Safe deposit boxes: how much do they cost and what are the requirements of the main banks to rent them?

2023-02-22 17:25:27 By : Ms. Carbon Yan

Safeguarding valuables is a necessity that is always present among Argentines, so it is not surprising that in recent years the demand for safe deposit boxes has increased considerably, according to what was reported by the banking entities themselves.There are dozens of sizes and hundreds of options on the market, but the most common boxes, those that measure 10x15x60 or 10x15x50, have values ​​ranging from $14,400 to $57,777 per semester.These are spaces that allow you to store about USD 250,000 (or less, if there are bills of less than USD 100).There are so many safe deposit box alternatives that it is impossible to analyze them all, but a review of what some of the main banks in the country offer, allows you to form a clear idea of ​​what are the values ​​that are handled in the market.In order to make a balanced comparison, the smallest boxes offered by each bank (10X15X50 or 10X15X60) will always be taken into account.In addition, the semi-annual value will be mentioned in each case (some banks report quarterly or annual rates)According to what was reported on its website, the BBVA Francés bank offers to rent safe deposit boxes for $31,819 per semester.It is far from being the lowest value on the market, but also the highest.Other entities make boxes available to their customers with costs of less than $25,000 every six months.This is the case of Banco de la Provincia de Buenos Aires ($14,400), Banco Nación ($19,201), Banco Credicoop ($22,034.1) and Banco Galicia ($23,079).For its part, according to what was reported by the financial institution, the Supervielle bank offers small safe deposit boxes at a value of $28,000 every six months.The price of the boxes of Banco Ciudad ($30,840), Banco Macro ($39,930) and Santander Río ($57,77.89) is somewhat higher.that offers the possibility of monthly, quarterly or annual.For its part, the ICBC charges its clients $28,382.79 for using an “extra small” 10x15x60 box for a semester.Unlike the bank commissions linked to ATMs, which in recent years have risen above the CPI, the prices of safe deposit boxes registered increases that were below the advance of inflation.At the beginning of 2021, the smallest safe deposit boxes of the banks had an average semi-annual value of $8,180.86 (or $16,351 per year), after the freeze that the Government had ordered at the beginning of the pandemic in the cost of some financial services.Today, the average value of the same service reaches $27,789 per semester or $55,579 annually, which means that in the course of three years safe deposit boxes increased by 240% in nominal terms.In real terms, on the other hand, the value fell since in the same period, the Consumer Price Index (CPI) registered an increase of 289 percent.Therefore, the increase in the average cost of safe deposit boxes was 49 percentage points less than inflation in the last three years.The conditions to have access to a safe deposit box vary between the different banks, but all require that the client be over 18 years of age and in most cases require the applicant to have a savings account or a current account with more than six months old.Regarding the documentation, it is usually requested -in addition to the DNI-, tax receipts, social work invoice or telephone services with no more than 180 days old.It is not necessary, much less obligatory, to declare the contents of the box, although by law the protection of dangerous substances or restricted commercialization is prohibited.One point to take into account is that when signing the contracts, the banks inform that they assume the commitment of compensation for a certain value (almost always USD 50,000).If a theft occurs or some situation that damages the client's assets for an amount greater than the agreed amount, the user will not have coverage.The rest of the rights and obligations of customers and banks are published on the website of the different financial institutions.