Workforce Payments Guide Argentina

Last updated: Dec 18, 2023

Argentine Peso (ARS)
Payroll Frequency
Buenos Aires
Fiscal Year
1 January - 31 December
Employer Taxes
26.91% - 29.91% +100 ARS
Central Bank
Banco Central de la República Argentina (BCRA)
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3rd Party Payments

Authority  Payment Frequency  Due Date  Payment Method 
Corporate Income Tax (CIT)  Monthly  Second week of the fifth month after the fiscal year-end  Electronically 
Individual Income Tax  Annually  June of each year  Electronically 
Wealth Tax  Annually  Last week of June  Electronically 
Financial Income Tax  Annually  Last week of June  Electronically 
Social Security Contribution (Employer)  Monthly  N/A  Electronically 

Payments Coverage

Papaya Global can support payments to contractors. Payments to payroll employees require a local bank/trust account.

Contractor Payments

Papaya Global supports payments to contractors in Argentina. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. it is advised for contractors to reach out to their bank to confirm how foreign currencies are handled

Payroll Frequency

Salaries are paid monthly.


The Know Your Customer (KYC) process in Argentina involves the collection and analysis of basic customer information, verification of customer data in third-party databases, and monitoring of transactions and risk profile. Financial institutions, including cryptocurrency exchange platforms, are required to collect basic information about the customer, such as their full name, address, date of birth, and identification number. The identity verification process can be carried out digitally through applications like BUENBIT, which uses effective technologies to ensure the validity of identity documents.

The KYC process also involves an assessment of the customer’s risk profile based on factors like the origin of funds, the nature of transactions, and the geographical location of the user. Financial institutions need to continuously monitor customer transactions and activities to identify any suspicious or unusual activity that may point towards a higher risk of money laundering or terrorist financing.

Additionally, the KYC process in Argentina is enabled by workflow management that covers tasks, automatic communications, verification integration, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), risk profiling, and alignment with a quality control framework. It also includes the management of KYC processes for existing customers based on renewal cycles and client-triggered events.

For users conducting cryptocurrency transactions, KYC involves registration on the cryptocurrency exchange platform, providing personal and financial information, and verifying their identity and proof of residency. Cryptocurrency exchange platforms are regulated by the National Securities Commission (CNV) and the Financial Information Unit (UIF), which require the platforms to implement measures to prevent money laundering and financing of terrorism. This includes verifying the identity of users through the KYC process and ensuring compliance with KYC and AML policies and procedures.

Banking Regulations

Country-specific banking laws and regulations that impact cross-border workforce payments:

  •  The requirement for individuals and legal entities to convert into Argentine pesos (ARS) in the local financial system, the value of goods and services exported.
  • Entities requiring access to the official exchange market must attest in a sworn statement that they did not use the blue-chip swap mechanism 180 calendar days before and after requiring access.
  • Regulations that address accessing the foreign exchange market to pay for services performed by related companies abroad when the local company is a collection agent in Argentina for freight services or other transportation services rendered by nonresidents. These types of payments now must be made 90 calendar days after the effective date of rendering of the service.
  • The Financial Entities Law (21,526), Central Bank’s Organic Charter (Law 21,144) and the Criminal Exchange Regime Law (19,359) governs the banking sector, foreign exchange regime and penalizes violations to the exchange control regulatory framework respectively.
  • The Anti-money Laundering Law (25,246) empowers the Financial Information Unit to apply monetary sanctions to both individuals and legal entities involved in money laundering activities.
  • Regulations issued in 2016 and 2018 created a legal framework for mobile payment platforms (MPPs) and created virtual uniform codes (CVUs) which facilitate interoperability between bank accounts and PSP accounts.
  • The regulation issued on 9 January 2020 defined PSPs as legal entities that serve at least one function in a ‘retail payment scheme’ within the Argentine payment system, such as offering payment accounts.
  •  The operation of the Electronic Means of Payment (MEP), managed by the BCRA, which channels monetary policy and call money market transactions.
  •  The use of automated clearing houses to primarily process checks, transfers, direct debits, and any balance resulting from ATM networks and credit cards.
  • The participation of the BCRA in two regional agreements with other Central Banks, resulting in the development of two cross-border payment systems: ALADI (Latin American Integration Association) and Local Currency Payment System (SML).
  • The implementation of a new national digital payment system, named Transferencias 3.0. This system allows any business or company in the country to charge for its services through payments made through a QR code on a mobile phone. It allows the unification of all Argentine fintech companies and banks in the same means of payment system, with the system being monitored by the BCRA and managed by four private companies. This system allows immediate payment accreditation, at a cost of 0.8% per transaction.

Opening a corporate bank account in Argentina involves several steps. Here’s a general guide:

  1. Complete the corporate bank account application form: This is usually provided by the bank.
  2. Draft a letter: The letter should state the name and general details of the company, the reason for doing business in Argentina, and the names and personal details of the person(s) who will be handling the account.
  3. Provide required documents: These include the company’s Memorandum of Association, ID/passport copy of the company representative, proof of legal address, and proof that the company has a unique tax identification code (CUIT).
  4. Submit all forms and supporting documentation for review/processing.
  5. Attend a face-to-face interview with a bank representative: Alternatively, you can send a local company representative or trusted partner to do so on the company’s behalf.

Please note that the process may vary depending on the bank, and it may take approximately 8 weeks to open a corporate bank account. It’s also possible to open a bank account remotely with certain banks.

International Banks

The major foreign banks operating in Argentina are HSBC Bank Argentina, Banco Santander Río, BBVA Argentina, and Citibank.

Major Local Banks

The major local banks operating in Argentina are Banco de la Nación Argentina, Grupo Financiero Galicia, Banco Patagonia, Banco Provincia, Banco Macro S.A., Banco Ciudad, Banco Credicoop Cooperativo, Banco Santander Rio S.A., Banco Hipotecario, and Banco BBVA Argentina S.A.

Payment Tools

The B2C payment tools available in Argentina include PagoFacil, Cobro Express, RapiPago, prepaid cards, direct carrier billing (mobile payments through SMS), debit and credit cards from MasterCard and VISA, International credit cards (Visa, MasterCard, American Express), Local credit cards (Naranja, Cabal, Tarjeta Shopping, Argencard, Censosud), digital wallets, QR payments, and the payment solution MercadoPago.


In Argentina, it is possible to pay employees in cryptocurrencies. This is due to a bill which allows businesses to pay their employees either fully or partially in cryptocurrency. The bill also provides definitions for cryptocurrencies and other related terms in the crypto market.

The employees have an absolute decision on accepting, revoking, or modifying this type of payment. The employer is obligated to bear the costs of transferring the cryptocurrencies. Payments can be agreed upon in pesos equivalent to a cryptocurrency’s pricing or as a direct payment in cryptocurrencies.

However, it’s important to note that employers must still comply with regulatory obligations to prevent corporate abuses. The Central Bank, the National Securities Commission, and the AFIP tax agency are closely monitoring cryptocurrency-related activities. It is still uncertain whether this bill will be fully approved by Parliament.

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