Argentine Bank Accounts

[Mpexy]

Mpexy says that you can access your US Citibank funds at any Citibranch in the world but I'll believe that when its confirmed here (except simple ATMs)

What I said was in the context of accessing your funds via ATM without fees and choosing to extract in dollars or pesos, and thus negating the need to bring a lot of dollars with you if that was a factor.

Whether you can personally walk in and take a direct access withdrawal from a Citibank here from your US account, no idea. Never tried it. My reply below is solely in the context of being able to get US dollars here without having to bring it all with you, with no foreign currency withdrawal fees, or use of ATM fees. Which hits 6.50 for a BofA account - $5 for using a non-BofA ATM, and 1.50 from the local ATM for using theirs.

[Moore]

I need to transfer a large sum from the states to here.

It sounds like Citibank is the best bet for a bank with locations in both countries? I assume its easy to set up an account.

Are there many branches or only in Recoleta?

Any one have experience with wiring money?

Thanks.

Jj

Well I'll say RTFF for the first time, such as the transferring funds, bank accts, and real estate threads.

As several people have recently posted, having a Citibank or HSBC acct in the USA/Europe apparently doesnt count for jack here except for maybe saving a buck on ATMs and having a higher cash withdrawl limit at certain machines. Mpexy says that you can access your US Citibank funds at any Citibranch in the world but I'll believe that when its confirmed here (except simple ATMs). I have a European friend that has HSBC accts in Europe and here, but he still transfers money from Europe to here...why wouldnt he just directly withdrawl it if the funds are already in the HSBC "network"? I assume that the fragmented "network" is due to varying international banking regulations. Not so many years ago, just interstate banking within the USA could often be a pain, so I'm told.

As you'll see on the aforementioned threads, using a transfer house for large amounts is probably the best option for most foreigners. The cost (about 1%) is reasonable and I think a few specific houses are listed.

In order to make a regular bank transfer from USA to here you will first need a bank acct here and to have that you will need a DNI. Assuming you are initiating the xfer from your US account via a phone call to that bank, you will need to have that feature (and password) enabled before you leave the USA. You usually have to enable that function in person, and you will receive your transfer PIN in the US mail a few weeks later. If you have these things then the bank xfer is quite simple and takes about 2 business days to arrive here. You simply provide the wiring instructions. The only part of this process thats not automated is - when the funds arrive to your Arg bank you have to go to your branch and sign a standard form in order for them to be credited to your account. I believe thats the law here, my HSBC buddy has to do the same.

[Jackpot]

I have questioned the Citi Bank information reps.

Their response is; the name is the same, but there is no affiliation with Citi Bank USA.

Jackpot

[Rock Harders]

Jjgoinslow-

There are Citibank branches all over Buenos Aires Capital, Buenos Aires province, and many large provincial cities, such as Mendoza, Rosario, Cordoba, and Mar del Plata. However, although you get free ATM usage at the Citibank banking machines, including the ability to check your balance, the account is not transparent in the way having a Citibank account in NJ and using a Citibank location in NY would be, for example. You cannot just walk into the Citibank on Santa Fe, between Rodriguez Pena and Montevideo, and make a deposit or such as you could at a US citibank location.

However, there is utility in Citibank here other than the free ATM usage; it is possible to get money transfered to or from your US Citibank account to any Argentine Citibank account you might open through the Citibank system, which means you avoid having to use expensive Western Union, MoneyGram or other similar measures. Call citibank USA to find out the details.

Suerte,

Dirk Diggler

[Jjgoinslow]

I need to transfer a large sum from the states to here.

It sounds like Citibank is the best bet for a bank with locations in both countries? I assume its easy to set up an account.

Are there many branches or only in Recoleta?

Any one have experience with wiring money?

Thanks.

Jj

[Moore]

Also, some businesses will only accept local plastic such as the Banco Rio Electron card. I think that Madonna Whoarehouse on Pueyrredon only accepts this kind of plastic.

Its a debit/ATM card and I tested it in the USA, it worked.

[Rock Harders]

Mongers-

An added fringe benefit of Banco Rio is that when using your Banco Rio Visa Electron, you get extra discounts at certain times at both McDonald's and Disco supermercados. At Disco, I think it is up to 30% off your total ringup at the cash register. If I remember correctly, this promotion ran on Saturdays and / or Sundays at Disco.

Suerte,

Dirk Diggler

[Moore]

Just go with your DNI and recent utility bill and you will open an account. No need for your passport - the account will be identified by your DNI. There are branches all over the place - I think either BancoRio or BBVA Frances is the largest bank here, but it seems that most locals I know bank with BancoRio so thats probably why I chose them. The only benefit I saw with Frances is that they have Euro / USD accounts, while BR still only offers USD. It seems that even the smallest bumfuck town here has a BR branch, if I were to ever need it.

I'm not going to check out Citi or HSBC since I'm perfectly happy with my account here.

[Mpexy]

I haven't had to do dollar withdrawals too many times, but I took dollars out in early and mid Feb. From the Quintana / Alvear branch of Citibank, as well as once from the HSBC branch on the bottom floor of the Galleria Pacifica (near the book store around the food court)

I don't think I did anything special with the account - all I asked while in the US when opening the account was to have my ATM withdrawal limit raised from the default to a higher limit, and to confirm that I could make foreign currency withdrawals from Citibanks around the world with no extra charge.

[Stormy]

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.

[Mpexy]

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.

[Moore]

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.

[Rock Harders]

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 www.citi.com and you can get some details.

Suerte,

Dirk Diggler

[Jackpot]

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

[Closet Boy]

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.

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).