10 Jun Argentina Bank Account Opening
Argentina Bank Account Opening
Opening an account in Argentina. Argentina Bank Account Opening
These are the documents you will often need to open a bank account in Argentina (most banks will ask for the following):
-Copy of your national identity card or resident permit;
-Copy of a utilities bill under your name; e.g., gas, electricity, water, etc. (This is to confirm your address);
-Proof of salary or payment of the AFIP (tax inscription category) for the last 6 months.
-CUIL/CUIT (enrollment under the revenue authority, AFIP)
It is important to keep in mind that if you are not a resident and therefore you do not have a resident permit or a national identity card and are not enrolled with AFIP, it will be difficult to open an account in Argentina.
“Banco de la Nación Argentina” (Argentina’s National Bank) is usually a bit more indulgent and does not require the last item. They can sometimes allow you to present a receipt of foreign credit card charges instead of the utilities bill.
What do Banks require for deposits in Argentina?
To deposit money into an Argentinian bank account, you need to have your recipient’s:
-Unique banking key (CBU) — found on your recipient’s bank statement
-Account currency (Argentinian peso accounts only)
-Full name as it appears on their bank account (please include the paternal and maternal name)
-Complete address, including the city and the province
-A valid phone number (city code + domestic number)
Cash withdrawal limits in ATM machines in Argentina.
With the new government recently eliminating restrictions on buying dollars and devaluing the peso, the gap between the blue dollar rate and the official rate has dropped to only about 5-10% from a high of almost 60%. You can once again use your foreign debit card or credit card in Argentina without having to worry about losing a lot of money.
The maximum amount you can withdraw per ATM transaction is ARS $2400, with some cases reporting up to ARS $2500. You may make multiple transactions (up to the daily withdrawal limit imposed by your bank), but you will pay the U$S 6 fee each time. The exchange rate you get at the ATM is based on the previous day’s rate as calculated by Visa. You can find this rate on the Visa Exchange Rate Calculator website. You have to make sure your bank does not charge additional debit card fees for foreign currency transactions or using another bank’s ATM.
The Argentinian government limits the total send and receive an amount each calendar year.
What about foreign exchange procedures in Argentina in 2016?
With new regulations, Argentine companies and individuals have access to the foreign exchange market to purchase foreign currency to fund foreign accounts (e.g., domestic savings in foreign currency, deposits in foreign bank accounts), up to USD $2 million per month.
Limits on repatriated amounts qualifying under the foreign portfolio investments are removed. Nevertheless, a minimum holding period is required. Beginning 17 December 2015, Argentine companies may purchase dollars on the foreign exchange market in order to settle future intercompany debts for imports of goods, services, and royalties. Intercompany payments of royalties and services no longer require prior authorization from the Central Bank. Access to the foreign exchange market to pay past imports of goods, services, and royalties is subject to quantitative limitations (to be released in June 2016). The possibility of making cross-border intercompany payments will allow Argentine companies to deduct the expenses for income tax purposes.
To sum up, our law firm has over a decade of experience in the international Argentine legal field. In fact, we serve clients in every major area of law.
For further questions, please e-mail us at [email protected]
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