When expats prepare for opening a bank account in Argentina, they’re usually advised to bring all the documents you’d expect — proof of temporary residency, passport, CUIL number. However, nobody mentions the most important item: patience.

If you’re an expat, getting a bank account can be a complicated and illogical process. In digital nomad and expat group chats, foreigners swap stories and compare notes of what paperwork is needed to open an account and how many banks rejected them. There is, however, a baseline of the required paperwork you need in order to get things rolling. Here’s a basic rundown of the steps you need to take.  

Documentation

Argentina’s Central Bank states on its website that foreigners can open bank accounts if they’re able to present the necessary documentation:

For individuals who come from a Mercosur-member country are part of Mercosur and have a certificate of transitory, temporary, or permanent residency, they need one of the following documents:

• A National Document of Identity (DNI)
• Mercosur Identity Card issued by the Argentine Federal Police 
• Passport from country of origin
• Travel document admitted by Mercosur Decision No. 14/11

Those who are from countries that are not part of Mercosur and have a certificate of transitory, temporary, or permanent residency need one of the following documents:

• A National Document of Identity (DNI)
• Mercosur Identity Card issued by the Argentine Federal Police 
• Passport from country of origin. If applicable, visa by the Argentine consular authority

A representative from Banco Provincia provided a similar list to the Herald in regards to the documentation foreigners must show in order to open an account with them. 

But the plot thickens, and while ideally opening a bank account as a foreigner in Argentina would follow the guidelines set out by the Central Bank, that’s not the case.

Patience above all

Some foreigners have stories of going to five different bank branches before finally being accepted, while the lucky ones were able to open an account on the second try.

For Victor Boström, an expat from Sweden who’s lived in Argentina for four years, it was finally on the third bank he tried that he was able to open an account.

However, even when Banco Nación eventually opened an account for him, they initially told Boström that they couldn’t do so without a DNI, which is the most basic national ID. It was only after he pushed back with a letter from the Migration office that they took his case to a supervisor, who then needed to consult with a third employee before finally accepting his request.

When asked about opening a bank account in Argentina, Aaron Hodges, an expat from New Zealand, told the Herald that he only wished to be quoted, saying “Good luck.” Hodges tried a handful of banks and was rejected for various reasons before finally being accepted. He now has two accounts, one at Banco Ciudad and another at Banco Galicia.

Many expats share stories of not being able to open accounts with only their temporary residency certificate and passport. Agreeing that, essentially, it comes down to which bank you choose, what branch you go to, and the employee who attends to you. Bank branches that are particularly known for being friendlier towards expats wanting to open accounts are Banco Provincia at Av. Santa Fe 1902 and Banco Galicia on Av. Luis María Campos 1349.

Pamela Funes, who helps foreigners with their paperwork during the citizenship process as part of an Argentinian law firm, says that she recommends foreigners who have a temporary residency certificate to also bring a CUIL (a Unique Code for Labor Identification), which can be obtained from ANSES, as well as a monotributo, which is a unified tax system via AFIP.

Foreigners in Argentina also report being able to open an account with only their temporary residency certificate, passport, and CUIL — without needing a monotributo. 

While opening a bank account in Argentina as an expat can be a bit of a crapshoot, you can help your chances by showing up prepared and with more documentation than required. You’ll want to familiarize yourself with the guidelines set out by the Central Bank so that you can reference them if necessary. Don’t hesitate to ask to speak with a supervisor if need be, and do yourself a favor and double up on the patience.