Increase in Instant Transfer Limits

April 17, 2019. The Board of the BCRA adopted an increase in the limits of instant transfers of funds as from May 2, as stated in Communication A6679.

The new limits are as follows: through ATMs, up to ARS125,000, USD5,000 or EUR5,000; through the Internet (online banking and mobile banking), up to ARS250,000, USD12,500 or EUR12,500; and through the Mobile Payments Platform, a cumulative amount that does not exceed that of five times the minimum wage—established by the Argentine Council for Employment, Productivity and Minimum Wage for monthly-paid-employees under a statutory full-time schedule—in force at the end of the previous month. Such limit may be exceeded only if additional safety measures are in place. These transfers are free of charge.

Financial institutions may not set lower limits than those stated before; however, they may raise them. In addition, in the cases of clients who need to raise the limits for specific transactions, they may request—either in person or through authorized electronic channels—a temporary increase of such limits before the transfer is carried out.

The increase is aimed at revitalizing the flow of payments between financial services users, strengthening the use of electronic means of payment.