How to Open a Bank Account in Argentina as a Foreigner, for Rentista, Pensionado, Reunification, and Digital Nomad Visas

For most foreigners moving to Argentina with the hope of staying long term, the Argentine Rentista Visa and Pensionado Visas loom as tempting goals that easily lead to permanent residency, Argentine citizenship, and most importantly an amazing life in a Latino European paradise at the end of the world. Unfortunately, while Argentina has taken some amazing tastes and culture from its European roots, it has also brought in tidbits of bureaucracy and process headaches to test the resolve of aspiring immigrants. Among the biggest headaches for foreigners – getting an Argentine bank account ranks highly.

For the visa applicant, Argentine bank account transactions are required for a complete application package. For the student or digital nomad making Argentina home for a couple years, a local bank account makes Sube card charge ups, cell phone payments, and Mercado pago transactions quicker and easier. However, foreigners dropping into Santander and HSBC with hopes of opening an Argentine account are usually turned away without explanation simply for lacking a “DNI.” So, how is a foreigner in Argentina supposed to open a bank account?

Quickly. Easily. Simply. With the right steps.

In this article I’ll share exactly how to open an Argentine bank account as a foreigner, what you need to open an account, where to go to open it, and why you absolutely need that account to make Argentina home.

Table of Contents

• Why is opening an Argentine bank account such an issue for foreigners?
• The BLUF: Public banks are required to open a “cuenta par migrantes” savings account for foreigners that can show a passport, a CUIL, and proof of an address.
  • The “Cuenta Para Migrantes” with the Argentine National Bank
• Why you need an Argentina bank account in the visa application process
• How to open a bank account in Argentina with only a “Precaria” and without a DNI
• After you receive your Argentine DNI: Aim for HSBC, Santander
• FAQs on Argentine Bank Accounts for Foreigners

Why is opening an Argentine bank account such an issue for foreigners?

The Catch 22…

Which comes first, opening a bank account or applying for a visa?

Argentine immigration requires deposits in your bank account as part of the residency application process to receive residency and a DNI, while most banks require that DNI in order to open an account. This creates an awkward situation of “which comes first…the chicken or the egg” scenario. Except in this case, the question is which comes first, the residency or the bank account. Thanks to some overlooked regulations from the BCRA governing public banks the answer is clearly, that you can and must get a bank account to facilitate your residency application process once you receive your precaria.

Unfortunately, most expats aspiring to be residents of Argentina, on a Rentista visa or a Pensionado visa, don’t realize the subtle difference between public banks and the internationally connected private banks that they aspire for accounts at as foreigners, such as Santander and HSBC, meeting almost immediate refusal. To further enhance the confusion, some local bank branches in Argentina, such as Galicia, do seem to have one knowledgeable person on staff that is able to open accounts for foreigners – which further enhances the confusion and turns the experience of trying to open a bank account as a DNI lacking foreigner into a mildly frustrating financial Easter egg hunt.

So, what is the actual situation with opening a bank account on a precariat? How and where can you open a bank account in Argentina with a precariat (Precarious Residency) and without a DNI (Documento Nacional de Identidad – The Argentine National ID Card)?

The answer: Open an “Immigrant Savings Account” first with Banco de La Nacion Argentina and a preferred Bank Account Second

The BLUF: Public banks are required to open a “cuenta par migrantes” savings account for foreigners that can show a passport, a CUIL, and proof of an address.

Argentine banking regulators and immigration officials saw this potentially frustrating catch 22 and created a solution, by forcing banks regulated by the Argentine Central Bank to offer a restricted savings account specifically for immigrants, with the requirements that it be free to use, available for foreigners to apply for, and include a debit card.

The following text about the Argentine Central Bank and government’s requirement for an accessible savings accounts for migrants, without DNI, comes from the government website accessible here: https://www.argentina.gob.ar/economia/inclusion-financiera/cuenta-para-migrantes

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According to the Argentine Ministry of Economy’s policy on financial inclusion:

“Migrants can access a peso savings account free of charge at various banks in our country. This account will allow them to make immediate and free national transfers, pay taxes and utilities, top up their SUBE (Taxpayer Insurance) card, subscribe to or request a DEBIN (Debit Card), make fixed-term deposits, check their account balance, and many other transactions.”

“For people from countries that make up MERCOSUR with a certificate of precarious, transitory, permanent or temporary residence, the documents that can be presented are: Digital National Identity Document (DNI-d) or Mercosur Identity Card issued by the Argentine Federal Police or Passport from the country of origin or Travel document admitted by Mercosur Decision No. 14/11 (Asunción, 06/28/11).

For people from countries that are NOT part of MERCOSUR with a certificate of precarious, transitory, permanent or temporary residence, the documents that can be presented are : Digital National Identity Document (DNI-d) or Passport from the country of origin or where applicable, endorsed by an Argentine consular authority.”

Account Features:

1| There is no opening or maintenance fee.

2| Provision of a debit card. Allows you to make transfers at your bank’s own ATMs or via home banking, free of charge.

3| Proof of identity is the only requirement.

4| Monthly cash transactions not exceeding $50,000 and the account balance not exceeding $312,500 or the equivalent of four minimum, vital, and mobile salaries for monthly transactions and twenty-five minimum, vital, and mobile salaries for the balance, according to Article 29 of Financial Information Unit Resolution No. 30/2017 .

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If you are currently at a bank in Argentina attempting to navigate this process, feel free to show the bank staff this original, untranslated version:

Cuenta para migrantes (Desde Ministerio de Economía, Politica de Inclusión Financiera)

Los migrantes pueden acceder sin costo a una caja de ahorro en pesos en distintos bancos de nuestro país. La misma les permitirá realizar transferencias nacionales inmediatas y gratuitas, pagos de impuestos y servicios, cargar la SUBE, adherirse/solicitar DEBIN, realizar plazos fijos, consultar el saldo que hay en la cuenta y muchas más operaciones.

Para personas de países que integran el MERCOSUR con certificado de residencia precaria, transitoria, permanente o temporaria los documentos que pueden presentar son: Documento Nacional de Identidad digital (DNI-d) o Cédula de Identidad del Mercosur expedida por la Policía Federal Argentina o Pasaporte del país de origen o Documento de viaje admitido por la Decisión Mercosur N° 14/11 (Asunción, 28.06.11).

Para personas de países que NO integran el MERCOSUR con certificado de residencia precaria, transitoria, permanente o temporaria los documentos que pueden presentar son: Documento Nacional de Identidad digital (DNI-d) o Pasaporte del país de origen o de corresponder, visado por autoridad consular argentina.

Características de la cuenta:

1| No tiene costo de apertura ni de mantenimiento.

2| Provisión de una tarjeta de débito. Permite realizar transferencias en cajeros automáticos del propio banco o en “homebanking”, de manera gratuita.

3| Acreditación de la identidad como único requisito.

4| Operaciones mensuales en efectivo que no superen los $50.000.- y el saldo de la cuenta no supere los $312.500 o sus equivalentes a cuatro salarios mínimos, vitales y móviles para operaciones mensuales y veinticinco salarios mínimos, vitales y móviles para el saldo, según el art. 29 de la  Resolución de la Unidad de Información Financiera Nº 30/2017.

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Feel free to show the bank staff the policy on the official government website at https://www.argentina.gob.ar/economia/inclusion-financiera/cuenta-para-migrantes

Unfortunately, this regulation only strictly applies, or more so is abided by, Argentine public banks – such as Banco de la Nacion Argentina, Banco Ciudad, Banco Provincia. Additionally, Argentine banks that primarily operate within Argentina, such as Galicia, honor this requirement as well, by offering a savings account specifically from immigrants.

Note that this special savings account generally comes with the limitations of a maximum daily withdrawal (via debit card) of 500,000 ARS and additionally does not allow access to banking apps. Additionally, these savings accounts for immigrants are only offered in Argentine Pesos, not dollars.

However, once you do receive your final visa decision, and more importantly your DNI, you can return to the branch and have your account converted to a full service account, with app access and higher daily withdrawal limits, as well as opening a US dollar account.

By contrast, the large international banks, most notably HSBC and Santader, universally do not offer the option to open an account in Argentina without an Argentine nation identity card (DNI).

This leads to a two step solution for getting through the visa application process quickly and having a bank account that allows convenient financial and banking access while living in Argentina.

How to Set Up Your Banking Options in Argentina: Immigrant Savings Account first, full service bank account later.

After initially applying for your visa of choice (Rentista visa, Pensionado visa, etc.) and receiving your “Residency Precaria” along with the “Precaria” certificate:

Step 1: Visit the Banco de la Nacion Argentina nearest you (or any other “public bank”), with a CID or CUIL (tax ID), precariat, passport (and IRS form W9 for US citizens) and open a restricted savings account referred to as a “cuenta para migrantes” in accordance with the regulation listed above.

Step 2: Upon being awarded your temporary residency (residencia temporada) and receiving your Argentine national ID card (DNI) visit one of the preferred international banks and open a full service bank account, in Argentine Pesos, and a USD account as a hedge.

(Click here to jump directly to the steps for opening an account as an immigrant without a DNI in Argentina)

Why would you need an Argentina bank account in the visa application process? To show proof of transferring money into the country legally, traced to your foreign accounts, and into a BCRA authorized bank.

Banking proof in Argentina is required in the Rentista visa and Pensionado visa application process…

For the two most sought after long term visas in Argentina, the Rentista visa and the Pensionado visa, a clear requirement of both visas is not only proof of financial solvency and ability to support oneself with 5x the Argentine monthly minimum wage (~1,600,000 ARS / $1200 USD at the time of writing), proven with apostilled bank statements for 6 months or more, but also remittance of those funds into a bank authorized by the Argentine Central Bank (BCRA / Banco Central de l Republica Argentina). The legal basis comes from Ley 25.871 (2004) and Decreto Reglamentario 616/2010, however internal practices at DNM to compensate for changing financial, legal, and social climates do factor as well.

As each of these visas, the rentista visa and the pensionado visa, last only one year and must be renewed, during the renewal application process you will need to show proof of depositing the promised and required minimum income from a foreign asset you own to an Argentine bank account that you own. However, that glorious renewal date is, at least, one year away. More important for most immigrants to Argentina is getting their rentista visa or pensionado visa approved in the first place.

During your initial immigration interviews after submitting your visa application online, one of the request will be for proof of remitting the claimed funds from an approved source of yours abroad to Argentina. Though you will likely be granted a 90 day “precarious residency” after that initial interview, the officer will likely request proof of one deposit by you from abroad to yourself in Argentina.

This is why you need this nearly disposable account – to prove the one banking transaction and remittance of income into Argentina to get your visa application approved.

This provision, the “cuenta para migrantes” will allow you to set up a bank account in Argentina, with an approved bank, without temporary residency, and transfer funds from abroad to Argentina via Wire transaction or SWIFT transaction.

Note that WISE transfers into your local bank account won’t show proof of income from abroad, and won’t suffice for Argentine migraciones

Note that Wise transfers will not serve the purpose, for migraciones, of showing income remitted from abroad as the sender in WISE transaction will show as a party local to Argentina that isn’t you. Argentine immigration expects transfers into the country from abroad, in compliance with the *rentista visa** and **pensionado visa** regulations, so that is what they will look for in your documentation during application and renewals.

…and having an Argentine bank account makes life easier…

How to open a bank account in Argentina with only a “Precaria” and without a DNI

1. Get your precaria (generated automatically once you have an appointment with DNM for a Rentista or Pensionado visa)
2. Get your CUIL at ANSES
3. Search for the Banco de la Nacion Argentina bank nearest you on BNA.com.ar
4. Request a “turno” (appointment) at the bank branch of choice
5. Print a bring a copy of your precaria, your passport, a copy of proof of residence, and a copy of your CUIL. US passport holders, bring a copy of IRS form W-9 in Spanish to speed up the process

The Process in Depth

Get your precaria (generated automatically once you have an appointment with DNM for a Rentista or Pensionado visa)

For individuals applying for a Rentista Visa or a Pensionado Visa, once you submit your documents and application in RADEX and pay the application fee, you will receive automatically generated “precarious residency” and be emailed a “precariat” certificate as proof of your precarious residency. Once you have this, you can gather the other documents you’ll need to open your restricted savings account.

For individuals on transitory visas (not temporary) such as digital nomad visas and some student visas, simply print proof of your visa and proceed to the next step.

Get your CUIL (Argentine Tax Identification Number) at ANSES or CDI at AFIP

For individuals applying for the Rentista or Pensionado visa, visit ANSES for to get your CUIL

The CUIL, or the “Código Único de Identificación Laboral” is the tax identification number that banks need to open your bank account. To obtain a CUIL, simply go to your nearest ANSES office (just search it in Google) with your precaria and passport. No appointment is necessary.

For more information visit:

• https://www.argentina.gob.ar/servicio/obtener-cuil
• https://www.anses.gob.ar/oficinas-atencion-al-publico

For individuals with transitory visas, such as the digital nomad visa or some student visas, visit AFIP to get a CDI

The CDI, or the “Clave de Identificación” is the temporary tax identification number that is offered to individuals without temporary residency or a DNI, and banks need to open your bank account. To obtain a CDI, simply go to your nearest AFIP office with your precaria and passport. No appointment is necessary.

For more information visit: https://www.argentina.gob.ar/servicio/obtener-la-clave-de-identificacion-cdi

Search for the Banco de la Nacion Argentina bank nearest you on BNA.com.ar

Bank staff are relatively strict about ensuring that you are opening a bank account at the branch nearest you, based on your proof of address documentation. Search google, or visit BNA.com.ar, to find your nearest branch.

Request a “turno” (appointment) at the bank branch of choice

Visit the BNA stie to book an appointment at your nearest branch, booking with the commercial desk (not cashiers/caja) as the commercial desk handles opening new accounts. If all else fails, just show up with your documentation at least an hour before closing and take a number on site.

Print a bring a copy of your precaria, your passport, a copy of proof of residence, and a copy of your CUIL. US passport holders, bring a copy of IRS form W-9 in Spanish to speed up the process. Have the Argentine government website for “cuentas para migrantes” handy

At the bank, the bank will require the following documents:

1. Precaria or transitory visa documentation
2. Passport
3. Proof of residence
4. For US Passport Holders: IRS Form W-9 in Spanish (here)

For the proof of address, the bank will expect proof that they commonly receive, such as a utility bill with address or phone bill with address. However, the police provided “Certificate of Domicile” will suffice. But, if you are unable to provide either of these, like me, a signed “Declaracion Jurada de Domcilio” should suffice.

A Declaracion Jurada de Domicilio (Sworn Statement of Address) is an alternative proof of address listed in immigration regulations as acceptable by immigration (for the visa application process) and sufficed when I opened a bank account. Keep in mind that if you are staying at an AirBnB long term, or any other short term accommodation, you will likely need to print the booking and provide a printout that lists your name and the address of your temporary home on a single page.

This template sufficed for my “Sworn Statement of Address” with both immigration and Banco de la Nacion Argentina:

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Declaracion Jurada de Domicilio Template in Spanish

DECLARACIÓN JURADA DE DOMICILIO

(Art. 54 Ley 25.871; DI-2022-396/DNM art. 2)

Yo, [Nombre completo], nacionalidad [], fecha de nacimiento [dd/mm/aaaa], tipo y N° de documento [Pasaporte/DNI N° ___], CUIL/CDI [], con correo electrónico (domicilio electrónico) [] y teléfono [__], DECLARO BAJO JURAMENTO mi domicilio real en la República Argentina:

Calle [] N° __[] Piso/Depto **[__]**
Barrio/Localidad [] Partido/Departamento [____]
Provincia [] Código Postal [____]

Fecha desde la que resido en el domicilio: [dd/mm/aaaa].

Condición de ocupación (marque lo que corresponda):
[ ] Propietario/a
[ ] Inquilino/a (Contrato a nombre de: [])
[ ] Huésped/Invitado/a en domicilio de: [Nombre y DNI/CUIT del anfitrión/propietario]
[ ] Hotel/Residencia temporal (Nombre y CUIT del establecimiento: [____])

A los efectos de notificaciones, constituyo como domicilio especial el indicado ut-supra y como domicilio electrónico el correo [____], en los términos del art. 54 de la Ley 25.871.

Manifiesto que los datos consignados son ciertos y verificables, y autorizo a la Dirección Nacional de Migraciones a requerir y verificar información complementaria (servicios, contrato, certificación de domicilio u otros comprobantes), conforme DI-2022-396/DNM, art. 2.

Declaro bajo juramento que no he omitido ni falseado información. Tengo conocimiento de que la falsedad u omisión podrá acarrear el rechazo o cancelación de mi trámite y, en su caso, las sanciones previstas en los arts. 29(a) y 62(a) de la Ley 25.871.

Lugar y fecha: [Ciudad/Provincia], [dd] de [mes] de [aaaa].

Firma del declarante: ___

Aclaración (en letra de imprenta): __

Tipo y N° de documento: ___

(Opcional) Huella digital del índice derecho: __

Documentación de respaldo que adjunto (recomendado; marque lo que corresponda):
[ ] Copia de contrato de locación / carta del hotel o anfitrión
[ ] Factura de servicio/ABL/expensas con el domicilio declarado
[ ] Certificado de domicilio (si se posee)
[ ] Otro: ___

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Declaracion Jurada de Domicilio in English

SWORN STATEMENT OF DOMICILE
(Art. 54, Law 25.871; DI-2022-396/DNM, art. 2)

I, [Full name], nationality [], date of birth [dd/mm/yyyy], type and number of document __[Passport/DNI No. _____], CUIL/CDI [], with email address (electronic domicile) [] and telephone [____], HEREBY DECLARE UNDER OATH my actual residence in the Argentine Republic:

Street [] No. [] Floor/Apartment []
Neighborhood/Locality [] District/Department []
Province [] Postal Code [____]

Date from which I have resided at this address: [dd/mm/yyyy].

Occupancy status (mark as applicable):
[ ] Owner
[ ] Tenant (Contract in the name of: [])
[ ] Guest at the domicile of: [Name and DNI/CUIT of host/owner]
[ ] Hotel/Temporary residence (Name and CUIT of establishment: [____])

For notification purposes, I establish as my special domicile the one indicated above, and as my electronic domicile the email [____], in accordance with Art. 54 of Law 25.871.

I state that the information provided is true and verifiable, and I authorize the Dirección Nacional de Migraciones to request and verify additional information (utilities, contract, domicile certification, or other evidence), pursuant to DI-2022-396/DNM, art. 2.

I declare under oath that I have not omitted or falsified information. I acknowledge that falsification or omission may result in the rejection or cancellation of my application and, where applicable, the penalties established in Arts. 29(a) and 62(a) of Law 25.871.

Place and date: [City/Province], [day] of [month] of [year].

Signature of declarant: _______________________________
Printed name (in block letters): ______________________________________
Type and document number: ___________________________________________
(Optional) Right index fingerprint: _______________________________

Supporting documentation attached (recommended; mark as applicable):
[ ] Copy of rental contract / letter from hotel or host
[ ] Utility bill / ABL / maintenance fee with the declared address
[ ] Domicile certificate (if available)
[ ] Other:

A note for US passport holders: Bring a blank copy of IRS Form W-9

US passport holders applying for a bank account in Argentina may notice some extra eye rolling when the bank staff see your passport, and this is because (as always) the US IRS adds a little extra work.

Due to US financial regulations and cooperative agreements between the US and Argentina, Argentine banks must collect information on the US social security number of US citizens and permanent residents with their new Argentine bank accounts and report that information to the IRS. When the bank staff is running through the checklist of documents required to open a bank account for you, there is usually a box that they check if you are a US citizen, and when they click it a bubble pops up requesting more information. At the bank I first visited, the staff took about 30 minutes to figure the IRS form required, ultimately eating up all of the time before closing and instructing me to come back the following day. Instead, I visited a different bank (to test out the process) and when they reached the frustrated “you’re from the US” point, I handed them the form W-9 and they sighed in relief.

To speed up the process, if you are on a US passport, simply bring a blank form W-9 and present it with all of the documents at the beginning.

You can find form W-9 in English here and form W-9 in Spanish here.

Then, you’re done!

Simply wait for the bank staff to complete their documents and activate your account, collect your bank account number, SWIFT code, and wire transfer code, and you’re done. The attendant will order your debit card and either have it sent to your address or allow you to pick it up in the bank – and it will take ~10 days to arrive.

After you receive your Argentine DNI: Aim for HSBC, Santander

Once you have your restricted savings account with Banco de la Nacion Argentina, should you stop there?

Absolutely not!

In short, you should apply for an Argentine bank account with a bank in Argentina that has a strong international presence. Not only will this (potentially) facilitate better customer service, it will facilitate better access to your money while traveling, more versatility with a US dollar account that can be accessed abroad, fewer atm fees when traveling abroad (especially in South America), and (in worst case scenarios) is more closely tied to the global financial markets than Argentine financial markets.

Once you receive your final residency decision, and your DNI is mailed to your home, take your DNI and all of the other documents to your next bank and open an account.

But which banks should you shoot for?

HSBC or Santander.

If you plan on traveling to Europe more, as a Spanish bank, Banco Santander will present more options in Europe.

If you plan on traveling to Asia more, the Hongkong and Shanghai Banking Corporation (HSBC) has ties and branches strewn throughout Asia.

FAQs on Argentine Bank Accounts for Foreigners

Can foreigners on Digital Nomad visas open an Argentine bank account? Why would they want to?

Yes, individuals on digital nomad visas can technically open bank accounts in Argentina, despite being on a transitory visa. However, expect to get a little more friction at the bank when you request to apply. Additionally, the biggest point of contention will not be your visa, it will be the proof of address. Ensure you are able to make an appropriate and strong case for your proof of address.

Can foreigners on student visas open an Argentine Bank Account?

Yes, students on student visas that are classified as “transitory” and not “temporary” may apply for a “cuenta para migrantes,” however, just as in the case of individuals on digital nomad visas, expect more scrutiny of your proof of address.