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Send Money To Argentina

As an Argentine living outside the country and looking for ways of sending money to your family, you need to consider the cost, speed and security of the different providers. This guide looks at the various money transfer channels available when sending to Argentina, the information you need and the various factors to bear in mind.

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How To Send Money To Argentina

Sending money to Argentina is simple and easy. Follow these steps to get started.

Find a Trusted Provider

Use our comparison table to find the best provider for your needs.

Sign Up and Deposit

Sign up with the provider and deposit the amount you want to transfer.

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money In Argentina

There are multiple ways to easily send and receive money in Argentina but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money. 

Sending Money To Argentina
Receiving Money In Argentina

Ways to Send Money to Argentina

There are different ways you can send money to Argentina. You can opt for bank-to-bank transfers, online money transfer services, or instore cash transfers.

Bank-to-Bank Transfers

From the country you are in, you can transfer money through the banking system to Argentina. Banks are still perceived as being secure and reliable even in the 21st century. However, for you to make this kind of transfer, you need to have a bank account and the recipient needs an account as well.

To initiate a bank wire transfer, you have to visit a local branch and fill in the recipient information. Some banks have branches or correspondent banks in Argentina that they leverage for their wire transfers.

Generally, wire transfers to Argentina cost about $40 per transfer. For this cost to make sense, you’ll have to transfer larger amounts of money. For the many senders to Argentina who on average transfer $200 to their families, such a cost is not practical. The exchange rate margins banks charge can also be high in the regions of 6%.

Online Money Transfers

Online money transfer service providers such as TransferWise, Xoom, WorldFirst, WorldRemit and Azimo give you the benefit of speed, cost-effectiveness, and reliability. To send money, you need to sign up for an account by providing all your personal details including physical address and telephone contact.

Once the account has been verified, you can send money right from the comfort of your seat. There are several ways you can pay for your transfer.

  • Using a debit or credit card
  • Through a direct bank debit
  • Using bank wire transfer

Of the above payment methods, the credit/debit card option is the most preferred if you want speedy transfers. For the payout, you have the option of choosing cash pickup or direct-to-bank transfers. Cash pickups are the fastest. Bank transfers are subject to bank regulations and working hours which may delay your transfer.

Apart from money transfers, online money transfer providers also allow you to top up the recipient’s phone. Airtime recharges are available on prepaid mobile numbers on the following Argentina-based carriers: Movistar, Claro, Nextel, and Personal. The airtime recharge is instant.

Instore Cash Transfer

Money transfers through the instore cash transfer platform require that the sender visits an agent in their host country. Money transfer operators like Western Union, MoneyGram, or Ria are among the big names in this niche.

Sending 1000 GBP through MoneyGram will cost you just 3.99 GBP. On Western Union, it costs you 19.90 GBP. You have the option of choosing cash pickup or bank transfer as a payout option. The main disadvantage of instore cash transfer is that you have to physically visit the store to transact. This can be inconveniencing especially if you are the type of sender looking to transfer money on the go.

It is worth mentioning that instore cash transfer providers such as Western Union and MoneyGram also have an internet-based cash transfer service which allows you to begin your transfer online and complete it instore.

What is Needed to Send Money to Argentina

When sending money to Argentina, you’ll have to provide the following information.

  • A government-issued photo ID
  • The name of the recipient, their address and phone number
  • The recipient’s bank details if the transfer is to a bank account
  • The transfer payout method

For online money transfers, most of this information is captured once when opening the account. Going forward, you don’t have to provide all of it to send money.

Best Ways To Send Money To Argentina

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Amount
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USD
ARS
United States
USD
Argentina
ARS
USD
Top Provider
Amount Received
By Bank Transfer
73,683.81
ARS
Fees: $13.99
Rate: 73.68381
Payment Options
Speed
Debit Card
1-2 Hours
Credit Card
1-2 Hours
Bank Transfer
1-2 Hours
Key Features
First 3 Transfers Free
Cash pickup to over 170,000 locations
No domestic transfers
Current Mid-Market Rate: 1 USD = 75.293982 ARS
* Some rates may be indicative.

Common Reasons for Sending Money to Argentina

There are different reasons behind the many transfers into Argentina. Some are directed towards savings and investments, others for family upkeep and lots of other use cases. Below are some of the commonly cited reasons for funds sent to Argentina.

Family Support

Argentines living in the diaspora often send money to support their families in meeting their basic needs back at home.

Savings

Argentina had a savings rate of 20.1% as of September 2019. Part of the savings is contributed by Argentines living and working in the diaspora. Money for savings is sent directly to bank accounts or savings products based in the country.

Investment

Argentina has vast investment opportunities thanks to its wealth of natural resources, skilled workforce and dynamic market reforms. Inflows into the country are targeted at investment opportunities in infrastructural projects, real estate and financial assets.

Income repatriation

Argentines in countries such as the United States and Spain send part of their incomes back home. This trend is powered by the fact that many Argentines are in those countries for contractual work. When their contracts end, they come back home, moving their earnings with them.

Tours and Travel

Millions of tourists visit Argentina each year. Many of them take advantage of travel plans and packages that require advance payment to lock in early-bird discounts and other heavily discounted promotions.

Education

Apart from the basic support that Argentines living abroad give their families, some of them send money home to keep their siblings in school.

Why Send Money with a Money Transfer Service?

The choice of sending money with a money transfer service is informed by the convenience, reliability and affordability of the transfer services. Below is a summary of the reasons you should try out money transfer services on your next transfer.

Ease of Set-Up

Signing up for a money transfer service account takes minutes. If you have all the information required, account verification takes a couple of hours or a day at most.

Transfer Speed

As the sender, the speed at which money gets transferred to the recipient is of great significance to you. In under an hour, your transfer can get across to the recipient. Cash pickups arrive in minutes while bank deposits can take as little as 1 business day.

Lower Exchange Rate Margin

Exchange rate margins contribute to the profits of money transfer providers. The higher the exchange rate margin the higher the profits and the lower the rate you get for your transfer. Money transfer providers charge anywhere between 0.5%-3.5. On the other hand, banks charge 5%+

Multicurrency Support

Money transfer services facilitate the movement of funds with a lot of ease from host to destination countries because of the multiple currencies they support on their platforms. Whatever the country or currency you are sending money from, you will always get a provider supporting it. This feature helps you avoid the intermediate conversions of currencies and the fees involved.

Security

Money transfer providers use bank-grade security installations to protect clients’ funds and information during transfers. The fact that activities of money transfer providers are regulated by government-affiliated bodies such as FINTRAC, FinCEN and Financial Conduct Authority, make them even more reliable.

Transfer Fees

The cost of transfers varies from one money transfer provider to another. However, compared to interbank wire transfers to Argentina, money transfer services are way cheaper. For instance, a direct to bank deposit of 1000 USD to a bank account in Argentina on the Xoom platform costs $0 in fees. Compare this with the $40 -50+ that banks charge per transfer.

Things to Consider When Sending Money to Argentina

Before you send money to Argentina, it is important that you understand the governance framework guiding money remittances to Argentina. Some of the key areas to consider include:

  • Tightened Currency Controls - The Central Bank of Argentina has put in place currency control measures aimed at easing foreign exchange pressure on the peso. As at the time of this writing, savers can only buy $200 per month down from $10000. The danger with this move is that it may skyrocket black market dollar rates. 
  • Tax on Bank Account Transactions - Argentina taxes bank transactions (debits and credits) at a rate of 0.6% of the transaction value. However, pension payment deposits are tax exempt.
  • Tax on Worldwide Income - Argentina residents are taxed on their worldwide income. In the case of double taxation where there is an underlying agreement between Argentina and the other country, you can get a tax credit.

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Looking to Send Money Somewhere Else? 

Sending money anywhere else in the world is as easy as sending money to Argentina. If you're looking to send money to another country, here is the list of the most popular destinations.

Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com