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Argentine Banks Slash Fees on Incoming Dollar Transfers

Banks are responding to a central bank request with fee cuts designed to formalize foreign currency inflows.

El Banco Macro elimina las comisiones por transferencias internacionales
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La medida del Banco Macro apunta a profesionales y freelancers. (Gentileza Vía País)
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Overview

  • Banco Macro has eliminated all commissions on personal dollar transfers up to US$10,000 from abroad.
  • Banco Santander cut its fee for transfers up to US$3,000 from US$60 to US$6 per transaction.
  • Banco Galicia introduced a tiered schedule from June 30 charging US$5 for transfers up to US$250, US$10 up to US$500 and US$25 up to US$1,000 with a 0.125% fee above those amounts.
  • The measures follow a July 7 directive from the Central Bank aimed at boosting formal dollar deposits and curbing informal channels.
  • Freelancers’ professional fees and family remittances now arrive intact, helping to bolster Argentina’s official dollar reserves.