When it is time to make a wire transfer abroad to pay for the importation of goods, Argentina is one of the most limited countries in Latin America.
We decided to write an article on this particular subject, with the aim of providing readers with a tool that will serve as an initial guide when carrying out these procedures, as well as a starting point for those who carry out their own research on these regulations, since we receive queries on a daily basis, both from clients who have never carried out an import as well as from more experienced importers.
We frequently hear our customers say:
- Bank procedures to make payments abroad are very cumbersome.
- There aremany forms to complete and submit.
- It isimpossible to make a payment for goods abroad.
- I don’thave enough time to perform this type of operation.
Some of these statements are not far from reality. Our answer is:
Is it true that it is cumbersome? Sometimes it is, can it be done? if you can.
Every time a payment is to be made abroad, the situation faced by the applicant is as follows: given the lack of clear information on the subject and the constant updating of the regulations issued by the Central Bank of Argentina, whoever wishes to make the payment for the import of goods abroad, unless he hires an expert manager, will probably go through a stage that could generate certain ¨headaches¨, in addition to having to go to his bank to consult with his account executive, to fill out forms and additional information, without being certain that he will obtain the authorization to make the payment to his supplier abroad.
If you have already imported, you know what we are talking about and if you have not yet done so, we tell you about it in this article.
Although it may seem an unattractive scenario for Argentine importers, despite the limitations to make payments abroad, you should know that importing is still a great opportunity for companies that wish to grow, expand their offer and generate large profit margins and profitability.
After analyzing the new regulations enacted by the Central Bank of Argentina (BCRA), we wanted to summarize the process in clear steps.
The payment of imports of goods includes all items that are part of the agreed purchase condition, recorded in the invoice issued by the foreign supplier, which are subject to a follow-up, to verify that the customs entry of the goods is recorded within the terms provided for in the regulations.
In Argentina, in order to make an advance payment for the import of goods to your supplier abroad, and to be able to start the production of the corresponding goods, it is necessary:
- If you are importing for the first time, you will need to submit a business plan. Templates are available to fill in the required information in a simple and fast way.
- Present the import permit called SIMI (Sistema Integral de Monitoreo de Importaciones) and that it is in “SALIDA” status, i.e. approved and without blockages. that is to say, approved and without blockages.
- Complete forms, with all the information required by your bank. (foreign exchange application form, form 6844, Assets and Liabilities survey, if applicable, among others).
- Submit an invoice or invoice issued by the supplier with the purchase conditions well stipulated.
From the moment the Bank grants the foreign currency for the transfer abroad, until the import is completed, with the formalization of the dispatch, the operation is monitored. The purpose of this follow-up is to ensure that all payments made abroad correspond to the entry of goods. Once the import clearance is official, the bank will close the documentation and may authorize future payments abroad.
We want to encourage large companies and SMEs that wish to import to do their own research and keep up to date with the new regulations regarding foreign payments. It is the responsibility of the Foreign Trade Area of each financial institution to provide its clients with all the necessary information for the processing of this type of transactions. Our advice is to contact your account executive and plan your foreign payment schedule in advance.
We invite you to leave us your comments if you have found this information useful.
