How to Open a Bank Account in Buenos Aires
Landing in Buenos Aires means navigating a new banking landscape, but having a local account unlocks immense convenience and ease. From effortlessly managing your expenses to sending money or utilizing mobile payments, living comfortably and integrating smoothly into the city starts with setting up the right financial tools. Today, we’ll teach you how to Open a Bank Account, choose between traditional banks and innovative fintech apps, and confidently use mobile wallets in 2025, ensuring a seamless financial experience in your new home.
Who Qualifies: Residents, Digital Nomads & Visitors
Argentina’s Central Bank (BCRA) facilitates financial inclusion by permitting foreigners to Open a Bank Account through basic savings accounts in pesos. These accounts are often free, with no maintenance fees, provided monthly cash transactions that do not exceed ARS 50,000 and balances remain under ARS 312,500 (BCRA, 2024).
This means that even tourists, with the appropriate tax identification number (CUIL/CDI), can Open a Bank Account similar to local residents (BCRA, 2024).
When you Open a Bank Account in traditional banks, they typically require official identification, such as your passport or DNI (National Identity Document), and proof of address, including a rental contract or a utility bill in your name (Banco de la Nación Argentina, 2024).
Choosing Where to Open a Bank Account: Traditional Banks vs Fintech
Buenos Aires offers a robust financial ecosystem, giving you excellent choices for managing your money.
Traditional Banks
Established institutions such as Banco Nación, Banco Ciudad, Banco Provincia, and Banco Galicia provide a full spectrum of banking services, making them reliable choices when you need to Open a Bank Account. Their services include savings accounts, checking accounts, loans, and investment options (ASBA, 2025).
Banco Nación is frequently recommended for its widespread accessibility and standardized requirements, often making it one of the easiest places for foreigners to Open a Bank Account (Argentina.gob.ar, 2025).
These banks offer the familiarity of branch-based services alongside evolving digital platforms, giving newcomers flexible options when deciding where to Open a Bank Account.
Digital Banks and Fintech
The Argentine financial technology (fintech) sector is evolving, with apps like Brubank, Ualá, and Mercado Pago leading the charge. These platforms offer rapid digital signup processes, often without the need for a physical branch visit (iProUP, 2024a).
Ualá provides a prepaid Mastercard, enabling peer-to-peer transfers, bill payments, and online shopping. It has gained immense popularity for its user-friendly interface and commitment to financial inclusion (Ualá, 2025).
Brubank offers an entirely mobile banking experience, including the unique feature of dual-currency savings accounts in both pesos and U.S. dollars, providing flexibility for managing different currencies (Brubank, 2025).
Mercado Pago, while primarily a mobile wallet, also offers features akin to a digital bank account, deeply integrated with the e-commerce giant Mercado Libre.
Step-by-Step: How to Open a Bank Account
The process to Open a Bank Account is streamlined, whether you choose a traditional bank or a fintech app:
Obtain CUIL or CDI: This tax identification number is essential for nearly all financial activities in Argentina. You can obtain your CUIL (for residents/workers) or CDI (for non-residents/tourists with financial activity) through the AFIP official website or by visiting an ANSES office (AFIP, 2025).
Collect Documents: Gather your passport (or DNI), proof of address (such as a rental contract or a utility bill), and your newly acquired CUIL/CDI (BCRA, 2024; Banco de la Nación Argentina, 2024).
Choose Your Provider: Decide between a traditional bank branch or a digital bank/fintech app that best suits your needs.
Apply: Submit your documents in-branch or via the app. You may be required to make a small initial deposit to activate the account.
Receive Your Card: Traditional banks typically give you a physical debit card within 1 to 2 weeks. Digital banks, on the other hand, often provide a virtual card immediately upon account approval, allowing for instant digital payments (Ualá, 2025; Brubank, 2025).
Managing Your Finances: ATMs, Fees, and Payments
Once your local account is active, managing your finances in Buenos Aires becomes significantly more cost-effective and convenient than relying solely on foreign cards or cash.
ATM Withdrawals
Be aware that ATM withdrawals using foreign cards can incur substantial fees, typically ARS500–1,000 per transaction, often with daily limits near US30–50 (Visa Worldwide, 2025).
To minimize these costs, it’s advisable to withdraw larger amounts less frequently or, better yet, use your local debit card linked to your Argentine account, which incurs much lower or no local fees.
Local Payments and Top-Ups
With a local account, topping up funds and making payments is seamless:
- Deposit Funds: Easily deposit cash or receive money transfers directly into your Argentine bank account or mobile wallet.
- Local Debit Cards: Use your local debit card for everyday purchases, avoiding foreign transaction fees.
- Mobile and Utility Payments: Pay for mobile services, utility bills, and even top up your SUBE public transport card directly through your bank’s app or mobile wallet.
Cash Load Points: For digital wallets like Ualá and Mercado Pago, you can conveniently load funds via cash at widespread Rapipago and Pago Fácil kiosks found in supermarkets, pharmacies, and small shops throughout the city (Ualá, 2025; Mercado Pago, 2025).
Mobile Wallets: Mercado Pago, Ualá, and More
Mobile wallets are not just popular; they are mainstream in Buenos Aires, offering unparalleled convenience for daily transactions.
Mercado Pago: This is arguably the most dominant mobile wallet, deeply integrated with the Mercado Libre ecosystem. It allows users to pay in-store via QR codes, top up their SUBE card, pay bills, send money, and manage investments (Mercado Pago, 2025).
Ualá: Known for its user-friendly interface, Ualá provides a prepaid Mastercard for physical and online purchases, enables peer-to-peer transfers, and offers budgeting tools, contributing significantly to financial inclusion in Argentina (Ualá, 2025).
Brubank: As a fully digital bank, Brubank provides modern mobile banking features, including instant transfers, bill payments, and the flexibility of managing both peso and U.S. dollar accounts from your phone (Brubank, 2025).
Thanks to regulations implemented by the Central Bank in 2024, these apps increasingly support contactless payments via QR or NFC, making transactions swift and secure across a vast network of merchants (BCRA, 2024e; iProUP, 2024b).
Better Finances Mean Happy Living
By setting up either a traditional bank or a fintech account, you gain access to significantly safer and more cost-effective financial tools compared to relying solely on cash or foreign ATMs. Combine that with the widespread adoption of mobile wallets, QR payments, and advanced digital banking features, and Buenos Aires truly becomes a modern and remarkably convenient place to live.
Embracing these financial tools will simplify your daily life, making expenses, budgeting, and transactions without effort. This ease of managing your money is just one more reason why Buenos Aires is an ideal choice for a comfortable and fulfilling life.
