Best way to send money to Argentina

Howdy,

In my humble opinion:  Western union, bank to bank, is by far the best option we have found.

LOL  Honestly, this started as a short post, but I went down a rabbit hole.  I hope it helps someone.

We are also from the US and have lived in Argentina for 6 years.  We do not live in BA, we live in the far western part of AR.  In the mountains of the Mendoza Province.  As a crow flies, we are about 60 miles from Chile.  But, I think the info will apply to a BA life too.

BTW, It took us 2 years to find this gem.  Not to mention the countless ATM fees. 

NO, I am not affiliated with anyone below, just sharing my experience in Argentina.

Why Western Union?

Today's exchange rates in Argentina were:

Official: 155 (plus ATM service fees from both banks)

Blue: 284

Western Union: 306.25

WU uses a different rate that is (over the last 4 years) much higher than the other exchange rates.

Why?  I dunno, but I'm not complaining.

How to make it all work:

First off: I recommend that YOU (the sender) open a WU account on the WU site (it is free).  I won't try to send you to a bad link...so google it.

ALERT: Setting up your account will access your banking information!  Use a really strong password!   FYI: you will also have to call WU Customer Service to prove it is you, and if you use a card you might have to talk to your card folks too.  It is a PITA for the first few transfers, but in hindsight it protected my accounts.

If you have a WU account it will make it easier to make future transfers and you get 'points' to lower future fees.  The points are not much but if you plan on doing this for awhile, they will eventually add up to a discount.

NOTE: Sometimes you can find WU codes online for a discounted (or free) transfers.  Unfortunately, some months are better than others.  (Sept, 2022...nothing; Aug 2022...free transfers.)

Side Note:  in my opinion, the web page transfer site is really, really SLOW.  I think the WU App for Android from the Play Store is much faster.   No clue what the Apple version is or if it is better of not.

After she arrives in Argentina:

You can send her money via 'cash pickup' ('cash'=pesos) option.  She'll need her passport to pick-up the funds and, as you will see on the WU site, it is the most expensive way to send money.

Bank-to-bank:

Once she is settled, I HIGHLY recommend that she opens a savings account down here to receive the transfers.  Bank-to-bank transfers take longer...like up-to 8 days (my experience max 5 business days).  However, the fees are much, much less.

FYI, her bank will probably want a local cell number.  (Also good for 2-factor authentication).  Once again, solely my opinion...we use Claro becuase, it works in our neighborhood and WhatsApp's are free.

If you are not familiar with WhatsApp, you should learn.  It will be a part of life for her down here.  Also, you and she can text, talk (WhatsApp phone call), or (depending on the signal strength) even video call for free.  I do not know what the other cell services offer.  Free was good enough for me so I stopped looking and stuck with Claro.

For a Bank:  Also, solely my opinion...

We use BBVA Frances. Why? Savings account (in pesos) is free, Visa debit card is free, and the lines for the ATM are usually shorter.  By that I mean 4 or 5 people long.  (The National Bank of Argentina lines will be a block long.  (standing in line is a sport here)).

So, DON'T use the National Bank unless she enjoys long lines.

Another bonus of BBVA is that online banking really works!  She will be able to pay most of her bills via online banking.  The other main option for paying a bill is to stand in a line at a payment kiosk (pago).  No, I have not tried other banks...this is my experience here.

Another side note:  Speaking as a father myself:  In an emergency, the cash pick-up option of Western Union will allow you to send her cash (pesos) immediately.  She will need her passport to pick it up.

Other fun facts:

Sending $2,000 all at once is about 1/3 less service fees than sending 4 x $500.

Mid to end of month exchange rates are generally higher than 1st of the month. Higher is good.

The Friday afternoon rate (which lasts all weekend) is generally lower than the rest of the week.

'Playing' with amount may change the fee...  In some instances, an additional $1 in the amount sent = $10 in fees. 

Some WU locations do not close for siesta...open 9-9 (09-21).

I hope the above helped.

Cheers and good luck,

Frank

@ElManzano  thank you for the information you provided. I am US citizen and was wondering if I can send money by way of Western Union and then transfer it directly to BBVA Frances bank account. Second question is there a way to set up a bank account in argentina without being there or have a service set it up for me so I can do online transactions from the US without having come to Argentina. Thank you in advance for your answer.

Java