Banking, Money and Taxes in Argentina

The Argentinian banking sector is well established, and expats can open a bank account in pesos or dollars as long as they can present the required identification documents.

Expats may choose to leave their money in bank accounts in their home country, which may slightly complicate a few aspects of living in Argentina. Hefty taxes apply when transferring money from an offshore account to a local account, so you’re advised to think carefully before doing this.

With a bit of patience, it’s completely possible to open a bank account in Argentina. As of April 2025, Argentina has lifted most currency controls, making foreign exchange transactions significantly easier than in previous years.

Money in Argentina

The official currency in Argentina is the Argentine peso (ARS), commonly referred to simply as the peso. The peso is divided into 100 centavos.

• Notes: ARS 100, 200, 500, 1,000, 2,000, 5,000, 10,000 and 20,000
• Coins: ARS 1, 2, 5 and 10

Although there are centavo coins in circulation, these are rarely used due to inflation.

Banking in Argentina

Even though the country’s economy is notoriously unstable, the banking system in Argentina is doing well. This may be because banks are used to the instability and have begun shifting their operating models to those of more orthodox countries (revenues based on lending and selling other financial products).

The largest local bank in Argentina is Banco de La Nación Argentina, although there are many others, including Grupo Financiero Galicia, Banco Patagonia, Banco Provincia, and Banco Rio.

Banco Santander and Citibank are the major foreign banks operating in Argentina, following HSBC’s sale of its Argentine operations to Grupo Financiero Galicia in 2024.

Banks are usually open for business from 10am to 3pm (depending on cities and seasons) and are closed on Saturday and Sunday. Most ATMs are open around the clock every day of the week. Be prepared to queue whenever you enter a bank’s premises, and know that you’re not very likely to find English speakers working at local banks.

Opening a bank account

To open the equivalent of a current account (cuenta corriente) in Argentina, you’ll need a variety of documents, including 

• a DNI (Documento Nacional de Identidad)
• your passport
• proof of residence
• a CUIT number (business tax code)
• aCUIL number (personal tax code)
• your AFIP (social security number)
• as well as money to put down as a deposit

These requirements vary between banks, so consult individual branches for specific details. While a DNI isn’t legally required, it’s practically necessary for online banking services.

To open a savings account, you must be a permanent resident of Argentina, although all banks must offer free peso savings accounts (caja de ahorro) to foreigners under Central Bank regulations.

Visas and Residency in Argentina

Using an offshore bank account

Paying money into an Argentinian account from an offshore source can be incredibly frustrating. Both banks and the government charge taxes, the exchange rates are generally poor, and it can take weeks for the money to actually arrive. However, the lifting of currency controls in April 2025 has improved the situation for foreign transfers.

Withdrawing funds from a foreign account using an ATM in Argentina will incur heavy fees. ATM withdrawal limits are typically restricted to around USD 100 to USD 200 equivalent per day, with a maximum of two daily transactions. You can usually leave your card in the machine and complete both transactions consecutively, although each will be charged separately.

Many people living in Argentina prefer using Western Union to transfer money. This is efficient, but there usually are restrictions on the amounts that can be sent and received. MoneyGram offers another reliable alternative with generally lower fees than Western Union, and there are also modern digital transfer options like Revolut and Wise. Argentina leads Latin America in digital payment adoption, with 95 percent of the population using payment apps.

Credit

Almost anything in Argentina can be paid for in cuotas – instalments of up to six payments – including even supermarket food shopping.

You can pay in cuotas using local credit and debit cards. If you present a foreign registered card, the payment has to be done immediately and in full. Expats using foreign cards need to produce identification, and a passport usually suffices. Since the lifting of currency controls in April 2025, foreign cards now receive more favourable exchange rates (MEP rate) when making purchases, although online purchases in Argentina still require local cards.

Argentinians have to present their DNI for all transactions paid for with cards. Very few people have standing orders or direct debits set up on their bank accounts. Most bills are paid in cash, so at certain times of the month, when payments are due, queues at banks, finance houses, and Pago Facil (easy payment) outlets are long. Digital wallets like Mercado Pago are increasingly popular, with about 60 percent of Argentinians using them for online shopping.

ATMs

ATMs are plentiful in the larger cities in Argentina; they can be found in shopping malls and the like. In the smaller towns, they are normally only on the bank premises in the centre of town.

ATMs are available 24 hours a day, but on certain days, such as Thursdays or days preceding a national holiday, there may be long queues, and there’s a chance the machine may run out of money.

ATMs also have a limit as to how much you can withdraw, which will depend on your debit/credit card, your bank and the country you are from (if you are using a foreign bank card). It is advisable to talk to the bank about withdrawal limits that may apply.

Useful links

• Central Bank of Argentina (BCRA)
• Banco de la Nación Argentina
• Banco Galicia
• BCRA Financial Consumer Protection Service

Taxes in Argentina

Taxes in Argentina are an extensive and complex affair. This South American country has no federal inheritance or gift tax (although Buenos Aires province has such taxes under certain conditions), but there are high rates attached to everything else – income tax, personal asset taxes including a wealth tax on worldwide assets for residents, transfer taxes and an exceptionally high VAT (Value Added Tax) of 21 percent, rising to 27 percent for telecommunications and utilities.

Expats planning on earning money in Argentina are advised to seek the guidance of an accountant with professional experience in the country.

Income tax

Tax residency in Argentina generally follows the 183-day rule – you become a tax resident if you spend 183 cumulative days in the country during a calendar year. Foreigners assigned to work in Argentina for less than five years are considered non-residents for tax purposes, while those working for more than five years become tax residents.

Tax residents are subject to Argentina’s progressive income tax system on worldwide income, and rates range from 5 percent to 35 percent.

Non-residents are only taxed on Argentine-sourced income. Continuous absences of 12 months or more may affect residency status for permanent residents. A non-resident’s income may be subject to a withholding tax of 35 percent, calculated on presumed revenues. Money paid into an Argentinian bank account from an offshore source may result in this deduction, so it is important to check on this before transferring large sums of foreign currency into the country.

Employers are responsible for dealing with the relevant paperwork regarding taxes for their employees and usually make a single payment at the end of the year.

Self-employed individuals pay their taxes to the local tax office every month. There are various allowances and deductions that can be taken into account, such as those for dependants, life insurance and funeral expenses.

Many people in Argentina work ‘in the black’, meaning illegally, to avoid paying their taxes. Employment taxes imposed on an employer are crippling, and you may be surprised to find that it is common for even businessmen to go the ‘black’ route.

Useful links

• AFIP (Federal Tax Administration)
• AFIP: CUIT/CUIL Application Guide
• COPREC: Consumer Protection and Complaint Service
• Ministry of Economy