The accounts can be requested in the remote mode (via app or web) or upon arrival in the country. The opening will be carried out by means of the passport or travel document and the CUIT or CDI will not be necessary. They can only be opened in entities of the financial system (public or private banks, national or foreign).
Are “Savings banks for tourists” They may 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.
Accounts in dollars may receive transfers from the owner’s original account and cash deposits for up to $ 5,000.. That is the money that banks will be able to offer to pass into local currency via MEP. In peso accounts, deposits, transfers from third parties or their use to make investments will not be accepted. Financial entities may also offer travelers a card preloaded in pesos against the dollars of the account to have it ready once they arrive in the country.
One of the advantages that the Government sees with this initiative is the promotion of a greater arrival of tourists since it will offer Argentina as a cheaper destination in dollars by going from a legal exchange rate of $ 100 to one of at least $ 180 (that is the value of the MEP traded with AL30, where the Central intervenes, although there are variants operated with other assets that exceed $ 200). This is the case of American or European tourists, who tend to be inclined to use electronic money and, thus, can avoid bringing large bills to exchange them in the caves at the value of the blue. Visitors from neighboring countries are more used to cash.
Another objective pursued by the ruling party is to provide the market with a greater supply of financial dollars to contain the upward pressure on their prices in the face of a growing demand for dollarization. There are some analysts’ concerns about how much can actually be entered through the MEP since foreigners have the option of, for example, bringing currency through cryptocurrencies at an even higher exchange rate. Although the truth is that only a portion of tourists handle these types of assets.
Each year, between US $ 5,000 and 6,000 million enter the country for tourism, according to data from Indec. As he knew Ambit, the officials expect from now on to enter through these new accounts about 20% of that amount. A) Yes, The expectation is that this mechanism will add an annual supply of around US $ 1 billion to the MEP.
As a counterpoint, if the initiative works, it could take away supply from the illegal market, which has tourism as one of its main regulators of upward pressure at times of high demand. However, in such a case, a greater calm in the dollar Stock market could also be a transmission belt towards the blue since the curlers that are usually made between both quotes usually put a ceiling on the informal one.
Finally, another objection that arose to the measure is that this benefit of entering the value of the MEP that tourists will have is still disabled for those who export services. This is the case of workers residing in the country who are hired by companies abroad, who to bring in the dollars they charge for their work have to settle it at the official exchange rate. A reality that also feeds the blue way.
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