Money in Argentina

The Peso is the currency of Argentina and is identified rather confusingly with the Dollar symbol. It is subdivided into 100 centavos. The current version of the Peso came into circulation in 1992 and was fixed to the US Dollar, but  after the fiancial crisis of 2001 this fixed rate system was abandoned.  Peso notes currently in circulation are AR$ 2, 5, 10, 20, 50 and 100. Coins in circulation are of 1, 5, 10, 25 and 50 centavos and 1 peso. Be very careful with accepting change in Argentina. Especially in Buenos Aires there is a large amount of counterfeit money in circulation.

Cost of living

The cost of living in Argentina is noticeably cheaper than in the UK. If you move to the nation with a good amount of funds saved up then you can easily live comfortably. However if your emigrating in search of work and have not much saved then you could find it a struggle as wages are very low.

Opening a Bank account

To open a bank account in Argentina will need to show a valid passport and proof of residency. The amount needed for a minimum deposit varies from AR$1,000 to the need to provide a valid employment contract which ranges from 6 months to 1 year. Bank accounts in Argentina can opened with Pesos or US Dollars.

As an example, Banco La Nación has the following requirements for foreigners to open an account:

Bring your original Identification Document and a copy

Proof of domicile (gas bill, telephone bill, etc.)

Your CUIL ( Código Único de Identificación Laboral)/ CUIT ( Código Único de Identificación Tributaria) / CDI (Carnet de Identidad)\ CUIL is a number given to every employee upon starting to work for an employer. CUIT is a personal number you need to pay taxes. CDI is your Identification Card number.

Initial deposit. To open an account in pesos, this should be at least AR$10. For a dollar account, the initial deposit is US$ 500.

Annual maintenance costs of the account are AR$ 6 for a peso account, and US$ 2 for a dollar account. The costs include a Maestro debit card.