Currencies are considered to be an integral part of any community. The case is therefore not any different in Argentina, where activities regarding handling of the currencies are done, the main being money transfer. Let us have a thorough sneak peek at how Argentina goes about as far as this aspect of the economy is concerned.
One can make a money transfer in many ways in Argentina. However, there are a few great options especially when making international transfers which can be expensive. Bank transfers are the most preferred since most, if not all major banks in the world offer wire transfers to the country. A great alternative would be money transfer providers like World First and Ria.
The role of Money Gram and Western Union can obviously not be overlooked in the context of the best money transfer method in Argentina. As much as it may seem easy to send money to Argentina, there is an array of restrictions which one needs to be wary of, credit card charges being top of the list. Inflation and the poor economy in Argentina could cause one to be charged up to 20% to use a credit card. Therefore, you are advised against letting a recipient use your credit card as it is very expensive to avoid this one needs to fill out a simple currency transfer and send the money.
The process of sending money to Argentina is not a tedious one. XOOM has got that covered. One is required to download the app or visit the official website and register. It will take a couple of days to get your account approved, after which one can start transacting. As much as the economy has enjoyed significant growth in the past decade.
Economic growth in Argentina is projected to have a stronger rebound between this year and next year following recent reforms to strengthen exports and the restrictive monetary policy put in place to decrease inflation. Bank of the Argentine Nation is the largest in the banking sector, having 624 branches domestically and 15 branches oversees.
Avoid costly credit card charges by transferring currency?
When you transfer money to a recipient in Argentina they will avoid credit card charges. As a result of a poor economy and inflation there can be up to 20% charge to use a credit card. So if you would like your recipient to get more currency do not be tempted to let them use your credit card. Instead complete a simple currency transfer and provide them with the money that they need.
Don’t get ripped off by street vendors offering to exchange money in Argentina there are street vendors who offer to exchange foreign currency for the Argentinean peso. Whilst these rates seem attractive the actual currency that these vendors offer will tend to be forgeries, which is how they make their money. If you are concerned about this you should make sure that you transfer money to Argentina recipients using a method that does not require exchanging foreign currency. That way you can avoid any trouble arising from using street vendors to exchange foreign currency to pesos.
Be aware of bank opening times in Argentina?
The bank opening times in Argentina can be quite restrictive, which comes as a surprise to many people. Banks usually open between the hours of 10 AM and 3 PM Monday to Friday. Banks tend to follow the currency rate Argentina offers more closely than hotels and some money exchanges. Banks do not open on Saturdays or Sundays in Argentina so it is much easier to send your recipient the correct currency.
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