Without any opening of accounts, Santiago Bausilli, the current head of the Central Bank, decided to end a measure that arose in 2021.
In October 2021, the Government of Alberto Fernández with Miguel Pesce as head of the Central Bank decided to enable the possibility for tourists to open a bimonetary account in Argentina. The objective was to improve the deficit Services + account and, at the same time, channel the demand for dollars through official channels. However, it was not successful and the head of the Central Bank, Santiago Bausilli, decided to repeal them.
Through Communication A8006, the board of directors of the monetary entity ordered “Repeal the provisions relating to the ‘Savings Bank for Tourists’ contained in point 3.12. of the rules on ‘Savings deposits, salary accounts and special‘”.
How the tourist account worked
Tourists will be able to open the account in virtual mode or when they arrive in Argentina and the identification of the owners will be carried out through their passport or travel document.(the management of the CUIT or CDI is not necessary).
The account must be in the name of a person residing abroadwith the exception of countries or territories where the Recommendations of the Financial Action Task Force are not applied, or are not sufficiently applied.
These accounts can be used for purchases in stores in pesos in the country, both by debit card and through digital banking applications, and to make cash withdrawals in national currency. They will also have the possibility of carry out financial operations for currency exchange. The bank will surely offer you change dollars into pesos through the capital market (MEP), that is, at the financial exchange rate.
Deposits, transfers from third parties or their use to make investments will not be accepted in peso accounts.
Accreditations of foreign currency in this “Savings Bank for Tourists” must be made through transfers made from the account holder’s accounts in the country of origin or through cash deposits of dollars, up to a total amount of US$5,000.
If there is a balance in the client’s account in foreign currency at the end of their stay, the entity must automatically transfer it to the account in the country of origin and proceed to close it, and cash withdrawals in foreign currency cannot be made. .
Source: Ambito
