Thursday , May 13 2021

How to buy cheaper dollars than at Banco Nación with a photo of your ID and a selfie

For a few months, the central bank opened the game so more sellers of dollars in the foreign exchange market. Therefore, some limited companies are already authorized to buy and offer US currencies at lower prices than traditional banks. They also point out that customers do not have to face-to-face and that they can work immediately.

The monetary authority relax the regulation so that there are more players in the foreign exchange market. In his daily dollar price surveys, he added two stockbrokers who were also authorized to sell dollars: the Balanz and stock market indicator, and in the coming weeks, Bull Market Brokers will start working as home change this Wednesday.

What's striking is that too They have better prices than the cheapest sales stage, Banco Nación and that they also buy at a better price than the banks usually accept.

As explained by both companies, this specificity is explained in two things: business decisions to attract savers and low costs. On the other hand, Daniel Vicien, Commercial Director of Balanz Joint Investment Funds commented that "the difference between the purchase price and the selling price is due to the appetite to earn more or less money." "Our idea is to make it more" closed "and that means we can have a small tool," he says.

Luis Vallejos, founder of Indicador Bursátil, explained that "unlike banks, because there is no cash management, you reduce the cost of money, such as transportation or security."

At the same time, Ramiro Marra, Bull Market Brokers and Financial Youtuber explained: "In Argentina, two million people buy dollars a month, the two million people buy about $ 2000 million, what we did was to lower the cost of entry and exit to the stock market. The difference between the purchase price and The sales price in the banks is 5% and we take it to 2.5% ".

Step by step, how to work

The first thing that has to be done is open an account. In the case of Balanz and IB Changes this can be done from the mobile phone. Balanz has also developed a free application, and Bull Market Brokers is opening its own. For this last signature, the operation is performed from the computer.

Before you start buying or selling, there will be Enter some basic identity data by the client and in any case will be requested a photo of ID and a selfie to have a biometric check of personal data. In no case, you need the presence of the client in any office or presentation of documents.

Once this step is completed, you can already access the purchase and sales listings for the US currency. For any of the two operations, A transfer must be made from a bank account, but it will not be necessary to get it "linked" to the user, because when one enters the account details, these companies will be able to know who it belongs to.

In the case of IB Changes, you can even make purchases or sales before completing the process of opening an account. The purchase order is sent, which will be "frozen" until data entry is complete.

Balanz and Bull Market allow immediate operations, while IB Changes has a settlement period of between 24 and 48 hours. The three have something in common: Opening and maintenance of account and sale of dollars pays no commission.

Equity companies also strive to offer opportunities to invest in other financial instruments at the same time. Balanz offers those who have an account the opportunity to turn to assets "at home and abroad", Vicien explained.

Bull Market, for its part, manages what they call a "supermarket" of investment funds, through which the savior can choose from a good amount of FCI without having to open accounts in each.

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