Accounts

How to open a bank account in Argentina

There are no general guidelines for opening a bank account in Argentina. Every bank appears to have its own requirements for opening an account.

Opening a savings account ( cuenta de ahorros) or current (US: checking) account ( cuenta corriente) also tends to make a difference as to what is required. The best advice is contact several different banks and ask them.

We spoke to several banks in Buenos Aires, and besides the necessity to show a valid passport and proof of domicile, requirements varied from minimum deposits of AR$ 1,000 to employment contracts ranging from 6 months to 1 year.

As an example, Banco La Nación has the following requirements for foreigners to open an account:

• Bring your original Identification Document and a copy
• Proof of domicile (gas bill, telephone bill, etc.)
• Your CUIL ( Código Único de Identificación Laboral)/ CUIT ( Código Único de Identificación Tributaria) / CDI (Carnet de Identidad)\ CUIL is a number given to every employee upon starting to work for an employer. CUIT is a personal number you need to pay taxes. CDI is your Identification Card number.
• Initial deposit. To open an account in pesos, this should be at least AR$10. For a dollar account, the initial deposit is US$ 500.
• Annual maintenance costs of the account are AR$ 6 for a peso account, and US$ 2 for a dollar account. The costs include a Maestro debit card.

Accounts

In Argentina bank accounts can be opened in Argentina pesos (AR$) and in US Dollars (US$). The costs of these accounts usually vary. Another distinction is opening a savings account and current (US: checking) account. A current account is used for daily payments, whereas a savings account is used to save money.