Removal of Limits on Bank Transfers

The Board of Directors of the Central Bank of Argentina (BCRA) decided today that financial institutions are to remove the limits on bank transfers if necessary for their clients to conduct a specific transaction. Clients may now inform their banks that they will transfer money, on a given day, for an amount that exceeds their usual limits. Banks must, in turn, allow the transaction to take place on that day, from 9 am to 6 pm, with no limits on the amount.

As with any electronic bank transfer, no fee shall be charged to individual users for transferring money, regardless of the amount involved.

The client's request for such transaction will be fulfilled forthwith should it be made in person. Banks must implement mechanisms within 120 days so that clients may make requests through online banking or other electronic channels.

This applies to transfers both in pesos and dollars. It will be especially useful for the purchase of real estate or vehicles, and for any electronic transaction involving large amounts, thus avoiding the use of cash, as well as cutting security-related expenses and risks.

April 27, 2017

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