Send Money To Argentina
In terms of size, Argentina is only second to Brazil in
South America. The country is bordered by Paraguay, Bolivia, Brazil, Uruguay
and Chile. It is the location of South America’s lowest and highest points. The
capital city is Buenos Aires and the country has a population of over 41
million people. Some of its tourist attractions include the Perito Moreno
Glacier, Iguazu Falls and the capital Buenos Aires.
Since the turn of the century, Argentina has seen its
economy suffer due to mismanagement under the regime of former president
Christina Fernandez de Kirchner.
While Argentina experienced fast economic growth in the
1990s, the period of prosperity was followed by an alarming economic collapse,
reports of grand corruption and economic mismanagement. Unemployment remains
high, as the economy struggles with stagnation with inflation reaching
Popular money transfer services that send to
The official currency in Argentina is the Argentine peso.
One peso has 100 centavos. Centavos come in coins of one, five, ten, 25 and 50,
although the one centavo coin is no longer being minted. The denominations used
for the banknotes are two, five, ten, 20, 50 and 100.
If you are travelling to Argentina, you can find pesos in
banks and exchange houses, commonly known as “cambios”. Most towns also have
ATMs, so accessing your cash should not be a problem. As a visitor in
Argentina, you will find good value for money as exchanging the pound or the
dollar for the local currency gives you a great advantage. One Argentine peso
is the equivalent of 0.065 dollars and 0.050 British pounds.
Send Money with Bank Deposit
The announcement in late 2015 that Argentina was lifting its
currency controls came as a relief to many. The controls had been imposed four
years earlier in a bid to stabilise the peso. Although the move had been
expected to lead to a devaluation of the peso, the hope was that it would boost
exports and be a catalyst for economic growth.
Under the new regulations, the maximum currency that could
be acquired to be used for investments, domestic or foreign, was increased to
$2 million every month.
Any foreign remittance handled by local commercial banks is
required to be followed by a confirmation to the central bank that the services
were actually fully rendered.
Any foreigner working in Argentina can buy foreign currency
or wire funds to another country. At the same time, foreign institutions that
pay monies on behalf of host locations can ask Argentina to reimburse their
The $500,000 monthly restriction for investment portfolios
of non-residents is also no longer applicable. The holding period was also
brought down to 120 days from 365 days.
Send Money Through Cash Pickup
One of the requirements before completing bank wire
transfers in Argentina is that you have to have a bank account in the country.
Your foreign bank then sends money in via the central bank. After the central
bank converts those funds into pesos, you can now access them through your bank
account. Deposits to Argentinian banks take a number of days to reflect in the
When depositing funds into Argentinian bank accounts, you
need to have the following details about your recipient; bank name, unique
banking key, account type, account currency, full name on the recipient’s bank
account, valid phone number and complete address. The address should include
the province and the city.
There are limits imposed on how much you can send or receive
every year. If you are sending an amount exceeding 15,000 pesos, your recipient
will be required to present a compliance form and a government issued ID. If
the amount is over 120,000 pesos, a proof of income will also be required. Once
received, the approval will be valid for one full year. The documentation can
either be presented directly at the bank or sent by mail.
Travellers’ cheques are accepted in some of the high-end
establishments but the preferred method of payment is credit cards or cash.
Money Transfer Regulations
Cash pickup is a very commonly used means of payment in
Argentina. There are MoneyGram and Western Union offices throughout the
country. Cash pickups are made popular by the fact that the recipient receives
the money within the same day. In fact, it only takes a matter of less than one
When accepting the transfer, the recipient needs to get the
transaction number from the sender. The recipient’s name alone is not enough
for him or her to be handed the money.
Cash pickups are known to be highly convenient. At the same
time, they are also very secure. As long as there is a cash pickup point near
where you live, this is one of the easiest ways to send or receive cash.
However, make sure that you are only using reputable agents who have a positive
track record. You don’t want to be conned out of your hard earned cash.