Tourists' Inflows of Foreign Currency and Use of Electronic Payment Systems Are Easier

Foreign tourists will be able to open savings accounts in Argentine pesos and United States dollars to use financial services and electronic means of payment, thus benefiting from transparency and security. They are required to hold a bank account in their country of origin for transferring foreign currency to their local accounts.

The measure has been adopted by the Board of the BCRA in line with the recommendations of the Financial Action Task Force (FATF) to avoid money laundering.

Tourists will be able to open accounts either remotely or upon their arrival in Argentina, using their passports or travel documents. No taxpayer identification number (CUIT) or identity code (CDI) will be required.

These accounts may only be opened in the name of natural persons residing abroad, except for countries or territories where the FATF’s recommendations do not apply or else are applied inadequately.

Thus, tourists may make payments in shops—on a debit card or through a banking app—and cash withdrawals by debit to their accounts in pesos. These accounts may also be used to carry out currency exchange transactions.

Deposits, transfers from third parties or investments are not allowed for these accounts in pesos.

“Savings accounts for tourists” may be credited by transfer from tourists’ accounts held in their country of origin or by deposit in cash up to 5,000 United States dollars.

Any remaining balance in the account in foreign currency by the end of tourists' stay must be automatically transferred to their accounts in the country of origin, and the local accounts will be closed. Cash withdrawals in foreign currency are not allowed.

October 28, 2021.

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