Job Discussion Forums

[vivaBarca]

This has very likely been discussed before, but I figure I'd ask anyway: what is the best way to manage your money down in BA? That is, what is the most economical way to withdraw (and hopefully deposit!) money without constantly getting assessed ATM withdrawal fees, credit card conversion fees, etc.? I guess it would be advisable to open a bank account with a local bank in Buenos Aires, because I will most likely be withdrawing and depositing money on somewhat frequent occasions? Is it difficult to setup a bank account as an expat (i.e. a very long process, high initiation fees, etc.)? And, lastly, can anyone recommend any particular banks that may be the most legitimate and are the most accessible throughout the city? I'm planning on staying in BA for close to a year, so I think I'd be losing alot of money through ATM withdrawal fees and all that from my (north) American bank. Any thoughts on this issue would be greatly appreciated. Thanks!

[snielz]

Viva,
I am leaving the US for BsAs. in about a week and this is my situation: I have a few thousand US$ as a starting point and didn't know what the best way would be to access that money without paying fees every time I wanted to go out for dinner. I also figure on staying at least a year so these charges will add up. I found out that Citibank has branches in BsAs. and they will allow you to open and account and deposit your money here and then withdraw money with no charge down there. There is a problem in that they will not let you deposit money in branches down there. I think this is because your account will still be in $US. However, if you have a north american account with them, then you should have an easy time opening another account with them in SA and then transferring money between the accounts. Of course, Argentine banks might be a better option, but I won't know until I get there.

[amy1982]

i don't think it matters whether you have an argentine bank or one from the US, france, whatever... unless your home bank will allow you to open an acct in bsas b/c you already have an acct with them. that would be great! i was told you need a DNI to open an acct in bsas. i can't confirm that, though, because i didn't really need one so i decided not to pursue it further. there are atms EVERYWHERE!!

you should be able to withdraw money from the atms as long as you have a 4-digit pin. i have a bank of america account, there are no boa's in bsas, but i was able to withdraw money from my checking and savings without any problems. no fees, good exchange rate. (my agreement w/ boa even says that i only have 2 non-boa atm withdrawals a month without a fee, but i was never charged. apparently, it doesn't count for overseas atms.) if you already have a bunch of US$, i would just keep it in your current acct and withdraw from the atm. that seems like less of a hassle. of course, check with your bank to make sure you won't be charged every time you get money out, but i think that is generally universal.

whatever you do, don't bring traveler's checks. they can be hard to cash, you don't get a good rate, and they charge a fee to cash them. in the us i'm used to using my checkcard for everything. when i was in bsas, i just used cash. it wasn't a problem. there are atms everywhere, just try to go during the day.

[matttheboy]

You need a CUIT/CUIT or CDI (all types of tax numbers) to open a bank account in buenos aires although i've heard of some people opening accounts with none of these. To be honest it's not really worth having an account if you're only going to be here for a year or so, i only use my account for direct debits to pay bills (because i'm lazy and can't be arsed to stand in queues to pay bills). I use money from my english account to pay for most things out here i just put a part of my earnings into my argie bank account to cover the bills.

The best thing to do is to pay for everything that you can with your debit card. As long as it says Visa on it you can use it in most shops and all supermarkets. Just carry cash for smaller purchases, shopping in non-chain stores/shopping malls and going out (most bars and restaurants give a 10% discount for cash payments). You pay no fees for using your card like this (at least UK banks don't charge). Visa also offers the best excahnge rates. Just remember to always take some form of ID with you, some places only accept passports but most accept driving licences etc. Then use your earnings to pay for the rest or take out large sums at one time from ATMs as the most you take out the less (relative to the amount) you're charged.

Remember also that you can get discounts in almost every shop etc except the major chains by offering to pay in cash. In fact that's the first thing i usually mention and the price always drops by 5-15%. Tax evasion is a national past-time here.

[vivaBarca]

Haha, is it now? Sounds like the argentinians are quite creative when it comes to keeping their money away from the government (rightfully so probably). I guess I'll just use my primary U.S. account, hopefully I can negotiate some sort of arrangement with them this summer to minimize transaction fees...or possibly I'll open up a CitiBank account. Either way, thanks everyone for your feedback.

Sneilz, do you have anything lined up in terms of jobs? Are you certified? That's great that your leaving so soon, best of luck to you...barring any unforseen circumstances, I'll be joining you in early September. Let me know your deal...and please keep up on this board even if you've made it down there and are living the good life! Those of us coming down later are always grateful for a good guinea pig !

[snielz]

http://www.essarp.org.ar/index.html

thanks for the good wishes. I am too excited to still be here. I have some working possibilities lined up though not in the teaching field (so I'm not taking one of your jobs). I am actually hoping to go there and practice architecture with groups that focus on social initiatives. Anyway, I have been helped immensely by networking here for months. You would be surprised by how many people with Argentina connections are here... A former professor of mine is from Argentina and has helped me find opportunities there. My friend gave me the link listed above and said they were very good. I think they are for serious teachers. I will let you all know some first impressions and how things are working out. I think my impressions will be good since I will not work, just hang out, the first month or two (I need to be close to fluent to work in an architecture office).

Viva, as you are leaving in Sept.-ish, I would recommend spending all of your time networking- put the word out that you are hoping to move. Use words like "inspired", and "hope", and "adventure"... and ask professors for help. I think professors get very excited when they see a student who wants to do something interesting. (if you aren't a student, talk to former professors, colleagues, community members...) Suerte y hasta pronto.

[ElNota]

I've been wondering the same thing myself. I planned on keeping my money stateside for the year or two I am down in Argentina, and just withdrawing money from ATMs in BsAs.

However, what do you do about more expensive things like rent, or buying a car? I'm pretty sure I have a daily withdrawal limit, and I don't like the idea of stockpiling cash in my apartment.

Any suggestions?

[amy1982]

stockpile cash in your apartment... (sorry)

hopefully someone else has a better idea. keep in mind the exchange rate. if you pay $600 pesos a month for rent, that's only ~US$200...

[vivaBarca]

Hey...I think I figured out a decent solution to my problem. I can't take credit for it on my own, however, because I took the same idea as this guy: http://expat-argentina.blogspot.com/2005/05/expat-banking.html. You guys should def. check out this guy's website, he's got a ton of useful info. for anyone moving to (or living in) Argentina. Anyway, I set up a bank account with USAA. It sounds too good to be true: 1) no ATM withdrawal fees, ever...in fact they will reimburse you up to $15 a billing cycle for other banks tacked-on fees 2) Debit card....3) no minimum balance...4) online statements and bill pay...etc. etc. Anyway, this guy was raving about the company, and when I called they seemed extremely helpful and knowledgable. Hopefully it'll work out.

[JonnytheMann]

Did it work out with USAA? I'm thinking of getting an account with them. The link doesn't work. Can you post some info or their website?

[vivaBarca]

funny you should ask...<i actually just used my USAA card for the first time 5 minutes ago. It seemed to work fine...but time will tell if they hold true on their policy about reimbursement for ATM surcharges...I�ll let you know.

[snielz]

I use USAA and they are, without exaggeration, the best company in the world as far as customer service goes. I don�t have a bank card with them yet (because it got "lost" in the mail on the way to AR) but I use them for online banking and my credit card too and they have been incredible. My credit card was stolen and used in Puerto Rico a few weeks ago and when I realized it was gone they cancelled it, took off the charges, and are sending me a new one with one phone call (now if only the AR mail is as reliable as USAA I will be in good shape).

[snielz]

USAA is the best.

I love USAA.

USAA changed my life.

USAA worked for me.

Thanks USAA!!