In 2017, the inflows to Argentina amounted to $688 million. Over 50% of these funds came from Spain and the United States. The south-south remittance corridors such as Bolivia-Argentina, Brazil-Argentina, Chile-Argentina, and Paraguay-Argentina are also significant as far as money transfers are concerned.
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. There are several options available and expectedly, each one of them has its strengths and weaknesses.
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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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.
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.
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 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.
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.
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.
When sending money to Argentina, you’ll have to provide the following information.
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.
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.
Argentines living in the diaspora often send money to support their families in meeting their basic needs back at home.
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.
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.
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.
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.
Apart from the basic support that Argentines living abroad give their families, some of them send money home to keep their siblings in school.
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.
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:
Ria Money Transfer offers two options when you choose to use their service for online money transfers. Their fast option is the fastest way to transfer funds to Argentina. With Ria Money Transfer’s fast option, you can expect your money to reach its Argentine destination in a matter of minutes. Furthermore, while there are other comparatively fast options available, Ria Money Transfer’s fast option looks very cheap in comparison. For the fastest speeds you can get combined with a very reasonable rate, Ria Money Transfer’s fast option is a great choice.
Ria Money Transfer’s slow option is the cheapest way to send cash online to Argentina. All of the costs associated with using Ria Money Transfer add up to a sum that is simply lower than the competition. Another advantage to getting used to using Ria Money Transfer to send funds to Argentina is that you can choose to pay more to use their fast service when you are in a rush. Regardless, Ria Money Transfer offers a great deal for sending cash online to Argentina.
The easiest way to send funds to Argentina is through TransferWise. TransferWise turns sending funds to Argentina into a three-step process that can easily be repeated. First, you just tap in the amount of money you want to send. Next, you tap the destination for the money. The last step is paying TransferWise the fee, at which point your money will be off to Argentina. The transfer times with TransferWise are also rather agreeable at just one or two days.
The current exchange rate for the Argentine Peso (ARS) is 59.9997 ARS per American Dollar (USD) as of the time this was written. The ARS reached a high of 59.9997 ARS per USD and a low of 58.3020 ARS per USD during the last 90 days. The average exchange rate for the ARS was 59.6700 ARS per USD for the last 90 days.
The average volatility rate of the ARS against the USD was 1%. This is a very high volatility rate, and the Argentine Peso has been behaving unpredictably for some time now. The last year has seen the ARS lose a significant portion of its value. Unfortunately, for the time being, you should expect wild fluctuations to continue, barring any unforeseen circumstances.
Ria Money Transfer is the overall best way to transfer funds to Argentina. For the sake of a more well-balanced deal, we recommend that you use their fast option as well. With Ria Money Transfer’s fast option, you can pay a moderate amount of money to see to it that your money gets to Argentina very quickly. The service is also fairly easy to use, and users report only minor frustrations for the most part.
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.