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 unprecedented levels.

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.

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 expenses.

The $500,000 monthly restriction for investment portfolios of non-residents is also no longer applicable.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.

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 accounts.

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.

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 hour.

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.