New exchange restrictions: What dollar can be purchased at banks, fintech companies, and agencies?

The Central Bank of the Argentine Republic (BCRA) has again adjusted the conditions for the purchase of dollars, amid increasing exchange rate pressures and political uncertainty ahead of the legislative elections. The regulations maintain exclusive authorization for traditional banks, registered digital banks, and currency exchange offices, while virtual wallets and brokerage firms can only operate in the more expensive MEP dollar.

Since late September, users using services such as Mercado Pago and Cocos Capital have encountered new obstacles. Both platforms suspended the sale of official dollars, prompting complaints from thousands of customers seeking to protect their income from inflation and exchange rate volatility.

The BCRA explained that only entities formally registered as banks or exchange agencies can sell dollars at the official exchange rate. In contrast, fintech companies must limit themselves to the MEP market. This situation has led to criticism for the lack of transparency, as many platforms do not clearly detail the exchange rate they apply.

The situation created opportunities for authorized traditional and digital banks. Brubank, the only 100% digital bank regulated by the BCRA, announced that it remains open to selling official dollars to individuals over 18 years of age who have a dollar savings account and can prove formal income.

Other institutions also continue to offer the option to purchase at the official exchange rate, albeit with additional requirements or caps on the amounts. Banco Macro and Compañía Financiera del Grupo Transatlántica stand out in the market, offering unlimited 24/7 transactions with bonus savings accounts through its Reba platform.

Meanwhile, brokerage firms like Balanz Capital, registered as foreign exchange agencies, are also among the options that maintain official trading. NaranjaX, because it has a banking license, differentiates itself from most digital wallets and can continue selling dollars at the exchange rate established by the monetary authority.

At the same time, the MEP dollar has established itself as the main alternative for those using virtual wallets such as Mercado Pago, Cocos Capital, or Ualá. In all of them, the exchange rate is around $1,520-$1,525. This is higher than the official dollar, which is offered by banks at around $1,440-$1,450.

However, the problem isn't limited to the price difference. Several platforms don't clearly state that they operate exclusively with MEPs, causing confusion among customers. This point sets them apart from banks, which communicate more explicitly the requirements and fees applied.

The gap between the official dollar and the MEP reinforces market segmentation. Those who meet the requirements can access a lower exchange rate at banks and exchange offices, while the majority of digital users are relegated to a more expensive market.

The tightening of regulations has exposed the operational gap in the fintech sector, which had been growing as a preferred option due to its convenience and 24/7 availability. Now, most of these platforms can only offer MEP dollars, losing competitiveness compared to traditional banks and agencies.

Industry leaders insist they seek to maintain their presence in the financial market, although they acknowledge that they will have to adjust their operations to the interpretations of the Central Bank of Argentina (BCRA). In the short term, restrictions are expected to continue, and the monetary authority is expected to strengthen its supervision. This will prevent indirect mechanisms for selling official dollars.