Paypal suspends domestic transactions in Argentina

[walkingtwig]

Paypal is to prevent users in Argentina from transferring money between their own accounts.
The online payment service said that from 9 October: "Argentina resident Paypal-users may only send and receive international payments".
Last year the Argentine government announced restrictions on the purchase of US dollars.
It has led to an increase in currency sales on the black market - but Paypal's exchange rates are better.


read full article here

http://www.bbc.com/news/technology-19605499

 

[earlyretirement]

Sadly, I don't think too many people are surprised by this move. I think people knew something like this was coming.

 

[scotttswan]

So they had 2 accounts, they put pesos into one and converted them to dollars and transferred them to the other account.... but how did they get the dollars out?

I'm pretty sure the only way is to request a cheque and then you are forced to change the cheque into pesos through a bank? Wouldn't that give you the official rate again?

Alternatively they could transfer it to an account abroad and transfer it directly to their foreign bank account, but they can still do that now anyway.

I don't get why they are doing this.

 

[Sleuth]

What's stopping them from registering another account and listing the country as something other than Argentina?

 

[Gringoboy]

When the news was announced, finance minister Amado Boudou told the BBC it was "an important measure to combat tax evasion and money laundering".

.................a credible spokesman?

 

[Sleuth]

So they had 2 accounts, they put pesos into one and converted them to dollars and transferred them to the other account.... but how did they get the dollars out?

My guess is that they didn't get them out. They probably held them with PayPal in that second account, and then maybe got a PayPal debit card that they could use. It's an interest free account, but you now have your pesos converted to dollars.

Pretty clever while it lasted... My guess is the word about it started getting out too much.

 

[solerboy]

You can request that Paypal send you a cheque and then cash that cheque in any country. I had a paypal account in Argentina and cashed my cheques through my bank in the UK.

I finally closed the Argentina paypal as I couldnt get it verified with my Santader Rio CC.

 

[allcraz]

I'm still confused about all this PayPal news. They're talking about 2 Argentine accounts, but are people still successfully transferring to their US account using Argentine credit cards? I haven't tried recently, and have seen many people ask, but no clear answers. Thanks.

 

[nikad]

What's stopping them from registering another account and listing the country as something other than Argentina?

Getting the account and its funds frozen?

 

[nikad]

I'm still confused about all this PayPal news. They're talking about 2 Argentine accounts, but are people still successfully transferring to their US account using Argentine credit cards? I haven't tried recently, and have seen many people ask, but no clear answers. Thanks.

PP Arg > PP in any country still ok