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September 18, 2012

Paypal bars domestic transactions in Argentina

Residents can only transfer funds internationally

By CBR Staff Writer

Online money transfer service Paypal is set to bar its users in Argentina from transferring funds between them, as per the recent amendments to the company’s user agreement.

According to the firm, from 09 October its user residents in Argentina may only be allowed to send and receive international payments.

BBC revealed the Paypal’s amendment which reports that domestic payments between two Argentina Resident PayPal users will no longer be unavailable.

In 2011, the government of Argentina banned the purchase of US dollars, which led to increase in sales of currency on the black market.

Further, the local residents were establishing two accounts under different email addresses and were transferring funds between the two and exchanging local currency pesos for dollars.

The new rule averts multiple accounts per person to be registered within Argentina and allows only one account.

In September 2012, the government had set up a new 15% tax on all abroad transactions, which directly affects credit cards, and transactions made on international websites including Amazon and eBay, and transactions made on Paypal.

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