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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Joaquin Garcia arrived in the US as a student, and at the end of his studies he managed to get a job. After he began working he decided to start sending some money back home to his aging parents. He figured he could afford to send around $2,000 every other month.
He compared two money transfer companies, and this is what he learned:
| Money transfer service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate | 1 USD = 8.377 ARS | 1 USD = 9.5481 ARS |
| Transfer fee | $0 | $0 |
| Transfer speed | 1 day | 1-3 days |
| Transfer options | Bank account | Bank account |
| Total ARS received | 16,754 | 19,096.27 |
The biggest difference between to the two services are the exchange rates. The second service took extra time, but earned him over $2,342 more pesos.
You’ll want to consider costs, of course. But other factors can also affect your choice.
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Argentina’s exchange rates is flexible, so it can change from moment to moment based on factors such as interest rates, economic stability and inflation.
When you use a reputable provider, your funds are safely tracked until in the hands of your recipient. There are federal protections in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Whether picking up funds in Buenos Aires or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
You might need to send an emergency cash transfer to Argentina— for example, if a friend traveling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
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