Thread: Argentine Bank Accounts

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  1. #84
    Quote Originally Posted by Moore  [View Original Post]
    So your friend can get the account as long as: 1) s / he has resided in Argentina for 1 year and 2) meets the 10 k requirement.
    We went to Banco de la Nacion, Banco Fracais, Santandar Rio and Banco de la Provincia. They ALL said there is no such thing as a free account. I went with her because I remembered hearing and reading that a free account was now available as a incentive for more people to open bank accounts. But her DNI clearly says DNI de Extanjero and its possible they were saying there is no free account for her? She had been in Argentina for five years but at that time the DNI was only a few months old. One of the banks said she was not even eligible for a bank account! (I don't remember which one). None of this surprises me as I am sure most of you have found that you can go to the same place for the same reason four times and get four different answers or opinions here. Recently I was shopping for car insurance and the women at La Caja (a large insurance company here) told me as a foreigner I can not legally own a car in Argentina and there for La Caja will not insure me? This despite the fact I'm on my fourth vehicle and have had insurance with four different companies with no problems. Another thing is that I have never met anyone who has one of these free accounts. But then, out here in the boonies most people hate the banks. Most people refuse to open a account. When one has to go to a bank its rare when there is not a line stretching down the block. (most likely because none of them has a account!) Something you don't see very often in the city where there are a lot more people.

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  3. #83
    Senior Member


    Posts: 1043
    Quote Originally Posted by Gandolf50  [View Original Post]
    I apologize (from the kiddies table!) My friend who asked about the free account is not a native but a foreigner with a DNI.
    So your friend can get the account as long as: 1) s / he has resided in Argentina for 1 year and 2) meets the 10 k requirement.

  4. #82
    Quote Originally Posted by ElAlamoPalermo  [View Original Post]
    Gandolf, if you are unable to keep up with the conversation you may be better off sitting at the kiddies table. As I originally stated, and Moore confirmed by posting the link to the description of the account, THERE IS a free savings account available (with debit card) to ALL Argentines and it remains a FREE account as long as the accountholder deposits less than 10,000 AR pesos per month in said account.
    I apologize (from the kiddies table!) My friend who asked about the free account is not a native but a foreigner with a DNI.

  5. #81
    Quote Originally Posted by Gandolf50  [View Original Post]
    So what your saying is that there is NO free account. They are just getting some one else to pay the fee. Typical Argie nonsense. Your boss (who is already overtaxed) can pay your fees since he has more money then you?
    Gandolf, if you are unable to keep up with the conversation you may be better off sitting at the kiddies table. As I originally stated, and Moore confirmed by posting the link to the description of the account, THERE IS a free savings account available (with debit card) to ALL Argentines and it remains a FREE account as long as the accountholder deposits less than 10,000 AR pesos per month in said account.

  6. #80
    Quote Originally Posted by ElAlamoPalermo  [View Original Post]
    This account is basically for Argentines who work as "monotributistas" or work in black; anyone working as an employee in white will have a bank account that their salary is by law deposited into and which the employer typically pays the monthly fees. The fact that the account is designed for small time independent workers and unregistered "marginalized" workers who are thought to earn low amounts is probably the reason why the BCRA hasn't raised the 10,000/ month deposit limit.
    So what your saying is that there is NO free account. They are just getting some one else to pay the fee. Typical Argie nonsense. Your boss (who is already overtaxed) can pay your fees since he has more money then you?

  7. #79
    Quote Originally Posted by DavieW  [View Original Post]
    Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.
    They only want you around to support the kid while hes young. After that they don't care? Doesn't seem like a good deal for the kid.

  8. #78
    Quote Originally Posted by Moore  [View Original Post]
    Thanks for the information on the free bank account, ElAlamoPalermo. I didn't know about that.

    Here is the link to the BCRA regulation:

    http://www.clientebancario.gov.ar/default.asp

    Foreigners are eligible after residing in Argentina for 1 year, and they don't need the DNI, but they do need the "constancia del DNI en tramite". I assume that's a document showing the DNI is in process.

    I contacted my bank and they said I can close my account and open this free account, called Cuenta Gratuita Universal. It's listed on their webpage.

    But I can't believe they haven't increased the 10 k peso limit, set 4 years ago when this regulation started. It should be around 40 k now adjusted for inflation.
    This account is basically for Argentines who work as "monotributistas" or work in black; anyone working as an employee in white will have a bank account that their salary is by law deposited into and which the employer typically pays the monthly fees. The fact that the account is designed for small time independent workers and unregistered "marginalized" workers who are thought to earn low amounts is probably the reason why the BCRA hasn't raised the 10,000/ month deposit limit.

  9. #77
    Senior Member


    Posts: 1043
    Thanks for the information on the free bank account, ElAlamoPalermo. I didn't know about that.

    Here is the link to the BCRA regulation:

    http://www.clientebancario.gov.ar/default.asp

    Foreigners are eligible after residing in Argentina for 1 year, and they don't need the DNI, but they do need the "constancia del DNI en tramite". I assume that's a document showing the DNI is in process.

    I contacted my bank and they said I can close my account and open this free account, called Cuenta Gratuita Universal. It's listed on their webpage.

    But I can't believe they haven't increased the 10 k peso limit, set 4 years ago when this regulation started. It should be around 40 k now adjusted for inflation.

  10. #76
    Senior Member


    Posts: 1043
    Quote Originally Posted by Tres3  [View Original Post]
    Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.

    Tres3.
    You may want to look into the student category for getting a DNI. I've heard it's fairly easy these days.

  11. #75
    Senior Member


    Posts: 577

    Eternity

    Quote Originally Posted by DavieW  [View Original Post]
    Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.
    Compared to the USA, UK, and many other countries, 18 months is an eternity.

    Tres3.

  12. #74
    Quote Originally Posted by Gandolf50  [View Original Post]
    If you are trying to enter as a "foreign investor" and you have a lot of money to throw around it is a lot easier.
    Or if you father a kid. Only took me about 18 months once my son was born and it's valid for 15 years.

  13. #73
    Quote Originally Posted by Tres3  [View Original Post]
    Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.

    Tres3.
    If you are from another third world country it is quite easy since the powers in charge seem to like uneducated poor people. But if you are from the US or UK or other "normal" country they make you jump through hoops for a year or three first. If you are trying to enter as a "foreign investor" and you have a lot of money to throw around it is a lot easier.

  14. #72
    Quote Originally Posted by ElAlamoPalermo  [View Original Post]
    Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.
    This seems to be another Cristina LIE. I mentioned this to my ama de casa and she went to three banks and they all laughed at her. But it seems that if you are collecting one of the "plans" they will give you a debit card to take out the money so you don't have to go to a teller to collect. I don't know if that qualifies as a "bank account" since you cannot deposit any money into that account.

  15. #71
    Senior Member


    Posts: 577

    Time Consuming and Difficult

    Quote Originally Posted by ElAlamoPalermo  [View Original Post]
    Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.
    Moore also did not mention how difficult and time consuming it is for a foreigner to obtain a DNI.

    Tres3.

  16. #70
    Quote Originally Posted by Moore  [View Original Post]
    I've had an account for several years with Santander. It was easy to open with DNI and worked very well for paying bills online.

    It was also good because I could keep balances in pesos and USD. These days that's not so useful since if you convert USD at the bank it will be at the official rate.

    The monthly fee is now 62 pesos.

    Of course I would never keep more than a month or 2 living expenses in any Argentine account.

    But I'm going to keep the account. May come in handy some day.
    Moore if I remember correctly you are a citizen of Argentina; all citizens are now entitled to a FREE (meaning no monthly fees) savings account with debit card at any bank operating in Argentina as long as you do not deposit more than 10,000 Argentine pesos in the account per month.

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