BCRA Communication "A" 8299: Dollar-Denominated Checking Accounts and ECHEQ in Foreign Currency

After more than two decades, the BCRA restores dollar-denominated checking accounts. Checks in that currency may only be issued in electronic format (ECHEQ).

On August 7, 2025, the Central Bank of Argentina (BCRA) issued Communication "A" 8299, published in the Official Gazette on August 11. The regulation amends the Checking Account Rules to incorporate the U.S. dollar as an admitted currency, enable check issuance in that currency exclusively through electronic means (ECHEQ), and establish specific conditions for overdrafts in dollar-denominated accounts.

The measure marks the return of foreign currency checking accounts to the Argentine banking system after more than twenty years, aligning with the currency competition policy promoted by the National Government and the BCRA's broader effort to expand the range of financial products and services.

Contents of the Communication

Communication "A" 8299 establishes three key provisions:

  • •
    Incorporation of the U.S. dollar as an admitted currencyFor operating checking accounts under the Checking Account Rules. Until this communication, checking accounts only operated in pesos.
  • •
    Restriction to electronic check formatIn dollar-denominated checking accounts, checks may only be issued through electronic means. Physical paper checks are not admitted. Peso-denominated accounts continue to accept both formats.
  • •
    Implementation deadlineFinancial institutions operating sight accounts that accept check deposits have until December 1, 2025, to adopt the necessary mechanisms for their customers to deposit ECHEQs issued in dollars.

ECHEQ Only: The Decision to Exclude Physical Checks

The choice of exclusively electronic format is deliberate. ECHEQ has been gaining ground in the Argentine payment system: by late 2025, 60% of cleared checks were electronic, representing over 80% of total operated amounts. Introducing dollar checking accounts directly in ECHEQ format avoids the need to issue physical checkbooks in foreign currency, with all the associated security, logistics, and printing cost implications.

The electronic format offers concrete operational advantages: remote issuance and management via online banking or mobile applications, electronic endorsement, negotiation, and deposit. For the SME segment, the ability to operate ECHEQs in dollars opens a hard-currency financing channel with reduced transaction costs.

Overdrafts: Credit Policy Limits

Communication "A" 8299 does not authorize dollar overdrafts without restriction. It conditions them on BCRA Credit Policy regulations, which establish that the lending capacity of foreign currency deposits must be applied to specific purposes (foreign trade financing, export pre-financing, among others). In practice, not every customer will be able to operate dollar overdrafts: only those qualifying within the BCRA's foreign currency financing lines.

Overdraft repayment may only be made with freely available dollar funds. Repayment with pesos converted at the daily exchange rate is not permitted. The dollar operation is self-contained: it lends in dollars and settles in dollars.

Tax Considerations

Law 25,413 (the tax on banking debits and credits, known as the "check tax") levies charges on checking account transactions. The interaction between that law and the new dollar checking accounts remained pending definition by ARCA at the time Communication "A" 8299 was issued. Potential exemption or differentiated treatment is a factor that may influence instrument adoption.

Economic Policy Context

Communication "A" 8299 is part of the currency competition framework promoted by the National Government since 2024, where the dollar and peso coexist as means of payment and units of account in the domestic economy. The BCRA has been adopting measures to enable dollar use in local transactions: authorization of foreign currency payments, exchange rate liberalization, and now the reopening of dollar checking accounts.

The dollar ECHEQ seeks to channel transactions that would otherwise be resolved outside the formal system. For the foreign trade sector, dollar checking accounts simplify payment and collection operations between exporters and importers.

Implementation and Early Data

The December 1, 2025 deadline was met as planned. Early BCRA data confirm that dollar ECHEQ operations have begun: the December 2025 retail payments report recorded 19 electronic checks in dollars cleared for a total of USD 0.8 million. These are nascent figures, consistent with a newly enabled instrument.

In October 2025, the BCRA supplemented the regulation with Communication "A" 8347, clarifying the procedure for rejected dollar ECHEQs, completing the instrument's operational cycle.

Considerations for the Financial and Corporate Sector

For financial institutions, Communication "A" 8299 required adjustments to core banking systems, interbank clearing, and electronic channels. The regulation allows the use of third-party mechanisms to process dollar ECHEQ deposits.

For exporters and foreign trade companies, dollar checking accounts with ECHEQ offer a payment and collection management tool that previously did not exist in the local banking circuit. ECHEQs can be negotiated on the secondary market (check discounting, assignment), opening foreign currency working capital financing options.

Widespread adoption will depend on the definition of tax treatment, the effective opening of dollar checking accounts by banks, and the consolidation of the currency competition framework as a sustained policy.

This note is for informational purposes only and does not constitute legal advice. For a specific analysis, contact our team at contact@jfcattorneys.com.