Dollar today: "PayPal dollar" is going upper than stocks

Like what happened after the PASO, the October polls brought new controls in the exchange market. They were not implemented quickly (just after the elections) but this time they have been much harder: now you can barely buy $ 200 per month, nothing to calm thirsty savers for the greenback.

Communication A6815 of the Central Bank does not modify the restrictions set in September, so that all professionals who sell services abroad and charge via transfer are still obliged to liquidate those currencies in the local market within a period not exceeding five business days . In other words, they have been "prisoners" of pesification.

How it affects them

The exchange control announced in September, in one of its items expressly refers to the collection of service exports. "It applies to both freelancers and companies," Central Bank sources explain to iProUP.

Point 4 of communication A6770 states: "They must be entered and liquidated in the local exchange market within a period not exceeding five business days from the date of their perception in the country or abroad, or their accreditation in foreign accounts ".

The regulations do not refer to a particular item, nor to a minimum amount. Therefore, it applies to the sale of any service anywhere in the world.

Specifically, they are included from a professional who works from home to the multinational Globant, which performs computer consulting to top-level companies, such as Coca Cola or Google.

Marcelo Rodríguez, taxpayer and CEO of MR Consultores, tells iProUP: "It is understood by export of a service when the activity that is provided in the country is used abroad. The foreign customer can take his time to pay, but the maximum term is 180 days. Perceived the money, the professional has 5 business days to liquidate it ".

Before and after

Before, the fees were credited in dollars and the entire transfer procedure was digital. Receiving funds from abroad was very simple: the entities sent two notices by e-mail, one to notify about the transfer and the other to notify about the accreditation of money.

Now that money is converted to pesos at the buyer's exchange rate of the day. As if this were not enough, for the disbursement to be approved, an infinity of documentation must be presented to the bank, which generates all kinds of complaints. Thus, the procedure was established as follows:

1.- When the bank's client receives notification about the issuance of the transfer from abroad, he must approach the branch of the account with the invoice E (export) and form C234

2.- Once the documentation is processed and approved, the entity accredits the funds but no longer in dollars but in pesos at the price of the day

In the case of Santander, an operation of less than US $ 500 pays a commission close to US $ 40.00. On the other hand, when they are greater than that figure, it becomes 0.25% of the total. These figures vary from one entity to another.

Within the framework of the new restrictions, the Central Bank launched a measure to adapt the regulations to the current times: "Those who bill abroad must adapt to the quota established. That is, they can only leave $ 200 in their accounts per month and they must convert the rest to pesos. "

Dollar "Paypal"

While there are professionals who receive the money directly in their banks, there are many others who opt for Paypal, an international payment system. To transfer dollars from that platform to a local bank account, an application called Nubi is required in Argentina.

Following the automatic liquidation made by local banks, professionals began to use alternatives to jump the stocks. In this sense, the sources consulted by iProUP refer to the following alternatives:

- That the operation is done via Paypal, virtual wallets or through other services provided by fintech

- Resort to apps (Payoneer style), which allow you to have a pre-loaded credit card

These are corners where the BCRA has no jurisdiction. Dollars received in an external account or in an application are not automatically converted to pesos, as is the case with banks. The only way for the treasury to know if there are green bills outside the Central Bank radar, such as a fintech, is if the person made the bill.

Thus, another trend arises: Argentines who directly credit balances in dollars in Paypal at the official exchange rate (paying with international credit cards). Thus, the operation appears as a purchase abroad, an item excepted from the stocks. "With a credit card, the quota of US $ 200 does not govern", they indicate from the BCRA.

But the platform does not allow you to credit balances in your own account with a plastic. Nothing that Creole ingenuity cannot solve: "An acquaintance is asked, using the Request tab and indicating his email registered with PayPal and the amount, which will be paid by card," a user with the tool tells iProUP.

In this way, users can "save" on their PayPal account and withdraw funds when required. How to do it through Nubi implies paying a fee of 0.5%, the "PayPal Dollar" is located around 68 pesos, against about $ 65 of the official and, by the way, much more convenient than blue ($ 77 ) or the "counted with liqui" ($ 81).

The dollar "PayPal" also represents a safe-conduct for those who have trips abroad already closed for the coming months: you can buy the dollars, keep them on the platform and then use them in countless stores and online platforms in the United States and Europe.

Thus, it works as a kind of coverage against possible devaluations of the peso, freezing its price and giving a tool to the eventual traveler.

What happened to Nubi?

Although the premise of this platform was "withdraw your funds in pesos or dollars", this changed with the new restrictions: if a professional has funds in Paypal and transfers them to his bank account - via Nubi - he will receive the fees in pesos, to Although you have a savings bank in US currency.

The option called "Dollar Withdrawal", which allows the transfer in that currency of Paypal to a bank account, was suspended. "If there are new rules that modify this situation, we will be informing," they say from the firm. As with banks, this also represents a disadvantage for those who export for low amounts.

Those who want to be adequate to the norm, every time they receive a deposit in Paypal they should use platforms like Nubi to pass it to their bank account (converted to pesos). This, in theory, should be so given that the legal framework requires liquidation within a maximum of five business days. Withdraw Nubi's money:

- It has a fixed rate of 10 dollars when it comes to amounts between 20 and 1,999 dollars

- It rises to 0.5% for the range of 2,000 to 10,000 dollars.

Complications, also to import?

Sebastián Siseles, vice president of Freelancer.com, a platform to get jobs from anywhere in the world, explains to iProUP that professionals are also affected by the difficulties that the stocks could bring in the importation of services, in addition to all the reasons related to export

"In the knowledge economy, the exporter of services also needs the world, as a programmer who has to buy a new license. What I see is that freelancers build networks in different countries. I wonder if all this will not generate a bureaucracy that harms the teams, "says Siseles.

According to the regulations of the Central Bank, prior approval by the agency is required to access the exchange market in the case of payment of services to foreign companies.

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