Losing when sending Dollars to Argentina ?

PaulBee

Registered
I need to send money to my bank account in Argentina on a regular basis. (To make a long story short), my experience has been that my bank will only accept money from me sent via TransferWise. My concern with sending in general, is that when my money gets sent, I am buying Árgentine pesos at the official rate. The official rate is now about 70 pesos to the US$, which is much lower than the street value,which is over 100 to 1 is it not ? I am thinking I probably need to keep my sending to an absolute minimum, unless by some freak chance I can find another way to send money. I have an administrator in Argentina, but he, like everyone else, is not willing to receive the money directly as he will be taxed on it. (Sorry if my question is silly. I have cognitive problems, but am trying my best.) TIA.
 

jantango

Registered
I've been using Transferwise for the past year. I, too, am losing money on every transfer to my BA bank account -- about 15,000 on the last transfer. My next transfer will be done by my sister in the USA using XOOM to get a higher rate. I'll send money to her account, and she will process a transfer to my local account. The USA transfer agencies require a residence address in the US, which I don't have. I finally decided to ask family for help and not lose so many pesos in each transfer.

The source of my money is social security, so it's not taxed. It's all I have to live on in BA.
 

antipodean

Registered
My advice. Change bank.
Itaú accepts XOOM and Western Union payments from yourself to yourself. You can open an account online with your phone and DNI.
Note both WU and Xoom have limits on how much you can send each month so check these out.
 

EL_TIGRE_de_Tigre

Registered
Blue rate last Friday was 123 Argentine pesos per dollar.

I haven't done it, but understand that Western Union's rate is close to the blue. Check the thread on this forum.

Best of luck
Western Union is consistently providing it's users with a rate that is at, or near the top of the best possible rate out there.
 

PaulBee

Registered
I've been using Transferwise for the past year. I, too, am losing money on every transfer to my BA bank account -- about 15,000 on the last transfer. My next transfer will be done by my sister in the USA using XOOM to get a higher rate. I'll send money to her account, and she will process a transfer to my local account. The USA transfer agencies require a residence address in the US, which I don't have. I finally decided to ask family for help and not lose so many pesos in each transfer.

The source of my money is social security, so it's not taxed. It's all I have to live on in BA.
Thanks for your thoughts ! I have no connection with USA, only Canada, so XOOM would not let me send money.
 

PaulBee

Registered
Thanks for that advice. I am not currently in Argentina, but will see what can be done about opening an account at Itau.
My advice. Change bank.
Itaú accepts XOOM and Western Union payments from yourself to yourself. You can open an account online with your phone and DNI.
Note both WU and Xoom have limits on how much you can send each month so check these out.
 

HenryNisental

Registered
To bypass your local Canadian regulators you could (as I did) open a PAYPAL account and wire money to yourself using XOOM. You will collect pesos at any MORE GIROS office in BAS (and there are many) at a reasonably rate.
 
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