Effective as from June 1, bank transfers have become easier. As provided by two regulations issued by the Central Bank of Argentina, all accounts have an alias CBU (single banking code), and the originator of a transfer received may be identified.
Now all bank accounts having no alias will be assigned one by default. Users may check their alias so assigned through electronic channels (online banking, ATMs and mobile banking), and change it if they want to. This alias lets users identify each of their accounts more easily than the 22 numeric characters of the conventional CBU code.
The default alias CBU is a random combination of three short, frequently used Spanish words, the spelling of which is unambiguous when spoken. Users may change it at any time using any combination of letters and numbers up to 20 characters. Alias CBUs are portable, so clients may keep them even if they switch their banks. As is the case with email addresses, no user may register an alias that has already been registered by another person.
As an additional feature to make bank transfers easier, banks must inform the name of the originator of each transfer along with the originator’s taxpayer identification number (CUIT), employee identification number (CUIL) or identity code (CDI). This information must be available for checking an account statement or transaction through electronic channels within 24 business hours of the date funds are credited.
Electronic transfers bear no cost to individual users, irrespective of the amount, as established by the Central Bank in April 2016. Their use has increased ever since. Last April (latest data available), 6.7 million transfers were made. In year-on-year terms, the number of transfers grew by 33%, and the transferred amount, by 63%.
One of the core objectives of the BCRA is to increase the use of electronic means of payment so as to simplify transactions of all economic agents and contribute to reducing the shadow economy.
June 1, 2017