The BCRA promotes access to savings accounts in pesos free of charge for immigrants. Banks will not charge any opening or maintenance fees.
Like Argentine citizens, immigrants are only required to produce their identification document for opening a savings account in pesos. In order to prove identity, people must submit an ID issued by the Office of Vital Statistics (Registro Nacional de las Personas, RENAPER) or passport from its country of origin. MERCOSUR immigrants may also submit their travel documentation.
Accessing a savings account has multiple benefits, including obtaining a debit card, operating through home banking and ATMs, making purchases in person and/or through the internet, immediate and free national transfers, payment of services, loading SUBE, making fixed terms, requesting/joining DEBIN, among others.
According to National Bureau of Migration, more than 200,000 immigrants settled in Argentina during 2018, mainly coming from the fifteen countries that follow: Venezuela, Paraguay, Bolivia, Colombia, Peru, Brazil, Chile, Ecuador, Uruguay, China, the United States, Spain, Mexico, France and Italy. Ninety-three percent of immigrants with temporary or permanent residence permit are from MERCOSUR country members.
This campaign combines efforts towards actions of financial inclusion carried out by the BCRA to promote more accessible financial services and tools: opening of savings accounts in pesos for teenagers; financial education campaign #SaberEsCentral and the Financial Innovation Program (PIF), among others.
