Opening a corporate bank account in Argentina is many times a necessity for legal entities and investors who run their businesses in the country. In this article, our company formation advisors in Argentina provide different information referring to the procedures which are involved in opening such an account here.
| Quick Facts | |
|---|---|
| Types of bank accounts |
– personal, – merchant accounts, – special bank accounts, – corporate etc. |
|
Documents required for natural persons |
– valid passport, – proof of Argentinian residency, – work contract, – a tax identification number or employee identification code |
|
Documents required for companies |
– application form, – company’s Memorandum of Association, – ID/passport copy of the company representative, – proof of legal address |
| Address requirements for foreign citizens (Yes/No) |
Yes, the address is required to open a bank account in Argentina. |
| Requirement to travel to Argentina |
It is not required to travel to Argentina. |
| Remote bank account opening possibility |
Yes, it is possible with certain banks. |
| Time frame to open a bank account in Argentina (approx.) |
– 8 weeks for corporate bank account, – 2-3 days for personal bank account |
| Legal representative requirement (Yes/No) |
No, however such services can be used. |
| Services attached to the accounts |
– credit card/debit card, – financing/loans, – preferential fees in certain cases, – online banking |
| Types of banks to open accounts with | National and foreign banks operating in Argentina |
| Merchant bank account availability |
Yes, it is possible to open a merchant bank account in Argentina. |
| Foreign currency availability |
Yes |
| Access to online banking services |
Access to online banking services is available. |
| Advantages of an Argentinian bank account |
– keeps currencies separate, – makes business easy, – effortless to open a bank account in Argentina |
| Bank account opening service availability |
Our agents can help you open any type of bank account in Argentina. |
Table of Contents
Types of bank accounts that can be set up in Argentina
One of the main steps a person needs to do when moving to another country is to set up a bank account. This is also the case of those who relocate to Argentina, one of the largest South American countries. At the level of 2021, there were around 60,000 expats living here. Approximately 30,000 of them live in Rio de la Plata.
Foreign and local citizens and well as businesspersons can open several types of accounts with Argentinian banks. These are:
- personal bank accounts that are usually created by natural persons;
- special bank accounts for investment that are used by companies and that imply fewer formalities;
- corporate bank accounts for financial transactions for businesses
- merchant accounts that are available for e-commerce companies operating in Argentina.
It is also useful to note that if you want to open a bank account in Argentina for personal use, you can choose between current and savings accounts in pesos or USD. Foreign-currency bank accounts are often an option for investors doing business in Argentina. If you are delaying opening a bank account in this country, please note that Argentinian banks charge higher fees on foreign transactions or ATM withdrawals. To avoid these costs, you are recommended to open a bank account in this country as soon as possible.
With some financial institutions, it is even possible to open an Argentine bank account online.
Feel free to address our specialists on the services we can provide for you and your Argentinian company. Even if you are a small business holder, Argentina is a suitable destination for you. Financing a business is one of the top worries for any entrepreneur or small business owner trying to launch an enterprise. Argentina, compared to many other nations in Latin America, has a more simplified credit processing system, which is excellent news for anybody intending to launch a business there. So, as a small business owner, you can get in touch with our consultants. They can help you start a company in Argentina.
On the other hand, feel free to read the following infographic with details about bank accounts in Argentina:
How to open a bank account in Argentina as a natural person
No matter if you are a foreign citizen who plans to move or has recently moved here, it is strongly recommended to open a bank account in Argentina as soon as possible. You can do that by going in person to the bank or by appointing a local agent to help you. With some banks, you can open an Argentinian bank account online.
No matter the case, here are the documents you need to draft:
- a valid passport and proof of Argentinian residency;
- work contract (if you moved here based on employment);
- a tax identification number or employee identification code.
Our company registration agents in Argentina can help foreign business owners to register their employees with the employment authorities.
We can also help you create an Argentine branch office for a foreign company and complete all the formalities associated with doing business here. Besides incorporation, you can also rely on the services of our agents if you need a corporate bank account for your branch office in Argentina.
We are also at the service of those who want to open various types of Argentinian bank accounts.
Opening a bank account as a foreigner in Argentina
Among the papers a foreign person who wants to open a bank account in Argentina must prepare is proof of residency. This can be obtained with the civil registry in the city he/she lives or the nearest police station in the same city.
The tax identification number (CUIT) and employment identification code for foreign citizens (CUIL) must also be obtained. For people who recently moved here and could not obtain them, the alternative is the identification code (CDI) issued by the Argentinian tax authorities.
The CDI is issued based on an application form (Form 663), passport and the immigration documents issued by the Migration Directorate.
Feel free to use our representation services if you want to open an Argentine bank account online.
The special bank account for investment in Argentina
The special bank account for investment in Argentina enables the legal entities which qualify for it to set up bank accounts for investment purposes with fewer requirements.
This type of account was initiated by the Argentine Central Bank and it is available for both local, as well as foreign investors.
The foreign entrepreneurs should have a financial activity which is authorized, supervised and regulated in the appropriate manner in anti-money-laundering matters in the area where they are incorporated according to the recommendations of the Financial Task Action Force (FATF). This entity is a money laundering and terrorist financing watchdog all over the world.
In order to open such an account, certain documents have to be filed with the bank where the entrepreneurs apply, however, there are certain procedures that can quicken the process.
The documents and information needed can be provided directly by the account holder or by the financial institution which is transferring the funds for the Investment Account, be it domestic or foreign.
Our company registration consultants in Argentina can offer all the necessary information related to the documents needed to open a special bank account for investment in Argentina.
The procedure involving opening a business bank account in Argentina
In Argentina, generally, in order to open a business bank account, an initial deposit is required to secure the bank account opening.
The value of this deposit depends on each bank and the variable rate of currency exchange. An international finance expert will assist you with these conversions and help you calculate the related fees and minimum amount involved in being able to sustain such a bank account.
It is important to comprehend the interest and growth rates connected with the international bank account so that the applicants can maximize their earnings. Our Argentina company formation agents can assist you with this procedure. We can also help you in setting up a company in Argentina.
What to consider when opening an Argentine bank account?
No matter, if you are a foreign citizen or investor who opens a company in Argentina, setting up a bank account here, is relatively easy. In 2023, foreigners are only required to present their identification documents when opening a peso savings account. They must present an ID issued by the Office of Vital Statistics to prove their identity. However, here is what you need to consider:
- the creation of a corporate bank account can take approximately 8 weeks;
- for a personal account, the process can be completed in 2 or 3 days, however, it can take up to one month to obtain the attached debit/credit card;
- bank operating hours are quite short; they usually range between 7.30 AM and 1 PM, especially in wintertime.
If you need to know more about bank accounts in Argentina or for assistance in opening a business here, please get in touch with our company formation representatives in Argentina.