked about opening a checking account they said that after getting papers in order, a normal checking account could be opened no problem. Maybe, as a result of their new level of activity, they've got a better arrangement with the government than Citibank.
Traveled to Manhattan from BsAs last week with a list of "things to do", one of them banking. As noted previously HSBC has come to BsAs in a big way recently. In the Tribeca branch, after establishing the fact that I had a New York address, I was able to open an International checking account which supposedly will allow me to operate same through any HSBC branch anywhere, making deposits and writing checks. BsAs will certainly be the test of this theory. I'm awaiting the ATM card and all paraphenalia before bringing my papers to their office on Santa Fe.
Will post again.
Well, the great White (and the offices are white) Hope ends up in the "almost there" column.
Visited the main office of HSBC at 201 Florida. If you haven't been to this part of BsAs it's worth the sight seeing trip for a taste of the serious business world. Lots of suits and mondo foot traffic.
In short I was told that Argentina doesn't have International accounts where you can go in and open an account with your passport. We knew this all ready but had hope for HSBC's worldly approach to banking.
What you can get with a CUIT right away is the saving account.
What you can get with documents (passport, evidence of address like an electric bill or phone bill or copy of a lease and a stamped ticket that shows that you're in the process of acquiring a DNI and applying for resident visa. You don't have to actually have the docs, but prove you're in process) are two accounts: a peso and a dollar account. This all ready is more than Citibank will offer. However, if you wire money into your account from the U.S. they can pay out only in pesos. And there's a U$50+ fee. So to get them back to U$ you'd have to pay the wire fee, the HSBC transaction fee and the conversion fee of pesos to dollars. I think it's called "dry cleaning".
However these accounts would allow you to conduct business in Argentina. Depositing, writing checks, atm trxns, probably a credit card. You can also get overdraft protection at 2 levels and I forget the exact levels of overdraft but the small level requires a minimum $1,000 peso CD and the next level requries $100,000 peso CD.
However again and this was the disappointment, forget being able to deposit a check drawn on an account outside of Argentina, or at least as I presented it, a check for U$ from the U.S. or Canada. They're not set up for clearing checks from outside the country. Maybe you could deposit a check from another South American country, didn't ask, but seems unlikely.
The good news, you can get one.
The bad news, it's a long ways from being "international".
I've also tried to open an account at HSBC in Buenos Aires, but I've opted for the branch in Palermo (they're all over) and just a typical "local" account.
So far, it looks like they've managed to open my account without the DNI and I have been able to deal with someone who speaks English, for the most part.
So far, so good, but still too early to tell if this will actually work. It's been almost a MONTH waiting for the debit/ATM card and their customer service is of typical Argentine standard: after the first day my wonderful English-speaking account rep stopped replying to emails and is impossible to get on the phone. The "tramites" necessary to open the account are also of typical Argentine standard.
If simply opening my account is this much fun, I can't wait to see what happens when I have a problem (or there's another run on the bank).
Guys:
I'm not sure that you can open a checking account in BA that easily. To do so, you need to present a copy of at least the last-year tax presentation to the local IRS, AFIP (if not the previous 3 years).
Frauds with checks were very common in the past, so authorities and banks had to exert caution on applicants.
Hope this helps,
Andres
What's the interest rate on a savings account?
I also have tried at two different banks to open an Argentine bank account. I have not had any luck so far, I wanted to do it to make it easier on my novia to get access to her funds, but maintain my name on the account.
I tried the BNP and also RioBanco. I am still not sure how to apply for the DNI and a Argentine passport without someone asking if you have been in the country over 90 days.
Also, anyone who knows a good attorney that could help me deed some proprerty in the country in my name I would be grateful.
Sky
I do business with argentina. If you pm me and describe your needs, I'll put you in contact with english speaking people who can help you with legal transactions[as opposed to the black, illegal] and explain the grey areas. They are not free, but a US$30. consultation can save you time. It costs 5%-10% when you total all the fees to transfer us dollars to the arg from the usa. With larger sums there are safe ways to save money on the transfers.
I you are going to buy an apartment, get some advise. The portenos will take advantage of you if you don't have good
people helping you. I thank the guy upstairs for a good honest accountant and lawyer.
Argentina is difficult. Many Argentines keep their money in Uruguay--the Switzerland of South America.
One month is way too long. Go to your bank, where you opened your account, and ask them where it is. I would not be surprised if they have it there for you. If it is, you will have to show ID and sign for it. My suggestion is based on experiences with HSBC in Brasil.
[QUOTE=Khoofoo]I've also tried to open an account at HSBC in Buenos Aires, but I've opted for the branch in Palermo (they're all over) and just a typical "local" account.
So far, it looks like they've managed to open my account without the DNI and I have been able to deal with someone who speaks English, for the most part.
So far, so good, but still too early to tell if this will actually work. It's been almost a MONTH waiting for the debit/ATM card and their customer service is of typical Argentine standard: after the first day my wonderful English-speaking account rep stopped replying to emails and is impossible to get on the phone. The "tramites" necessary to open the account are also of typical Argentine standard.
If simply opening my account is this much fun, I can't wait to see what happens when I have a problem (or there's another run on the bank).[/QUOTE]
Three days ago, I attempted to open a bank account at 2 banks.
I had my Passport, DNI, CUIT (tax number) Apartment lease and 1000 pesos.
CITI BANK; Presented all documentation and was told I need to deposit $35,000 usd into the checking account.
I said "No wonder your country is third world. Who would trust your bank with no deposit insurance and a bad track record of holding depositors money. So long sucker."
Next,
HSBC; Presented all documentation and was told I needed a two year apartment lease. I said F*ck you and f*uck your bank and walked out proud to be an ugly American.
So, a word to the wise, Use only ATMs and fu*ck the argy banks.
Jackpot
Jackpot-
That sounds absolutely ridiculous- $35,000 USD just to open a lowly, non interest bearing checking account? Most Argentines do not make that in 10 years.
Without knowing anything about you at all, your financial situation, etc, I am not sure if this would help you, but I know that Citibank now offers an "international" account, that permits banking somewhat interchangeably at Citibank locations worldwide. I am guessing that the minimums are very high relative to a normal US checking account, but it might be worth a look if you have the "scratch". Check out [url]www.citi.com[/url] and you can get some details.
Suerte,
Dirk Diggler
Jackpot,
With your attitute, maybe they were just messing with you and/or there was a misunderstanding? 35k and an apartment lease for a checking acct - I've never heard of such a thing.
I opened my BancoRio account with my DNI, one utility bill statement, and a whopping 300 peso deposit in about 15 minutes, maybe less. I remember going in there expecting the worst but exiting truly shocked by how simple, smooth, and quick it was.
My banking experience with them has been excellent. I do almost everything online, have USD/peso accounts, transfer domestically and internationally, etc. When I was just starting they were very attentitive to my questions. Everything is quite cheap or free except intl xfers, which cost about the same as in USA.
I strongly recommend getting a bank account here since it makes bill/rent/other payments (all online) so simple. Of course I think you must have a DNI to do so.
PS a bank account thread already exists.
Most of my banking is done through BofA, but for travel reasons I also have one normal Citibank Checking account.
It's a competely normal Checking account that I opened with a Citibank branch in California last year, not an "international" or other special designation. It doesn't matter as I keep enough funds in there but the minimums are low and either no or low fees. Standard online access to manage your account plus Mastercard debit card for purchases and ATM withdrawals.
With this account, I can access my funds in dollars or in the local currency while travelling abroad at any Citibank location in the world, no fees for foreign currency withdrawals or use of ATMs. Via interinstitutional tranfers that you can automatically make online, I can either move cash out or into my Citibank account from other US bank accounts. There's something like a 5k per month limit on transfers, but the fee is either zero to transfer in, or $3 or so to transfer out. Basically, nothing.
I'd suggest opening a Citibank account if you are still in the states and going to be traveling to BA or other foreign countries that Citibank has branch locations in. Note - there is a 30 day period which you only have limited access when opening a new account, and if you make any change, even an email address, that 30-day period starts over, so if you go this option, open one well in advance before you get to BA.
I too have a Citibank account, in fact several for various purposes. I have not been able to withdraw funds in dollars at the branch in Recoleta or any other previously, though I haven't tried for several months. I think this must be something new.