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LukeD

New member
Hello i have some business in Argentina and i need to open a Bank Account that accept ARS(Argentine Pesos) in and out. is it possible to have it without be resident or have a physical company there. thanks everyone
 

mrau

Active Member
Hello i have some business in Argentina and i need to open a Bank Account that accept ARS(Argentine Pesos) in and out. is it possible to have it without be resident or have a physical company there. thanks everyone
No, as far as I know it's almost impossible for non-domiciled aliens to open an account in Argentina.
I said "almost" cause I've heard there's a tiny workaround for those Argentines who permanently left the country but need to keep paying something locally in ARS (specially taxes over any asset they kept domiciled in Argentina)
Those "special" accounts must be open in the banks headquarters as branches are not familiar at all with such non-standard procedure.
Perhaps it better than you call a local tax firm and they might be of much more help
 

mrau

Active Member
If it is impossible to open a bank account remote there may be EMI's that can help you to send and receive ARS, not sure but what about Wise ?
Not only remotely, physically too. If you (or a company) are not resident, banks won't open the account.
WISE used to handle in/out ARS until the stringent currency and capital controls imposed by the current communist Government. Now you can only hold and/or buy ARS (at the government exchange rate which is 50% higher than the paralel legal market). If I'm not wrong, If you are an Argentine resident you can also withdraw what you bought to a local account. (But not send any ARS to WISE)
Local EMIs, won't accept non-resident aliens either as they require a local ID and Tax code.
 

Cetme308win

Entrepreneur
No, banks in Uruguay won't touch ARS with a barge pole. ARS is currently a currency heavily controlled and intervened by the communist Argentine Government.
yes I know,but they have tons of customers from Argentina and some banks arrange special solution for their customers including ARS to USD exchange with the free market rate
 

LukeD

New member
Thanks, i had all the information about payments,
i think the better solution is establish a company there in order to have the
possibility to open an account.
 

offshoreforever

New member
Without being an Argentine tax resident, you have it difficult.

With Wise (ex-TransferWise) you can eventually deal with Argentine pesos, but you cannot receive transfers in that currency. For that you need an Argentine bank.

You will have to talk to the banks to see if one can give you service. The best are Santander, Galicia and BBVA. I don't recommend state banks at all. Look at some of the private ones (like the ones I mentioned).

In Argentine banks, in addition to operating with the local currency, it is also common for them to give you an account in US dollars. My personal advice is that all your earnings in pesos are immediately transferred to dollars, due to the very strong devaluation of the Argentine peso. Nobody wants that currency, not even the Argentines themselves. For the only thing that helps them is to spend them at the moment, but when saving and buying important things like a house and a car, the dollar is used.

If you are a client of Santander Spain or BBVA Spain, it may be easier for you to open an account in its Argentine version. Anyway, ask.

And you're going to have to do it in person. In itself, it is difficult for them to give you service if you go in person... And if you don't go, they won't give it to you directly.

I wish you luck.
 

LukeD

New member
Without being an Argentine tax resident, you have it difficult.

With Wise (ex-TransferWise) you can eventually deal with Argentine pesos, but you cannot receive transfers in that currency. For that you need an Argentine bank.

You will have to talk to the banks to see if one can give you service. The best are Santander, Galicia and BBVA. I don't recommend state banks at all. Look at some of the private ones (like the ones I mentioned).

In Argentine banks, in addition to operating with the local currency, it is also common for them to give you an account in US dollars. My personal advice is that all your earnings in pesos are immediately transferred to dollars, due to the very strong devaluation of the Argentine peso. Nobody wants that currency, not even the Argentines themselves. For the only thing that helps them is to spend them at the moment, but when saving and buying important things like a house and a car, the dollar is used.

If you are a client of Santander Spain or BBVA Spain, it may be easier for you to open an account in its Argentine version. Anyway, ask.

And you're going to have to do it in person. In itself, it is difficult for them to give you service if you go in person... And if you don't go, they won't give it to you directly.

I wish you luck.
I willing to go on person if that can help my business.
 

Giuseppe740

New member
Good morning, I connect to the post because I too might be interested and I have some doubts about banking practices and laws in Argentina.
In particular, from what I understand if you work with Argentina, those who pay are subject to a 30% tax on foreign exchange which penalizes and discourages business with foreign countries.
At the same time if you invest in Argentina with foreign currency you should be favored and protected, this is what I would like to understand better.
Thanks to those who can give me information
 

mrau

Active Member
Without being an Argentine tax resident, you have it difficult.

With Wise (ex-TransferWise) you can eventually deal with Argentine pesos, but you cannot receive transfers in that currency. For that you need an Argentine bank.
That's what I already told him above
You will have to talk to the banks to see if one can give you service. The best are Santander, Galicia and BBVA. I don't recommend state banks at all. Look at some of the private ones (like the ones I mentioned).

In Argentine banks, in addition to operating with the local currency, it is also common for them to give you an account in US dollars. My personal advice is that all your earnings in pesos are immediately transferred to dollars, due to the very strong devaluation of the Argentine peso. Nobody wants that currency, not even the Argentines themselves. For the only thing that helps them is to spend them at the moment, but when saving and buying important things like a house and a car, the dollar is used.
There's a stringent currency control in place. You cannot transfer between your Peso account to your Dollar account. Only USD 200 per month and with a 65% tax levied by the communist government.
If you want US dollars in the legal way, you have to do it through a stock/bonds operations in a brokerage. The price there is 65% higher than the government-imposed official exchange rate.
If you are a client of Santander Spain or BBVA Spain, it may be easier for you to open an account in its Argentine version. Anyway, ask.
Neither private nor public banks will open the account unless you have a local Tax Code Number.
And you're going to have to do it in person. In itself, it is difficult for them to give you service if you go in person... And if you don't go, they won't give it to you directly.

I wish you luck.
 

Cetme308win

Entrepreneur
What banks do you heard about that can do it?
any bank in specific like a lot of them do that
He meant in Uruguay but that's wrong. No banks in Uruguay handle ARS
They do but holding the ARS through Argentina banks...

Actually such schemes works like:
You are paid in an account that the Uruguay banks have in Argentina.
Like most people don't want ARS, there are exchanged for USD using the free market price (dolar BROU) to another guy in need of ARS with an account in the same bank or even in another one
 
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