How to Send Money to Argentina From the US

Sending money to Argentina from the United States involves navigating various options and understanding specific financial considerations. Whether supporting family, managing business expenses, or funding travel, careful attention to detail ensures a smooth and efficient transaction. This guide outlines available methods and important factors for informed decisions.

Choosing a Transfer Method

Individuals have several avenues for sending money to Argentina, each with distinct features regarding speed, cost, and convenience. Traditional bank wire transfers offer a secure method, moving funds directly from one bank account to another. However, these transfers can incur higher fees and often take several business days to complete, typically ranging from three to seven days for processing.

Online money transfer services, such as Wise, Xoom, Remitly, WorldRemit, Ria, and Xe, provide digital platforms for international transfers. These services often offer faster processing times, with many transfers arriving within minutes or hours, especially when funded by debit or credit card. They typically feature competitive exchange rates and transparent fee structures. Some platforms also facilitate transfers to mobile wallets.

Traditional cash pickup services, like Western Union and MoneyGram, allow recipients in Argentina to collect funds in cash from designated agent locations. This method is useful for recipients without bank accounts or those needing immediate access to funds. While convenient for cash access, the exchange rates and fees associated with these services should be carefully reviewed.

Required Information for Your Transfer

Before initiating any money transfer to Argentina, gathering specific information for both the sender and the recipient is important. For the sender, this typically includes a full legal name, current address, phone number, email address, and details from a government-issued identification document, such as a driver’s license or passport. These details are necessary for identity verification and compliance with financial regulations.

The recipient’s full legal name, exactly as it appears on their official identification, is required, along with their address, phone number, and email address. For bank account transfers, essential banking information includes:
The recipient’s bank name
The bank’s address
The SWIFT/BIC code
Their full account number

For transfers to Argentina, the recipient’s 22-digit Clave Bancaria Uniforme (CBU) and their 11-digit Clave Única de Identificación Tributaria/Laboral (CUIT/CUIL) are often necessary for bank deposits.

For cash pickup services, the sender may need to specify a particular agent location or confirm the recipient’s identification requirements. Some services or regulations may also require stating the transfer’s specific purpose, such as family support or payment for services. Having accurate information ready prevents delays and ensures funds reach the intended recipient.

Navigating Argentina’s Currency Landscape

Argentina’s financial environment presents unique considerations for international money transfers, primarily due to the existence of multiple exchange rates. The official exchange rate is set by the national bank, but a parallel market rate, commonly known as the “blue dollar” (dólar blue), operates alongside it. This disparity arises from currency controls and restrictions on accessing foreign currency through official channels, leading to a significant difference in value between the two rates.

The choice of transfer method can significantly influence which exchange rate applies to the funds received in Argentina. Transfers through traditional banks typically use the official exchange rate, which is often less favorable than the parallel market rate. Conversely, cash pickup services or certain online platforms might offer exchange rates closer to the “blue dollar” rate, potentially providing more Argentine pesos for the same amount of U.S. dollars. This difference can result in the recipient receiving a substantially larger local currency amount.

Local regulations also impact how foreign currency is received. The Central Bank of Argentina (BCRA) and the Federal Administration of Public Income (AFIP) oversee money and exchange provisions. Financial entities must register foreign currency received and convert it to pesos, with specific rules for crediting accounts. Recipients may also need to provide their Documento Nacional de Identidad (DNI) for their first deposit.

Executing Your Money Transfer

Once a transfer method has been chosen and all necessary information gathered, the process of executing the money transfer typically follows a structured series of steps. For online services, the first step usually involves creating an account or logging into an existing one on the provider’s website or mobile application. This often includes verifying identity through email, phone number, and sometimes government-issued ID.

After logging in, the sender will select Argentina as the destination country and input the amount to be sent in U.S. dollars. The system then typically displays the equivalent amount the recipient will receive in Argentine pesos, along with any applicable fees and the exchange rate. Following this, the sender enters the previously collected recipient details, including their full name, address, and banking information if it is a direct bank deposit.

The next step involves choosing the delivery method, whether a bank deposit, cash pickup, or mobile wallet transfer. The sender then selects a funding method, which can include linking a bank account, using a debit card, or a credit card. After reviewing all transfer details for accuracy, the sender confirms the transaction. Upon successful submission, a confirmation number or tracking ID is usually provided, allowing the sender to monitor the transfer’s progress.

Understanding Transfer Costs

Understanding the total cost of sending money to Argentina involves more than just the advertised transfer fee. Service providers typically charge a transfer fee, which can be a flat rate or a percentage of the amount sent. These fees can range from approximately $5 to $50 or more, depending on the service and the transfer amount.

A significant, often less apparent, cost is the exchange rate markup. Many providers do not offer the mid-market exchange rate, which is the true rate at which currencies are traded between banks. Instead, they apply a markup, meaning they offer a less favorable rate to the customer and profit from the difference. This markup effectively reduces the amount of local currency the recipient receives and can significantly increase the overall cost of the transfer. It is advisable to compare the offered exchange rate with the mid-market rate to assess this hidden cost.

Other fees might also reduce the final amount received by the recipient. The recipient’s bank in Argentina may charge a fee for receiving an international transfer. If the transfer is funded using a credit card, the card issuer might impose additional charges as a cash advance fee. Therefore, evaluating the total cost, encompassing transfer fees, exchange rate markups, and potential recipient bank fees, is important before finalizing any money transfer.