In Argentina, the rules for receiving and crediting foreign currency change all the time depending on the policies of the Central Bank of the Argentine Republic (BCRA). One of the most recent examples of this phenomenon is the removal of the 36,000 USD limit for the direct crediting of dollars into dollar-denominated accounts. However, one relatively stable element is the MULC (Mercado Único y Libre de Cambios). That’s why today we explain what it is and how it works.
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MULC: what is it?
The MULC (BCRA) is Argentina’s official foreign exchange market. Most foreign currency purchase and sale transactions in Argentina are recorded and settled through this channel.
The MULC is regulated by the Central Bank of the Argentine Republic (BCRA) and is used by exporters, importers, banks and financial agents to settle payments and collections in foreign currency (not only dollars) in compliance with current regulations.
Although the name suggests a single and free market, in practice this channel establishes rules, requirements and limits on who can access it and under what conditions.
Thus, the MULC serves two functions:
- on the one hand, it provides transparency and traceability for foreign trade and services transactions;
- on the other, it allows authorities to monitor, intervene in, or set conditions for access to foreign currency (settlement deadlines, administrative requirements or temporary restrictions).
This ecosystem of private operators and public bodies makes the MULC one of the central pillars of Argentina’s foreign exchange system.
Understanding the MULC: how does it work?
From an operational standpoint, the MULC is a registry of financial transactions where industry entities record the settlement of foreign currency generated by exports of goods and services.
Entities must report all operations related to:
- payment for imports,
- international transfers,
- profit distributions and export of services,
- and other foreign transactions or transactions carried out in foreign currency.
Banks act as intermediaries: they receive their clients’ instructions, validate the required documentation, and post the transaction in the official market.
The price that emerges in the MULC—the official exchange rate for wholesale or trade operations—is formed by the interaction of supply (for example, exporters selling their foreign currency) and demand (importers buying dollars to pay for shipments), but it is subject to the guidelines and decisions of the BCRA.
The MULC coexists with other segments of the foreign-exchange market (for example, financial markets where MEP/CCL are traded, or the informal market), which explains the multiple exchange rates that coexist in the economy and the usual pressure on the BCRA to supply demand for official dollars.
Regarding access, the BCRA communicates conditions for different types of transactions: payment terms for imports, requirements for settling exports, exceptions for certain foreign payments, and administrative controls designed to manage reserves and fiscal order, among a thousand other things.
How can I bring dollars into the country via the MULC as a services exporter?
For those who provide services abroad, the legal channel to settle foreign-currency income is through the export of services. You must issue a supporting invoice, register the receipt with AFIP/ARCA, and then credit the currency through the banking circuit that channels the transaction through the MULC (unless there is an express exception in the applicable regulations).
Steps to bring dollars into the country via the MULC
To bring dollars into the official foreign exchange market, AFIP/ARCA specifies the invoicing requirements for service exports and how those invoices must be formalized.
- Verify that your activity is classified as an “export of services”
To settle foreign currency in the MULC, the service must be rendered from Argentina and take place abroad. You must also verify that the activity is enabled under your tax category/regime (Monotributo, Responsable Inscripto, etc.).
- Tax registration and point-of-sale setup
On the AFIP/ARCA website, enable a point of sale to issue export invoices (“Factura E”) through the online invoicing service using your Clave Fiscal.
Correctly configure the foreign client’s information (including the destination country’s tax identification) on the invoice. If you use a foreign currency other than the dollar, the invoice must be “converted” to dollars in accordance with AFIP rules.
- Issue the export invoice (Factura E)
To issue the export invoice, simply select “export of services” as the invoice concept in the billing system.
Then you can define the form of payment (for example: international bank transfer / SWIFT) and the recipient’s bank details (foreign client).
Finally, complete the rest of the transaction details: amounts, service descriptions, currency, etc., on the form.
- Receive payment from abroad
The foreign client will make an international transfer (for example via SWIFT) to your Argentine bank account (or to an allowed foreign-currency account). You must then register the transaction with your local bank, informing them that it is payment for export of services (so it can be identified under foreign trade regulations).
- Settle the foreign currency in the MULC within the legal term
According to current BCRA regulations, foreign currency from service exports must generally be brought in and settled in the MULC within five business days of receipt. If you delay, fines or penalties may be applied.
Once this is done, you must complete the forms or declarations required by the bank (“foreign trade / foreign exchange operations”) for that specific transaction (each bank may have its own procedure).
Conclusion
The MULC is the backbone of Argentina’s official foreign exchange system: a mechanism regulated by the BCRA that organizes the inflow and outflow of foreign currency linked to foreign trade and financial operations with abroad.
However, the conditions —limits, exceptions and deadlines— change so frequently that it is hard to keep up with the dancing mood of the parallel markets. For that reason, it is essential to know the current regulations and coordinate the operation with your financial institution and an accounting advisor before making decisions.
