Foreign Tourists Can Now Open Savings Accounts

Through Communique “A” 7384 dated October 28, 2021, the Argentine Central Bank (the “BCRA,” after its acronym in Spanish) authorized financial institutions to open savings accounts for nonresidents.

These accounts in Argentine pesos may be used for purchases in pesos in local stores through debit cards (a non-mandatory requirement) or digital banking apps, as well as for cash withdrawals in local currency.

The provisions established for the opening and operation of the accounts include the following:

• the accounts must be in the name of a person residing abroad with the exception of countries or territories where the Financial Action Task Force Recommendations do not apply or do not sufficiently apply;
• no deposits or transfers from third parties will be accepted nor can they be used for investments;
• the limit for foreign currency allocations is US$ 5,000 (five thousand U.S. dollars) or its equivalent in other currencies per client;
• allocations must be made via transfers from the account holder’s accounts in the country of origin, or (upon proof that the account holder has an account in a financial institution in the country of origin) by deposit of foreign currency at the counter;
• the entity must close the client’s accounts in pesos and in foreign currency once the account holder’s declared stay has ended, after having transferred the remaining balance (by the same method used to deposit it in the account in pesos) to the account holder's account in the country of origin, no cash withdrawals in foreign currency may be made;
• the entities must keep in the account file a copy of the documentation relevant to the transfers; and
• it is possible to operate through the issuance of preloaded cards for purchases in pesos at stores in the country, without opening a savings account.

Finally, the provisions established for savings bank deposits will apply when appropriate.