Can I open a bank account with just my passport?

No. A passport is not sufficient for banking in Argentina; a DNI is mandatory for all account holders.

Is it worth the effort to open a local account?

For most expats, no. Due to strict currency controls, keeping money in a local bank account can lead to loss of value. Most prefer to keep funds in a foreign account and use apps like Western Union to transfer money as needed.

What is the MEP exchange rate?

The MEP is a legal exchange rate for foreigners using foreign-issued credit/debit cards in Argentina. You get a rate much closer to the informal 'Blue' rate than the official bank rate, making local cards less necessary than before.

Opening a Bank Account in Argentina as a Foreigner

Opening a bank account in Argentina is extremely difficult for tourists and temporary residents because it requires a DNI (National Identity Document) and a CUIL/CUIT tax identification number. You should focus on using Western Union or a global multi-currency account like Wise or Revolut instead of attempting to open a traditional local bank account.

Obtain Legal Residency. You cannot open a bank account as a tourist. You must first secure residency (e.g., temporary residency via student, work, or rentista visas) and be issued a DNI card by the RENAPER office.
Get your CUIL/CUIT. Once you have your DNI, you must visit an ANSES office to register for a CUIL (Código Único de Identificación Laboral). This is the tax ID required for any financial operation in the country.
Select a bank and gather paperwork. Choose a bank with a physical branch near your residence. Most will require your DNI, your CUIL, and proof of income (usually a local payslip or a certified statement showing regular deposits).
Submit the application in person. Go to the branch, request to open a 'Caja de Ahorro' (savings account), and submit your documents. Expect the process to take 2-4 hours and note that the manager has final discretion on approval.

Can I open a bank account with just my passport?: No. A passport is not sufficient for banking in Argentina; a DNI is mandatory for all account holders.
Is it worth the effort to open a local account?: For most expats, no. Due to strict currency controls, keeping money in a local bank account can lead to loss of value. Most prefer to keep funds in a foreign account and use apps like Western Union to transfer money as needed.
What is the MEP exchange rate?: The MEP is a legal exchange rate for foreigners using foreign-issued credit/debit cards in Argentina. You get a rate much closer to the informal 'Blue' rate than the official bank rate, making local cards less necessary than before.