Brubank, Ualá and Mercado Pago: Which Argentine Fintech to Open First
A comparison of Argentina's three biggest fintechs for British expats: which to open first, what each does best, and how they fit into your UK-Argentine money setup.
Thomas SinclairWriter and editor · London
Argentina's fintech sector has transformed expat banking. Where traditional Argentine banks required weeks of paperwork and a DNI, three fintech apps now give you a functioning bank account within 24 hours of arriving — with just your passport and CUIL.
The pecking order for British expats
For related context, see Banking in Argentina as a UK Expat: Opening Accounts and Moving Money.
Open first: Brubank. It offers a free Visa debit card, a peso account AND a USD account (where you can hold dollars), free transfers to other Argentine accounts (CBU/CVU), and direct Wise transfer reception. This is your primary financial tool from day one.
Open second: Mercado Pago. It is Argentina's universal QR payment system. Most shops, restaurants, street vendors, and service providers accept Mercado Pago QR. Your Brubank card works for card purchases, but Mercado Pago QR works in many places that do not accept cards. It also handles utility bill payments from within the app.
Open third (optional): Ualá. It adds a Mastercard prepaid card, basic investment products (money market funds within the app), and some cashback promotions. Less essential than Brubank or Mercado Pago but useful as a backup card and for placing idle pesos into a low-risk fund that keeps pace with inflation.
Brubank in detail
- Card: Visa debit (virtual immediately, physical in 5-10 days)
- Accounts: ARS peso + USD dollar
- Transfers: free to any Argentine CBU/CVU
- Wise compatibility: receives ARS transfers from Wise directly
- ATM: free withdrawals at most ATMs (limit applies)
- Cost: zero monthly fees
- Opening: CUIL + passport, 10-30 minutes via app
Why Brubank first: the USD account is the killer feature. When you receive Wise transfers, the pesos land in your Brubank ARS account. But you can also hold dollars. useful if you import cash or receive dollar income. No other fintech offers both currencies.
Mercado Pago in detail
- Card: Mastercard prepaid (if requested)
- QR payments: the real value — accepted at 90%+ of Buenos Aires commerce
- Transfers: free person-to-person via the app
- Bill payments: electricity, gas, water, internet, phone — all payable in-app
- Investment: money market fund (Mercado Fondo) with daily yield
- Cost: zero
- Opening: CUIL + passport, 10 minutes
Why Mercado Pago second: QR payments are Argentina's default. When you buy vegetables at the neighbourhood feria, pay your portero's annual tip, or split a restaurant bill with friends, Mercado Pago QR is the standard. Many Argentine vendors prefer QR over card because it avoids the card-processing fee.
Ualá in detail
- Card: Mastercard prepaid (virtual and physical)
- Accounts: ARS peso only (no USD)
- Investment: money market fund with daily interest, simple interface
- Cashback: promotional campaigns give 5-15% back at selected merchants
- Cost: zero
- Opening: CUIL + passport, 10 minutes
Why Ualá third: it is a solid backup card and the easiest place to park idle pesos in a money market fund. The Mastercard works internationally, so it doubles as a backup to your Revolut for international card payments.
What they do NOT do
None of these fintechs offer:
- SWIFT international wire transfers — you need a traditional bank for this
- Chequebooks — still used in some Argentine transactions
- Mortgages or formal credit — only traditional banks
- Safe deposit boxes
- Formal banking certificates for visa applications
For these, you will eventually need a traditional bank account (Galicia, HSBC, Santander). But for 90% of daily financial life, the fintech trio covers everything.
The full UK-Argentine money stack
The complete setup for most British expats:
1. UK bank account (kept open). for HMRC, pension, UK obligations
2. Wise. for GBP→ARS transfers at interbank rate
3. Revolut — for daily card spending at interbank rate
4. Brubank. primary Argentine account, USD + ARS, receives Wise
5. Mercado Pago. QR payments, bill payments
6. Ualá. backup card, peso investment
7. (Eventually) Galicia or HSBC — for SWIFT, cheques, formal banking
This seven-account setup sounds excessive but each fills a gap. In practice, you use Wise, Brubank, and Mercado Pago daily; the others are supporting infrastructure.
Not financial advice. Fintech features change. Verify current offerings with each provider before opening.
Worth reading next
Frequently Asked Questions
Which Argentine fintech should I open first?
Brubank, for its free Visa debit card, USD account, and Wise transfer compatibility. It is the most useful single account for a British expat.
Do I need all three fintechs?
Brubank and Mercado Pago cover 95% of daily needs. Ualá is optional but useful as a backup card and for easy peso investment.
Can I open these without a DNI?
Yes. All three open with a CUIL and passport. No DNI required. Get your CUIL at ANSES first.
Do Argentine fintechs charge monthly fees?
No. Brubank, Ualá, and Mercado Pago are all free. No monthly fees, no minimum balance, no card fees.
Sources & Official Links
Professional legal resources
This guide covers the general picture. For case-specific advice — especially on complex visa categories, tax obligations, or time-sensitive filings — these resources from Lucero Legal go deeper.
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