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Monday, January 30, 2023

Dollar card for tourists has started functioning, although this has not yet affected consumption and the exchange rate will be lower than announced

A month after the publication of Communication A7630 of the Central Bank (BCRA), and the unit’s president, Miguel Pais, assured that it would be operational from last Friday. master card announced that, From 2nd December, domestic consumption on branded credit, debit and prepaid cards issued abroad will be achieved through exchange rate reform. Which was announced by the Argentine government.

The multinational company reported this in a statement and said that “they are working so that this temporary solution will be effective in the coming days and Consumers see the impact on their accounts later in due course.

This means that foreign tourists They Still Don’t See the Benefits in Their Summary that your dollars are worth more pesos, but the operations that have taken place since Friday The MEP will adjust to a price of approximately $297, down $21 from the dollar’s closing price The number which was going to be mentioned on Friday according to the government.

According to tax expert Sebastian Dominguez, the underlying contribution is explained by the oscillations that the MEP can have between the tourist’s spending and the moment in which the dollars are converted to pay the trade.

“So what could happen? That they give the tourist $297 and choose to continue going blue to get about 10% more value. Obviously this is not being done by everyone because many people don’t want to walk around with cash, but The objective of the measure has not been achieved, which is that foreigners stop going out of the blue, because it is too complicated ”, Opinion.

First, Mastercard will process all transactions at the official exchange rate. Then, as a second step, it will settle and credit buyers (payment processors Prisma and Fiserv) to overseas accounts for consumption, using the official exchange rate for calculations. Third, Mastercard will apply adjustments to overseas cardholders for their refunds to buyers on these settlements (these adjustments account for the difference between the implied and official exchange rates). Finally, the acquirer will pay the businesses accordingly.

Meanwhile, sources of Visa They pointed out that they are ready to implement the Dollar Tourist Card, but there are other actors who are not there yet. further he said keep working All for immediate implementation.

In Communication A 7630, the BCRA exempted from the Foreign Exchange Settlement Requirement fee for consumption by non-residents using cards issued abroad, contracted by non-residents for any type of tourist service in the country, and non-resident travellers. Charges for transportation of services with destination in the country.

According to calculations by Central, operations with foreigners’ cards used to be between US$200 million and US$250 million per month, but this amount has come down to US$30 million in recent times. This is because tourists, who are aware of the exchange difference, come with the dollar and exchange it for the blue (it closed at $312 on Friday) to get more pesos, so that with the plastic It is cheaper to spend than to pay. , who takes the price. of official dollars ($174.75).

According to the Ministry of Tourism and Sports, the current plan (the successor to the failed tourist dollar for foreigners and bi-monetary accounts) would mean an entry of US$1.1 billion over about two months, which would go into gross reserves. BCRA.

The other side of the tourist card dollar is the Qatari dollar for emissive tourism, which is quoted at $349.50 for consumption over US$300 by Argentines abroad due to a 30% PAIS tax, assumption and personal property due to a 45% income tax. due to assumption, 25%. Thanks to this increase in costs, in October, total gross foreign exchange outflows generated from visits decreased by 19%, totaling US$620 million, although banks are still unable to apply 25% to the personal property account if A customer splits spend in excess of US$300 between cards from different institutions.

Conocé Trust Project
World Nation News Desk
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