2024-07-24 12:36:52
Following the new authorization from the Central Bank, the question that arises is how and who can buy the MEP dollar. Also known as the “stock market dollar,” it is one of the ways to buy the currency legally. It is an exchange rate that operates in the capital market and has fewer restrictions for its purchase than the so-called “solidarity dollar.”
While the Contado con Liquidación (CCL) is more expensive today and, like the MEP dollar, securities or shares are purchased in pesos within the local market, but with the difference that these are quoted abroad in dollars.
Yesterday, the Central Bank decided to remove restrictions on access to MEP dollar and cash settlement operations for individuals who had received some kind of aid from the State during the pandemic or who have a subsidy for consumption in public services.
The political decision includes some exceptions, and those who want to buy cable dollars must have: a dollar account opened in a bank in Argentina; a dollar account opened in a bank abroad and a brokerage account created in a broker that allows access to foreign securities in pesos. In conclusion, CCL dollar is a variant that Argentines can access to fund dollar accounts abroad.
It consists of buying a bond in pesos and, after acquiring it, selling it in dollars. In this way, the exchange rate is calculated by dividing the price in pesos by the price in dollars.
In turn, the financial intermediaries through which the MEP dollar is purchased charge a small commission of between 1% and 2% total between the purchase and sale of the assets. The most chosen securities to do so are the AL30 and the GD30, due to their liquidity in the market.
The MEP has several benefits. In principle, it is a way of acquiring foreign currency legally and allows you to quickly get dollars into your bank account without having to leave your home, unlike the illegal or “blue” dollar.
What you need to know about the MEP dollar
It is important to keep three things in mind:
1. The parking period is a mandatory period that must be met when buying bonds in pesos and want to sell them in dollars. The minimum period is 24 hours.
2. AFIP limited the purchase of MEP dollars: it established a limit of 100 thousand nominal weekly (equivalent to US$40,000). Small investors will be able to continue buying, since the average purchase for them is around US$3,000.
3. The 24-hour parking restriction for the operation of any asset no longer exists and the elimination of the limit for the weekly sale of sovereign bonds (AL and GD) with settlement in dollars.
4. The limit of 100 thousand nominal values per week on the sale of sovereign bonds (AL and GD) no longer exists.
How to buy MEP dollar
– Open an account with a local broker: to obtain the dollar stock exchange, you need to open an investment account with a local brokerage firm or broker. To trade, you must open an account with one of the intermediary companies, which is free and remote. To do this, you need to fill out a few simple forms and verify your identity.
– Deposit funds: once the investment account is opened, it is necessary to deposit the amount of money that the person wants to exchange from a bank account of the same holder. Before operating, the CBU of the dollar bank account must be enabled to deposit the money there.
– Buy the GD30 or AL30 bond: to acquire the MEP dollar, you must buy an asset that is traded in pesos and in the US currency with immediate cash settlement (IC). For this, most investors use the GD30 bond because it has a high trading volume and its price is more stable.
– Wait one business day with the asset in the portfolio: the interested party must do one business day of parking, which consists of a waiting period established by the National Securities Commission (CNV) that the person must go through so that the money is actually available in the account.
– Sell the bonds in dollars: once the parking period has passed, the person can sell the assets. To do so, they must select the “Immediate Cash” option with the AL30D/GD30D label. There they must determine the number of bonds they want to sell and choose the market price. Once the transaction has been carried out, the liquid dollars will be available on the broker’s platform ready to be transferred to the bank account.
Until what time can MEP be purchased?
Trading hours are from 11 a.m. to 5 p.m.
What is the difference with the blue dollar?
In short, the blue dollar is a black market, informal. It involves transactions between private individuals outside the official market, with undeclared banknotes.
Requirements to buy MEP dollars
– Not having purchased savings dollars during the last 90 calendar days and committing not to buy them in the next 90 days.
– Not being a co-holder of a bank account: only one person per account can buy MEP dollars.
– Not currently having a refinancing plan for cards or loans in pesos.
– Not having benefited from the freezing of UVA mortgage payments until July 2022.
– Have declared income to carry out the operation.
In which apps can you buy MEP dollars?
To buy this exchange rate, you can use the home banking of the different banks (although the purchase of the bonds in this case is manual) or applications such as Balanz, Ualá, Cocos Capital, among others that allow you to do it in one click.