Hundreds of people send money to and from Argentina on a daily basis. Regardless of the amount of money they send, almost everyone faces two problems: complex and slow processes and services; and horrible exchange rates that make them lose money. And this doesn’t even include the regular fees yet!
This situation motivated TransferWise, a bit over a year ago, to launch international transfers to Argentina. And since then, a lot of people have saved money and time.
However, we were missing an important piece to fully bring our revolution to Argentina: the launch of international transfers from Argentina to the rest of the world. With TransferWise, the process of sending money is simple, the fees are low and transparent, and you always get the mid-market exchange rate - the rate that you can check online, if you google your currency pair.
If you’ve tried to send money from an Argentinian bank before, you’ll already know that it’s not an easy task. Usually, it’s a complex and slow process, with forms to fill out, and quite some fees to pay. Furthermore, it hasn’t adjusted to the digital era that we live in because you can’t, for example, transfer money abroad from your online banking.
When you want to transfer money internationally with your bank you have to go to a bank branch during working hours. At the branch you’ll wait for your turn in a line, and request for an international transfer to be made. Then, with the help from a financial assistant, you’ll have to fill out a form - which can be several pages long - with basic information about you, your recipient, their bank details, and the transfer reason.
Once you know all the details about the fees and the form is completed, your bank could take up to 24 hours to verify and accept the transfer. If all goes well, they’ll use the SWIFT network to send your money and it could take 3 to 5 working days before your recipient receives the money. On top of all this, you should keep in mind that every intermediary bank could charge a fee and the exchange rate that you get could be much worse than the mid-market one. Result: an expensive and slow transfer with possible uncomfortable surprises.
With TransferWise the process is much easier from the start. You can transfer money from your sofa because there’s no need to go to a branch, everything can be done online. You just need to visit the TransferWise site or download the Android or iPhone app.
Once you get there, sign up and click the “send money” button. You’ll have to select Argentine Peso (ARS) as the source currency, and after that the target currency and the amount you want to send. Simply follow the steps, pay for your transfer by sending the money to TransferWise from you Argentinian bank account, and automatically get the mid-market exchange rate. All this for just a fair and small fee that you’ll see upfront, and you can be sure that your money will always be safe.
Your money will reach the recipient in 1 to 2 working days, so you have the added benefit of not only saving money, but also saving time.
After Brazil, Argentina is the second country in Latin America where you can transfer money abroad with TransferWise. It took a bit of time, but it’s here now! Take a look at the main traits of these transfers:
- Both private and business customers can use TransferWise
- You always get the mid-market rate with no hidden fees
- You just pay a fee between 0.7% and 2% (according to the target currency). Check the fees here.
- You can send up to 250,000 ARS, monthly.
- Once TransferWise has your money, the transfer should be completed in 1 to 2 working days.
This is just the beginning for Argentina and the rest of Latin America, as TransferWise will continue to work on launching more currencies and get to mission zero. Our goal is to offer everyone money without borders - instant, convenient, transparent and eventually free.
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