There are a number of Requirements to buy Dollars in Argentina that you should keep in mind Some of these may seem obvious, but it is necessary that you keep them in mind when you go to buy this currency at some point.
Keep in mind that millions of people in every part of the world are constantly changing currencies, and that like you they want to buy dollars for this or another reason.
The differences between some countries in this matter are found mostly in the foreign exchange market, which may or may not be being intervened by the government to alter the exchange rate.
The exchange rate It is the exchange value of one currency for another. In Argentina, the government imposes exchange control in order to preserve international reserves, since if many people want to buy dollars, for example, these would be being extracted from the reserves and the Argentine peso would be losing value, in this case.
This is why it is very important to keep the exchange rate in mind when you go shopping. Next, we will explain the requirements to buy dollars, the purchase process and the conditions to sell to a person.
Requirements to buy dollars
Perhaps you need the dollars to go on a trip, buy or invest abroad, save, or simply carry out your transactions within Argentina with them. For this reason, let’s see what are the Requirements to buy Dollars that you should keep in mind when you want to carry out this procedure.
- Keep in mind the exchange rate of the day. You will need a certain amount of Argentine pesos to buy a dollar, so you should know what the peso / dollar exchange ratio is between them. Basically, if each dollar costs 100 pesos, you will need 1,000 pesos to buy ten dollars, understood?
- Make sure you are buying from a secure site. There may be many informal vendors, but if you do not know them well, it is best to approach a recognized place or a financial institution. Every day you see people being scammed with counterfeit bills, don’t fall for that!
- Identification card (DNI) and copy.
- In the event that you are a worker and want to withdraw part of your salary in dollars, you must also attach:
- Original passport and copy.
- The invoice for a service. It can be water, electricity, etcetera; the important thing is that your address can be confirmed.
- Certificate of Unique Tax or Labor Identification Code (CUIT or CUIL).
- Permission of the Federal Administration of Public Revenues. This is requested directly at the bank.
- Since 2019, lforeigners need an authorization. This is issued by the Central Bank of the Republic of Argentina and should be consulted at the bank or exchange house.
- Other information may be required.
The government seeks to close the gap between the informal and formal market. That is, it seeks to prevent foreigners from entering Argentina by selling more expensive dollars to buy cheap dollars.
Requirements to buy dollars: Banco Nación
The National Bank of Argentina by 2020, it is 129 years old since its founding. It obviously offers financial services. Its main headquarters are located in the capital, Buenos Aires, and it offers multiple services to its clients, including the purchase and sale of dollars.
Through the home Banking, that is, through its web branch, you can carry out this process quickly and easily. You will only need three things:
- Savings bank in pesos.
- Savings bank in dollars.
- Both boxes must be associated with the same debit card.
Through home Banking you can also enjoy lots of benefits regarding this service:
- You will not need to go to any branch, but simply connect from the comfort of your home.
- The operation is completely online.
- Security is greater because the system is secured and you avoid the movement of cash.
- You can access these services from 10 to 15 business hours, without cost associated with the service.
- You will receive a bonus for using the web branch, in terms of the price of the day.
How is the process of purchase?
In the case of the purchase and sale of US dollars National bank, there’s a specific procedure What you will have to do to make this transaction:
- First, enter the web portal of National Bank or click here. Right there you can see the price of the day.
- Click on the option Home Banking, located at the top right of the screen.
- Access the menu, where it says Investments / Buying and selling of dollars, and accept the Terms and Conditions.
- Then select the account where you will get the pesos and the account where you are going to credit the money, that is, the dollars.
- Enter the amount you are going to change and click on Make transaction.
- Finally, enter the secret login key to Home Baking.
- If you wish, you can print or download the invoice.
On normal case, You can always go to any of the Banco de la Nación branches, always carrying your identification documents and the amount of pesos you want to exchange for dollars, if that is the case. click here if you want to know which branches are closest to you, according to your province and town.
If you don’t want to go to the Banco de la Nación, you can always go to an exchange office or an enabled ATM. There are also some establishments registered in the Exchange Operators Registry in which you can buy dollars, just taking your identity documents, money to buy the dollars and contacting the staff of the place.
Places to buy dollars in Argentina
In addition to the Banco de la Nación, there are many other places that you can get closer to. As we said, you can always access exchange houses, ATMs and establishments that have been previously authorized by the Central Bank and that are registered in the Registry of Exchange Operators.
You can also buy them online. There are pages like Balance, authorized by the Central Bank of the Republic of Argentina, which allow you to buy foreign currency. You just need to open your account online, transfer the money, buy at the price of the day and that’s it! It can be sent to your bank and there are no operating or maintenance costs for the account.
Through the Dollar MEP, where you have to invest in a bond in pesos and then sell it in dollars. The most common bond traded is AY24D and AY24C. The only thing is, your dollars might have to be in a foreign account.
On BBVA Argentina you can buy your dollars through the bank on-line or nearby branches. As with Banco Unión, you must enter the Online banking, enter your username and digital password, and make the transaction. You can also call
Using your BBVA password, from 9 a.m. to 6 p.m.
Finally, at self-service terminals, ATMs or checkout lines. Check them out here.
Maximum quantity that can be purchased
Minimum limit per transaction of USD 10 (ten dollars) and maximum limit per day and per client of USD 10,000 (ten thousand dollars) at Banco Unión.
By 2019, Central Bank of the Republic of Argentina it placed a new limit to the one that was had before with President Macri. Increasing the exchange control, he specified a limit of $ 100 a month in cash and $ 200 in monthly purchases for bank accounts. This for natural persons.
The natural peoples can buy up to $ 10,000 per month, although they will need authorization for larger amounts. This is the same limit for transfers made abroad, by people. Finally, purchases over $ 1,000 cannot be made in cash, but must be made with a debit to an account in pesos.
The natural and legal persons they will be able to buy up to $ 1,000 per month if they are residents, and they will not be able to make transfers in dollars abroad.
Knowing this is very important and could even be considered one of the Requirements to buy dollars. Remember that the dollar is the most used currency in the world due to its stability, together with the euro, so you can make your purchases around the world with it.
Can you deny the sale of Dollars to a person?
The Bank, exchange house, establishment or person To which you are going to buy dollars in total, deny yourself the sale of dollars above the limit established by the authorities or if they do not have some essential physical requirement.
The one who participates as an exchange agent, must have previously constituted a Single Stock Company (SAU) or a Simplified Stock Company (SAS), and must follow a series of rules. Therefore, if you feel that you are at risk of defaulting on any of them by selling the currency to you, you can say no.
Remember to keep your documents up to date, respect the dollar price and make sure to buy in authorized places that guarantee:
Thanks for reading this far, see you!
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