BCRA Allows Travel Assistance Providers to Make Payments Abroad

The Argentine Central Bank (“BCRA”, after its Spanish acronym), by means of Communique “A” 6829, provided an exception for the requirement of prior approval by the BCRA to access the foreign exchange market for the payment of services to related parties abroad, as established pursuant to item 14 of Communique “A” 6770, as supplemented.

The BCRA established that such prior requirement does not apply to transfers made by travel assistance providers in relation to payments of health coverage for accidents originated in services rendered abroad by third parties to their clients who are Argentine residents. The intervening entity must have all the necessary documentation which will allow it to verify the veracity of the amount transferred abroad.