The Central Bank announced that it will offer tourists to open a savings account to prevent them from selling their dollars in the parallel market

Those who arrive in the country will have the option of opening an account to operate during their stay and exchange their currencies at the financial exchange rate, more convenient than the official retailer.

This Thursday, the Board of the Central Bank  (BCRA) published a resolution to try to convince tourists to change their dollars in the official circuits. For this, the agency will promote the creation of a monetary savings bank with which foreigners can operate during their stay in the country and access the financial exchange rate , more convenient than the official one.

Tourists will have the option of depositing the dollars in an Argentine bank. The entity will allow them to sell these banknotes in the financial market (Mep dollar) and obtain pesos at an exchange rate higher than the official retail dollar. To use these pesos, tourists will have at their disposal a prepaid card or virtual wallet, which will allow them to operate without cash.

Today, a tourist who arrives in Argentina and must exchange dollars has two options. You can sell them at the bank for $ 99 or offer them on the parallel circuit for $ 195. Now, another option is added, which will earn you around $ 180 per dollar.

How will the savings bank for foreigners work?

According to the official statement, tourists will be able to open the account virtually or in person, once they arrive in the country. The identification of the holders will be made through the passport or travel document. “The account must be in the name of a  human person residing abroad, with the exception of countries or territories where the Recommendations of the Financial Action Task Force (FATF) do not apply or are not sufficiently applied,” said the BCRA statement.

From the agency, they indicated that the accreditation of foreign currency in the special savings banks will be made through transfers made from the accounts that the tourist has in their country of residence or through dollar deposits in cash, up to the total amount of US $ 5000. If at the end of their stay in Argentina, the client has an excess balance in foreign currency, the entity must automatically transfer it to the original account and close the savings account. On the contrary, the tourist will not be able to withdraw the remaining dollars in cash.

In addition to the possibility of carrying out financial exchange operations, once they have the pesos in their account, the tourist can use them to make purchases in pesos in shops, both by debit card and through digital banking applications, and to withdraw cash. in national currency. On the other hand, in the accounts in pesos, deposits, transfers from third parties or the realization of investments will not be allowed.


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