Best Ways to Send Money from the USA to Argentina
When you want to send money to a friend or family member in a different country, there are numerous options available. The right choice depends on various factors such as the amount of money, the recipient's country, the method of funding, and the fees involved.
Options for Sending Money to Argentina
There are several methods you can use to send money to Argentina, whether you are in the USA or another country. Each method has its unique advantages and drawbacks. Considering the popularity of each service and the fees associated, we will explore the best options for you.
Western Union
One of the most well-known and widely used services is Western Union. It's particularly popular in the USA for sending money internationaly, as it offers a simple transaction process and has extensive coverage in many countries, including Argentina. However, Western Union may come with higher fees. According to your experience, a transfer through Western Union would typically cost around 6% of the amount transferred.
PayPal
PayPal is another great option, especially if both the sender and recipient have PayPal accounts. This service is known for its convenience and transparency. To use PayPal, you'll need to ensure that both parties have a PayPal account and set the transfer in motion directly without the need for additional paperwork. If both parties have accounts, and the transfer is funded without a credit card, it can be a cost-effective way to send money, as there are no additional exchange fees.
PayPal charges vary depending on the currency conversion but can be as low as 0% if both parties have accounts in the same currency. The fee structure can be found on PayPal's official website, but generally, the transaction fee is around 3% for non-PayPal account holders, and there are no additional exchange rate fees.
Wise (TransferWise)
Wise (formerly TransferWise) is gaining popularity due to its competitive exchange rates and lower fees. Wise allows for direct transfers from your US bank account to the recipient's in Argentina. It avoids the middleman charges, making it one of the most cost-effective options for international money transfers.
Wise uses its own exchange rate, which is typically better than the rates offered by banks. Additionally, you can expect to pay a transfer fee, which is generally lower than traditional transfer methods. For example, the transfer fee is only around 0.5% of the amount transferred, and there are no upfront fees.
Other Considerations
The choice of the best method also depends on how you plan to fund the transfer. If you are using a credit card, you may face higher fees. It's essential to compare the rates and fees of multiple services to ensure that you are getting the best deal for your transfer. Always read the fine print to understand all the potential fees involved, whether it's the transfer fee, exchange rate fee, or any additional charges.
Conclusion
When sending money to Argentina, Western Union, PayPal, and Wise (TransferWise) are among the most popular services. Each has its advantages and costs. Western Union is simple and widely available, but it may come with higher fees. PayPal offers convenience and lower exchange fees if both parties have accounts. Wise is generally the cheapest option with competitive exchange rates and no upfront fees. Take your time to explore these options and choose the one that best fits your needs and budget.