TransferWise comes to Argentina

#1
This just landed in my inbox. Of interest - https://transferwise.com/gb/send-money/send-money-to-argentina












Argentina, welcome to TransferWise

Great news! You wished, and it's become a reality. You can now send money to Argentina with TransferWise.

Here are the key things you need to know about transfers to ARS:


They’re fair: You’ll always get the mid-market exchange rate
They’re fast: Your recipient will get the money in 3 working days or less
They’re easy: You can set them up in minutes on our website or mobile app
They’re for business too: Both the sender and recipient can be a business



You can send up to 9,000 USD to Argentina per month. For pricing details, go here.
 
#2
Here's a comparison I just made for transfer of $500 USD:

XOOM
Exchange Rate: 1 USD = 22,4195 ARS.
Transaction fee: 12.99USD
Your total $512.99 USD
Recipient receives: 11,209.75 ARS

TransferWise:
Exchange Rate: 1 USD = 24,317 ARS.
Transaction fee: $9.14 (deducted form the $500 USD)
Your total: $500 USD
Recipient receives: $11.936,24 ARS

Added cost of XOOM's transfer fee @ 24.317: $316,12 ARS

Net difference (advantage) using Transfer Wise: $1042,41 ARS

Now, these questions remain to be answered:

Who is their Argentine partner and how many hoops will I need to jump through to make the first transfer?

and

Can I send money to myself?
 
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#4
TransferWise is great. It actually started doing transfers to Argentina a couple of weeks ago but they only announced it today.

I've done four transfers so far (from my UK account to my Argentina account). They've all gone through absolutely fine. I signed up a while back, I think they asked for my DNI and proof of address, but that was it.

The rates are great and the fees are low. I think you have to transfer to a bank account rather than do a cash pickup, but you can definitely transfer between your own accounts.

The first transfer took 4 days, but that was over a long weekend. Most come through on the same day. You can check the progress of your transfer, and on the day it is transferred to your account they tell you down to the hour when it will be arriving.

Payments are processed by Nubi (https://www.tunubi.com/), the fairly new service that started in 2017 to transfer money from PayPal to your Arg bank account, so it's all legit.

So far, I'm very happy with it.
 
#5
It was extremely easy to set up the account and (almost) make a transfer. I did not complete the transfer because I won't need any $ until the 5th of June and I'm willing to wait and see what happens to the exchange rate in the next two weeks.

I won't wait until the last minute in case they do ask for income verification and bank statements. All I had to provide was my Argentine address, CUIL/CUIT, the CBU of my Argentine bank account and the account and routing numbers for my Schwab checking account.

One step in the process was new to me. The system prompted me to log onto my Schwab checking account to complete the transfer.
 
#10
I made my first transfer (bank to bank - from myself to myself) using Transfer Wise in late May and the second on June first.

The first transfer was delayed by a day because I did not enter my CBU correctly. I received an email from Transfer Wise early on the second day telling me the transfer "bounced back" to them.

I provided the corrected CBU early in the morning and the funds were credited to my Argentine account later in the day.

I called them twice in the process and their CSRs were GREAT!!!!

The second transfer was completed in about four hours.

I did not have to provide any documentation whatsoever.