Due to recent events in the Argentine economy, the country has set new requirements for buying and selling dollars based on a percentage of each Argentine’s monthly earnings.
If you want to know these Requirements to buy dollars this information will fall like a glove.
Requirements to buy dollars
From a monthly income of 7,200 pesos, formalized workers may exchange currency from 20% of the declared salary, with prior authorization from AFIP. Only those who earn more than 80,000 pesos per month will be able to withdraw the maximum limit of 2,000 dollars.
The requirements that entities must demand are the following:
- Original ID or Passport and a photocopy
- A utility bill in your name to verify your address
- Photocopy of salary receipt, monotribute or registration in the general regime
- Proof of Unique Tax or Labor Identification Code (CUIT or CUIL).
- Authorization of AFIP (Federal Administration of Public Income) which must be requested directly at the bank.
Beyond the aforementioned limits and requirements, the AFIP focuses on the relationship that must be maintained between the buyer’s income level and the dollar amount to be purchased.
To do this, the amount of dollars to be acquired is compared against certain indicators of the fiscal situation that the AFIP has in its database. The most outstanding of the indicators that we already mentioned are:
- The amount and regularity of the consumptions with credit cards.
- If you have made any investment in trusts.
- The patrimonial declarations.
- All your bank movements.
- If you pay fees in private schools and the amount of such fees.
- Earn at least 7200 pesos a month
Associated with this, the importance of detailing the applications that will be given to foreign currency must be taken into account, since it is not the same that currencies are used for savings than to pay a foreign supplier.
How to buy dollars in Argentina
The latest measures of the Argentine state against the purchase of dollars in banks and exchange houses, determines that any establishment can function as a currency exchange, as long as it is registered in the Registry of Exchange Operators.
Once the Central Bank agreed to release the exchange market; brought the first ATMs; which will fulfill the role of exchange houses in the country. The first digital bank that was brought in as a result of the Central Bank’s decision will start operating next month. This is owned by the great businessman Eduardo Eurnekian; who, it should be noted, also owns Aeropuertos Argentina 2000, which operates 33 air stations throughout the country.
These digital banks will allow Argentines to deposit pesos, dollars, euros or reais without having to be banked; After the deposit they will be able to choose any of the changes they wish to make as long as they are available.
Otherwise, while the operation of these ATMs is provided, people will be able to buy their dollars with the aforementioned requirements, in any establishment or exchange house that offers them.
For those who only want to set a percentage of their earnings in dollars so they don’t lose their purchasing power in the long run, AFIP In its web system it allows you to buy savings dollars that it will give you in exchange. In order to carry out this transaction, you must carry out an authorization from the AFIP through its web portal; this is done as follows:
- First of all you must enter your Web page; A green window will appear whose title is «Exchange operations procedures»; You can access it with the CUIT number and the tax code.
- After you have entered the data, the AFIP will allow you to acquire the dollars you need through two options; one for “Travel and tourism abroad” and the other for “Foreign currency possession”.
- To be able to acquire the currencies you must click on “Foreign Currency Possession” and then in the option «Request entry». The system is responsible for granting the amount of dollars, that is, it is not your choice because it depends on the factors that we mentioned above. Despite this, a maximum of 2 thousand dollars per month per person was also established.
- You as a buyer must pay 20% on account of the payment of Personal Property for the so-called monotributistas and how well it is part of the Profits for the rest of the workers. Here we have another but and it is that if you deposit them in a savings account or fixed term and keep them for a year, the Earnings advance will not be applied.
This Monday, the Government reported that all registered and self-employed workers who earn a minimum of seven thousand two hundred pesos per month will now be able to access the purchase of foreign currency.
how many dollars can you buy
Well, a maximum of 20% of your income will be available to make the purchase of foreign currency and the limit amount of the acquisition will be US$ 2,000 per month. Also remember that if you make a deposit in a savings account or fixed term for a minimum period of one year, you will not have to pay the 20% surcharge as an advance on earnings and personal assets.
where can you buy dollars
For these procedures you can have a bank, exchange house or official web pages that offer dollars, in Argentina none is restricted.
should buy dollars today
If what you need is to solidify your savings and have the availability of cash; it is totally convenient that you proceed to make the purchase of dollars.
If at the time you are going to make the purchase of your dollars the price is stable, it is best to make a fixed term; Now, in the event that there are variations, you can buy and speculate later when the price rises.
The purchase of foreign currency, especially the dollar, does not have major benefits if it is not invested in anything, but if you want to make the purchase you will have some advantages despite not making investments, which would undoubtedly be:
- Your savings will not be affected by the depreciation of the peso in exchange terms.
- You will have “greater” security against abrupt rises in the price of foreign currencies.
- You won’t have big gains buying dollars, due to inflation, but you certainly won’t lose money.
Who are authorized to buy dollars
According to the measures approved and enabled since last March by the Central Bank of the Republic of Argentina; Companies, businesses from any sector and individuals who wish and can participate in the currency exchange market will be authorized to purchase foreign currency, with the only requirement being to register in the «Registration of exchange operators».
The aforementioned body expressed through a statement that the new regulatory framework for currency exchange activity is intended to provide greater competition and clarity in the market through the incorporation of new and diverse suppliers.
To participate as an exchange agent, you must have previously established a Sole Proprietorship (SAU) or a Simplified Stock Company (SAS).
With these measures from a market, a chain of household appliances, a hotel, motel or any other business, you can add the operation with foreign currencies to its main activities, in the same way that you can do it as a common person. This will facilitate access to change, particularly for foreign tourists. But it also represents an improvement in security with which Argentines will be able to save.
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