New Changes to the Regulation of “Pull” Transfer Service

On May 30, 2024, the Argentine Central Bank (BCRA) issued Communication “A” 8030, modifying two regulations related to the service of immediate “pull” transfers.

On the one hand, the BCRA established that the “pull” transfer service—established by Communication “A” 7514, which we commented here—will not apply to:

1. current accounts of legal entities included in the rules on “Bank current account regulations,”
2. special current accounts for legal entities included in the rules on “Savings deposits, salary and special accounts.”

On the other hand, the BCRA repealed the fee it had established in Communication “A” 7996, through which the entity receiving funds through “pull” transfers had to pay a fee to the debited entity. Therefore, financial entities or the Payment Service Providers Offering Payment Accounts that provide “pull” transfer service will not have to pay fees to the debited entities, regardless whether the consent was obtained in an explicit or tacit manner.