Argentina has deposited $161m (£99m) in bond interest payments with the state-controlled Nacion Fideicomisos bank, in an effort to skirt US court rulings.
The country had previously kept its funds with US-controlled Bank of New York Mellon.
The move comes a day after a US judge ruled Argentina was in “contempt of court”.
That ruling stated Argentina must repay two US hedge funds before repaying other bond holders.
“By making this deposit, Argentina confirms once again its unshakeable commitment to meet its obligations to bondholders,” said Argentina’s finance ministry in a statement.
Argentina is attempting to pay its bondholders in a second tranche of debt known as the Par series so as to avoid defaulting once more.
However, experts caution that simply placing the debt payment in a non-US controlled bank is probably not sufficient to allow Argentina to avoid a US court ruling barring it from repaying certain debts above others.