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Banking in Argentina for foreigners

Argentina's currency controls, the cepo, were largely lifted for individuals in April 2025. Banking is now simpler than it was, but a foreign family still needs the right tax number, a dollar account and some local know-how.

Updated 8 min readSourced from official announcements

Key facts

  • Since 2 March 2026, individuals need a CUIT from ARCA to bank or buy property; the old CDI is being phased out, and non-residents apply through a representative in Argentina.
  • The central bank lifted most currency controls on individuals from 14 April 2025.
  • Since January 2026 the peso's floating band widens each month in line with inflation.
  • The official rate was about ARS 1,520–1,540 per US dollar on 2 October 2026.
  • Argentine cardholders who pay foreign spending in pesos still pay a 30% income tax perception.

For years, banking in Argentina meant learning a vocabulary of parallel exchange rates: the official dollar, the blue dollar, the MEP dollar, the card dollar. Since April 2025 the gap between them has narrowed sharply, and buying dollars is legal and easy for individuals. A foreign family can now run its finances largely through the formal system.

This guide sets out the practical steps as of 2 October 2026. Banking rules change often. It is not legal, tax or financial advice; speak to a qualified adviser and to your bank.

Your tax number: CUIT or CUIL

Every account holder needs an Argentine tax identification number. ARCA, the federal tax agency that replaced AFIP in October 2024, issues:

  • CUIT: the tax number for individuals and companies.
  • CUIL: the labour and social security number for employees.

Until March 2026, foreigners without either used a CDI (Clave de Identificación). ARCA’s Resolución General 5803/2025 ended new CDI applications for individuals from 2 March 2026: individuals now get a CUIT instead, and an existing CDI is converted to a CUIT the next time its holder’s registration details change. People who live abroad, with or without an Argentine DNI, must apply through a representative or authorised third party with an address in Argentina; someone who is in Argentina at the time can apply in person at an ARCA office.

Opening an account

Requirements vary by bank. In general, expect to provide:

  • Your passport and, if you are resident, your DNI (national identity document).
  • Your CUIT or CUIL (or an existing CDI, until it is converted).
  • Proof of address and, increasingly, evidence of the source of your income and funds.

A DNI makes everything easier. Without one, expect more questions and a longer process, and ask the bank in advance what it will accept. We could not find a central bank rule that allows non-residents to open accounts remotely, so plan to visit a branch.

The main private banks include Galicia, Santander Argentina, BBVA Argentina and Macro. Grupo Galicia bought HSBC’s Argentine business in 2024 and has been integrating it into Galicia. Banco Nación is the large state-owned bank.

Dollar accounts

Argentine banks offer US dollar savings accounts (cajas de ahorro en dólares) alongside peso accounts. A common approach is to hold local savings in dollars and convert to pesos as needed. Ask your bank how deposit protection applies to dollar balances.

The end of the cepo, and what remains

The cepo was the system of currency controls that limited dollar purchases from 2019. On 11 April 2025 the central bank (BCRA) issued Comunicación “A” 8226, in force from 14 April 2025. It:

  • Let resident individuals buy foreign currency for savings without BCRA approval. Purchases paid in cash pesos are limited to US$100 a month; purchases debited from an account have no fixed limit, subject to the bank’s checks.
  • Introduced a floating band, initially ARS 1,000 to 1,400 per dollar, with the edges moving 1% a month.
  • Allowed companies to pay dividends to foreign shareholders for financial years starting on or after 1 January 2025.

Since 2 January 2026 the band widens each month in line with INDEC’s monthly inflation figure. In April 2026 a further change (Comunicación “A” 8417) removed limits on card cash withdrawals abroad and the obligation for individuals to convert export receipts for goods and services into pesos.

Some controls remain:

  • The cross-restriction. Since September 2025, an individual who buys dollars in the official market commits not to buy dollar-settled securities for 90 days, with some exceptions added in December 2025.
  • Companies. Rules on access to the official market for older dividends and some transfers still apply.

Where the peso stands

On 2 October 2026 the Banco Nación selling rate was about ARS 1,540 and the wholesale rate about ARS 1,522 per dollar. The MEP dollar was about ARS 1,550, and the informal blue rate about ARS 1,560. The gap between rates is now small. For the wider picture, see our briefing on Argentina’s economy under Milei.

Cards: the “card dollar”

Foreign-issued cards are converted by the card network and the issuing bank. With the gap between exchange rates now small, the result is usually close to the official rate. Argentine cardholders are treated differently. The PAIS tax on foreign spending ended in December 2024, but the 30% income tax perception on foreign card purchases paid in pesos is still in force. As a result, the “card dollar” was about ARS 2,000 on 2 October 2026.

Residents avoid the perception by paying the foreign part of their card bill directly in dollars from a dollar account. Your bank can set this up.

Fintech and digital wallets

Digital wallets and QR payments are widely used in Argentina.

  • Mercado Pago, the payments arm of MercadoLibre, is the best-known digital wallet. It applied for a banking licence in 2025. A BCRA director said in September 2026 that Mercado Pago and Revolut would receive licences before the end of 2026. Check the current status before you rely on bank-level protections.
  • Ualá operates as a bank since buying Wilobank, with approval from the BCRA in 2022.
  • Revolut received BCRA authorisation in September 2026 to buy Banco Cetelem.

For a newcomer, a wallet is useful for daily payments, but a traditional bank account remains the anchor for property, school fees and larger transfers.

Cash, compliance and reporting

Argentina has a strong cash culture, especially for property, which is still often paid in US banknotes. Several recent measures aim to bring savings back into the system:

  • In May 2025 Decreto 353/2025 and new ARCA rules raised bank reporting thresholds for individuals and created a simplified income tax return.
  • Ley 27.799, known as “Inocencia Fiscal”, was published on 2 January 2026. It raised the thresholds for tax evasion offences and created an optional simplified regime. A follow-up law passed the Senate in September 2026.

None of this changes international reporting. Argentina has a reciprocal FATCA agreement with the United States, in force since 1 January 2023. Banks will ask for your tax residence and report accordingly.

Tax residence

Holding an account does not make you an Argentine tax resident. According to PwC, foreigners who live in Argentina for reasons other than work become tax resident after 12 months, from the 13th month. Residents are taxed on worldwide income at progressive rates from 5% to 35%. Take tax advice before you spend long periods in the country.

Banking and citizenship

Argentine citizens with a DNI find banking simpler, because the DNI is the standard identity document for every bank. People naturalised through the new Argentina citizenship by investment programme are not treated as tax residents solely because of their naturalisation; the normal residence rules apply. The programme requires all funds to move through the formal financial system. Its legal basis is under appeal to the Supreme Court after a June 2026 ruling by the Cámara Nacional Electoral; see our legal status update and cost guide.

For property payments, see buying property in Argentina as a foreigner.

Sources

Frequently asked questions

Can a foreigner open a bank account in Argentina?

Yes, but you need a tax identification number. Residents use a CUIT or CUIL; since 2 March 2026 non-residents also need a CUIT, requested through a representative in Argentina (the old CDI was phased out). Banks then apply their own know-your-customer checks, which are easier with a DNI and proof of address.

Has Argentina ended the cepo?

Largely, for individuals. Since 14 April 2025 residents can buy dollars for savings without central bank approval, within a floating band. Some rules remain, including a 90-day cross-restriction between the official market and dollar-settled securities, and some limits for companies.

Can I hold US dollars in an Argentine bank?

Yes. Argentine banks offer US dollar savings accounts (cajas de ahorro en dólares). Many residents use them to pay card balances in dollars, which avoids the 30% income tax perception on foreign card spending paid in pesos.

What exchange rate do foreign cards get in Argentina?

Foreign-issued cards are converted by the card network and your bank, usually close to the official rate, which was about ARS 1,520–1,540 per US dollar in early October 2026. The higher card dollar rate applies to Argentine cardholders who pay foreign purchases in pesos.

Does Argentina share bank information with other countries?

Yes. For example, Argentina has a reciprocal FATCA agreement with the United States, in force since 1 January 2023. Banks will ask for your tax residence and report accordingly.

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