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You are working abroad and want to send money to your loved ones in Argentina. It could be money for them to purchase their day-to-day living expenses or for a special occasion. In this case, you will most likely use an online remittance service when sending money to Argentina. Before you make your first transaction, here are some common mistakes that you should avoid at all costs. Let’s find out more!
You Forgot to Transfer in the Local Currency
When it comes to remittances, the usual practice is to send the transfer in foreign currencies. This allows the individual to pay lower transfer fees—at Sharemoney, money transfers to Argentina start from $4.99!—and lock in the exchange rate. You should keep in mind that some banks may deduct processing fees directly from the amount you transfer. This means that your recipient does not get the full amount you have sent him or her. In other words, when the bank has to convert the funds for you (e.g. from USD to ARS), an additional fee will be deducted.
Did you know that Sharemoney allows you to send USD to directly to some countries? This ensures that your recipient receives the exact amount you wanted or have committed to sending them.
You Didn’t Take Public Holidays into Account
The time needed for international money transfers to complete varies from country to country and bank to bank. It is worth noting that sending money on a bank holiday, public holiday, weekend, or after the currency cut off time, will cause your transaction to be processed the following business day.
If you are looking for a platform that allows you to send money online fast, look no further than Sharemoney. Our platform allows you to send money in two minutes!
You Didn’t Keep Track of the Exchange Rate
Exchange rates can change on an hourly basis. It is imperative that you keep your eye on them. This allows you to time your transfer right. At Sharemoney, you can enjoy complete peace of mind that we display the latest exchange rates, from USD to ARS. We also offer winning rates – 36.1775 (updated hourly on Sharemoney).
Here is a quick tip on how you can send more for less via Sharemoney. For example, you can send $200 weekly to your loved ones in Argentina. This means that they will get more than 13,000 ARS more per year!
You Forgot to Check the Transfer Limit
Once you have successfully registered an account with Sharemoney, you are allowed to send up to $2999.99 every 24 hours and up to that amount every 15 days. You can also send up to $9999.99 within a 180-day period. You should keep in mind that these limits are applied to all of your accounts’ combined activities, especially when there is a common sender address.
You Didn’t Get the Full Details of the Recipient
Before facilitating online money transfers to Argentina, you must have the following information about the recipient, e.g. full name, their bank account details (including the BIC or SWIFT code), home address, and mobile number. It is a good habit to double-check these details before confirming your transfer. This helps you avoid making careless mistakes that could cause your transaction to be rejected or cancelled.
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