It was only with the election of a new President in 2003 that the financial sector was revived. However, the cost of banking and loans in the country continues to be high.
Currency and Currency Exchange in Argentina
The currency in Argentina is the peso which is denoted as AR$. The peso is further divided into 100 centavos. Peso notes in circulation are in a denomination of AR$ 2, 5, 10, 20, 50 and 100 and coins are of 1, 5, 10, 25 and 50 centavos and 1 peso. Look for the water mark and the metal strip on currency notes as there is a lot of counterfeit money in circulation.
Currency exchange in Argentina is simple with a number of exchange booths being widely available, particularly in tourist areas.
Opening a Bank Account in Argentina
There are no general guidelines for opening a bank account in Argentina. Each bank has its own requirements. Whenever you visit a bank to open an account ask them about their requirements. You will most likely have to show a valid passport, proof of domicile and your CUIL which is a number given to every employee upon starting to work for an employer ( Código Único de Identificación Laboral)/ CUIT is a personal number you need to pay taxes ( Código Único de Identificación Tributaria) / CDI is your Identification Card number (Carnet de Identidad).
An initial deposit for opening an account in pesos should be at least AR$10.
You may opt for a savings account (cuenta de ahorros) or current (US: checking) account (cuenta corriente). Remember costs for these accounts vary. Another option is opening both a savings account and current (US: checking) account. You may open an account in Argentina pesos (AR$) and in US Dollars (US$).
Annual maintenance costs are around AR$ 6 for a peso account, and US$ 2 for a dollar account (including a Maestro debit card)
Banking Hours
Banks are usually open for business from 10:00 till 15:00 (depending on cities and seasons) and are closed on Saturday and Sunday. Most ATMs are open round the clock every day of the week.
Internet Banking in Argentina
Most banks have introduced internet banking known as Banca para el hogar, this makes it possible for people to do most of their banking online.
Offshore Banking in Argentina
Banks like HSBC provide offshore banking services, and those looking for these services could check with international banks in their country before moving to Argentina to confirm whether the facility is available.
Money Transfers in Argentina
Money transfers through the internet are possible and take up to 10 minutes with commissions being as high as 7-10%. In Argentina, internet banking has made money transfers quick and efficient. However international transfers could involve delay.
Debit and Credit Cards
Visa, MasterCard, Credencial, Carta Franca and Cabal are five credit cards that can be issued by different institutions without an exclusive relationship with the issuing institution. However Diners and American Express are two credit cards that have an exclusive relationship with the issuing institutions and may be accepted in less retail outlets as a form of payment. At a regional level in the country there are several more credit card options available.
Debit cards in the country are generally issued by international brands such as Visa with Electron or MasterCard with Maestro and function through the ATM networks of Banelco and Link in Argentina. You do not have to pay any additional charges to apply for a debit card that permits use of ATM's and other expected operations such as making payments at retail outlets, pharmacies and gas stations. Other cards may attract additional charges.
Mortgages
To procure a mortgage the average Argentinean requires a minimum net income required of around AR$ 1500/month and should not be older than 75 years on the estimated date of complete payback. In order to be eligible to procure a mortgage, a foreign national should have spent at least one year working legally in Argentina. Banks also consider your profession and usually look for people who have continuously worked with the same company for 2-3 years.
Though banks offer mortgages for different periods at different rates of interest and different requirements, the periods generally are 5, 8, 10, 12, 15 and 20 years. The rate of interest is around 7.5 - 11% for loans up to ten years while loans with duration of more than ten years attract 9 - 12% interest.
Short term loans have lower income requirements than mortgages, but the amount remains high. To qualify for any loan up till 36 months an average income of AR$ 1000/month per person and AR$ 1,200/month for married couples is necessary. Mortgages for purchase of new real estate, renovation or expansion and building ones own houses are also available.
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