Best online Banks in ARGENTINA
In the last few years, we have looked into and used dozens of online banks all over the world. Because of this, we can give you an overview of the best online banks in Argentina. Argentinian online banking market, which is still small but growing quickly from year to year.
Online banks in Argentina still have a long way to go, to be honest. But they already have good payment accounts and credit or debit cards.
People often call online banks “neobanks,” “virtual banks,” “mobile banks,” “fintech companies,” or “challenger banks.” They only do business online and don’t have any physical locations.
That doesn’t have to be a bad thing, though, because you can contact their customer service directly through the app, by email, or by phone.
Online banks are different from traditional banks in that they don’t have big infrastructures that have been around for decades and would take years to update to new technology. This means that digital banks are always making improvements and adding new features to help their customers.
Let’s find out what Argentina’s best online banks are.
Best Online Banks in Argentina
- It’s easy to sign up online.
- Transfers of money right away
- Pay in installments
- Tools for budgeting and analysis
- Almost no fees
Brubank was started in 2017 and got its license from CBA in September 2018. Juan Bruchou, who is the CEO of Citi Bank in Argentina, started the fintech company.
Only a spending account with a Visa debit card is available. They also follow best practices for digital banking by not charging you to open an account or to keep it up to date. They also let you send and receive money for free, withdraw money from ATMs and Extra Cash for free, and pay bills for free.
The only things that might cost you are cash withdrawals from ATMs abroad, which cost US$ 6.05 each, and a card replacement fee of $90.75.
The app also has a powerful budgeting and analytics tool that makes it easy to see where your money is going.
If you want a simple payments account, Brubank will do what you need it to do.
- Free accounts in pesos and dollars
- A savings account with a fixed term
- Credit and debit cards
- Invest in dollars
Reba lets you hold both pesos and dollars in a multi-currency account. Not only that, but you can also invest in dollars without any trouble. You can choose between the Dólar Bolsa and the Dólar Solidario.
The account comes with virtual cards that you can use right away with your app to buy things in-store or online. But, you can also order a physical Visa debit card.
Reba also has four American Express credit cards you can choose from if you want more:
- .re Green – free
- .re Gold – $176 + vat per month
- .re Platinum – $597 + vat per month
- .re Black – $867 + vat per month
Getting a re Green credit card is free, and there are no fees for renewing or maintaining it.
The rest of the credit cards have perks in the areas of help, food, airport lounges, and concierge services. Or help with travel, help at home, and use of public roads.
From the app, you can open a Fixed Term savings account in pesos or dollars. You can choose between 1 and 3 months. After that, you’ll get your money back plus interest.
Reba is also a simple account that lets you invest in a basic savings account with a fixed term and in dollars.
- Simple to start a bank account
- Transfers of money for free
- Mastercard for free
- Pay bills and recharge prepaid services
- Tools for budgeting and analysis
Pierpaolo Barbieri, an entrepreneur and historian from Argentina, started Ualá in 2017. Since then, it has grown quickly by giving people a simple payments account and a prepaid Mastercard.
There are no monthly fees, no fees to open or keep an account, no fees to close an account, no fees to send money to another Ualá user, no fees to add money to your account, and no fees for your first ATM withdrawal each month.
- You can open an account quickly
- Account for saving
- Fixed term saving
- Debit and credit cards
- Offers of discounts and sales
- Pay in installments
Wilobank has an account for saving money that comes with debit and credit cards. They also have a Fixed Term UVA Precancelable with a minimum term of 90 days and a minimum amount of $1000.
Most of the time, there are no fees for the Wilobank savings accounts. Most importantly, there are no fees to open or keep the account, no fees to use ATMs inside the country, no fees to transfer money, and no fees to replace the card.
Benefits of online banks in Argentina
Digital or online banks have a lot of good points. The first is that they give established banks, which are stuck in their ways and can charge as much as they want for their services, something to worry about.
Yes, there are almost no fees at digital banks in Argentina, and there are never any fees for day-to-day banking. What’s the point of paying traditional banks high fees for services you don’t use?
Digital banks have a lot less financial products than traditional banks, but those are the ones you’ll actually use. They’re much easier to use and more convenient because of this. Most of the time, you can sign up in a few minutes and start using your account right away. You can pay online and in stores even if you don’t have a card.
Not only is it easy to open a bank account online, but there are other things that are also helpful. You can apply for a mortgage and do just about everything else that has to do with your money from your couch. Start by opening your banking app and finding the menu.
All of these financial apps also have the highest security standards, like being able to log in with your fingerprint or two-factor authentication (2FA) and getting real-time alerts every time you use your app or card to buy something.
The budgeting and analytics features are also helpful because they show you exactly where your money is going and where you spend the most (rent, restaurants, take-out, car, etc.). You can set limits so you don’t spend more than you can afford and can save a few pesos.
Of course, best online banks in Argentina and around the world have more pros than cons, but let’s look at some of the cons.
Drawbacks of online banking in Argentina
In Argentina, most online banks were started in the past five years. All of these companies are still very young, but they are all working hard to bring mobile banking to the country.
They offer less in the way of financial products to their customers. Some of them don’t have one or two things, but they do have other things to offer. For example, a digital bank may offer loans but not mortgages or savings accounts, and vice versa.
Even if a online bank lets you invest, it might not have a savings account. That doesn’t have to be a bad thing. Not everyone uses their bank account for saving, investing, mortgages, loans, and so on. Sometimes, simpler is better.
The same could be true for customer service. In this way, traditional banks are also not perfect, so this is a problem for both new and old institutions.
How safe is digital banking?
People still have a lot of doubts about digital banks. They often ask if they are safe and if their money is safe too.
Most digital banks are not real banks but rather financial technology companies. Because of this, the Deposit Guarantee Fund (FGD) does not cover them and does not insure the deposits of their customers.
Still, digital banks have to keep their customers’ deposits in separate accounts at big banks, where neither the banks nor the customers can use the money to invest in other things. They can only use it for what it was made for, and they must always be able to get to it.
This is probably the best way to keep deposits safe, since customers can always get their money back if a bank goes bankrupt. At least, that’s the idea.
Online banks in Argentina and around the world are on the cutting edge of safety and security, and they use the newest technology to fight cybercriminals.
How to start using and open online banking account in Argentina
A digital banking account is very easy to sign up for. You don’t even need to leave your house. You can start using the app from the comfort of your couch by downloading it. It only takes a few minutes for the whole thing to happen.
You have to live in Argentina, be 18 or older (or younger if your parents give you permission), and have a government-issued ID. You’ll need to fill out some basic information about yourself and take a selfie and a picture of your ID.
The digital banking market in Argentina has slowly started to wake up. Even though the market isn’t quite ready, the few independent online banks that are out there will be a good choice for customers who don’t have many needs and are probably younger.
The 45 million people who call Argentina home have a lot of potential. Many of them still don’t have any or enough bank accounts. If Argentine digital banks learn from their neighbor Nubank, they could become a major financial player in Latin America and even an unicorn.
But they’ll have to hurry because Nubank is also moving to Argentina, which could be a huge problem for the players in their own country.
Find out what online bank provides the best online banking for your needs.
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