Keeping your Cash Offshore

Offshore deposit accounts should form the foundation for any expat. Offshore accounts are not used to beat bond or equity markets - they won't. Offshore accounts are used because they offer both safety and liquidity.

Before moving to Argentina, you will be well aware that you will not want to deposit any significant amount of money into the local banking system. The locals have been swindled out of their savings by their own government. While it will be necessary to open local u$s dollar and Peso accounts, it will be for convenience purposes only-- for things such as paying bills with online banking.

With the tremendous power of the internet, gone are the days of using a traditional bank with high fees. Unfortunately, due to historically low interest rates, deposit accounts -normal or offshore- are paying out very low interest rates. Still, with all the advantages it is a must for an expat doing business in Argentina. Deposit accounts are both safe and secure. Offshore deposit accounts should form the basis of your financial life.

Set up an account with plenty of time before you move to Argentina. Allow time for any checks, ATM debit cards, credit cards, PIN numbers, etc. to arrive at your USA address before you move. Making sure you have these accounts should be your priority and the one thing you concentrate on doing before you move.

It is not necessary to worry about setting up long-term investments in the first 6-8 months of moving abroad. You might decide that Argentina is not for you or you simply can't work in this type of business environment and move back to your home country. This initial 6-8 month time frame gives you time to see how things are going. Put any spare cash into your deposit account during this time.

For Americans, a good option is BankDirect , NetBank and EverBank. They all have been around for years and are FDIC insured. They all offer online banking and allow you to withdraw money with no hassles in Argentina at any ATM machine. Bankdirect and Netbank allow you to withdraw up to u$s 500 equivalent per day. (1,420 pesos at the time of this post).


It really does not matter which bank you decide to use. The important thing is to keep your cash offshore out of Argentina.