We explain 10 ways to get your money out and bring it back to Spain. First clarification: In Argentina the rules of the game are not always clear and what works with one bank may not work with another. You have to ask questions and even try to open a way for the money to travel. This is post is updated periodically. Even so, it is possible that what is recommended is outdated because the Argentine government changed the rules again.
Second and VERY IMPORTANT clarificationThis post refers only to the operational aspects of how to take the money out of Argentina and bring it to Spain. The tax implications are explained in our post Argentina and Spain: Guide to avoid getting lost with taxes. You should get information before bringing the money. Depending on your tax situation and the amount of money, you may have to paying taxes in Spain on the money you bring from Argentina. If your objective is to deposit the money in the Spanish banking system you will have to prove the origin of the funds.
1) Cryptocurrencies
Cryptocurrencies are bought with pesos or dollars located in Argentina and sold by cashing them in euros in Europe. There are different payment options, depending on the platform where the purchase is made. The usual is to pay by transfer in pesos from a bank account in Argentina, but sometimes the seller also accepts Mercadopago or Ualá. Once the cryptocurrencies have been purchased, they are put up for sale to cash in euros and you choose to receive the money in a bank account in Spain. The exchange rate for these operations is the blue.
The operation must be performed with stablecoinswhich are cryptocurrencies with a fixed value. Some of the most widely used are USDT, DAI and True USD, which are traded at 1 dollar. This avoids the risk of loss of value between the time of purchase and sale.
Advantages: It is beyond the control of governments. It is immediate.
Disadvantages: Understanding how buying and selling platforms and digital wallets work is not easy. To get it right, before starting transactions we recommend spending time with the wealth of information and online tutorials available.
In our post How to withdraw money from Argentina with cryptocurrencies we explain in detail all the steps to follow.
2) Western Union, Money Gram, Ria
It is the old system of going to an office with the money and then receiving it in another country.
Advantages: There are offices all over Argentina. It is immediate.
Disadvantages: Commissions are very high, they are not published online, they can vary depending on the amount, destination and delegation. You have to go to each office and ask. The same happens with the exchange rate.
3) Bank transfer from Argentina to Spain
Advantages: Allows you to bring large amounts. Transfer fees and commissions depend on each bank, but for large sums -over 70.000€- it is the cheapest and most practical way to bring money from Argentina.
Disadvantages: Bank transfers from Argentina to Spain are only possible when they are mirror accounts - of the same holder -. Unfortunately, it is still common for Argentine banks to refuse to make the transfer. Whether it is the fault of the Argentine government or your bank, you will have to keep insisting and even change your bank in Argentina. In any case, before the transfer is made, it is advisable to talk to your bank in Spain, to inform them that you will receive the money and to prove its origin.
4) ATM withdrawals in Spain
A few years ago it was the fastest and one of the cheapest options. Then the Argentine government changed the rules and today it is not so much the case. It all depends on your bank in Argentina. Some do not authorize withdrawals, others do but only from dollar accounts. Before you start withdrawing money you should find out what commission your bank charges in Argentina and make the withdrawal in Spain from the ATMs that do not charge commission, which are very few.
Advantages: It is immediate. The money is received in cash, so if it is not deposited in a bank account in Spain, there is no need to justify it.
Disadvantages: Not suitable for bringing in large amounts because it would take too much time.
5) Buying with a credit card
It is an obvious choice, but some Argentines forget to use it. The idea is to pay with Argentinean card as much as possible in our day to day life in Spain. With this system you don't get Euro bills, but it is a way to get money out of Argentina.
Advantages: No commission.
Disadvantages: If a credit card is used, at maturity an additional 30% must be paid for Income Tax. It is the so-called "dollar card".
6) Sending family assistance
It must be made from Argentina by a direct relative (father, mother, brother) from his/her bank account and only once a month. The recipient must prove his residence in Spain and the family relationship. It takes between three days and one week to receive the money to the account in Spain.
Advantages: Depending on the bank in Argentina, the commission may be low.
Disadvantages: The Central Bank's rule is very general and leaves it up to each Argentine bank to decide the documentation to be submitted, the commission to be charged and the amount allowed to be sent. In some banks the required documentation is easy to gather and the commission can be as high as 30€. In others they put so many obstacles and high commissions that the operation is no longer convenient.
7) Sending money online
There are several companies that allow you to send money with a couple of clicks: Global66, Western Union, World Remit, Small World Money Transfer, Paysend, Azimo, Paypal and many more. There is even a comparator of remittance sites, Monito, which we recommend you visit. Everything is fast and simple, as the money being transferred comes out of the sender's credit card. Generally, you can choose between receiving the money in a bank account, picking it up at a store or having it charged to a credit card balance.
Advantages: Immediate.
Disadvantages: The commission can be very high, up to 7%. Not all of these companies allow shipments from Argentina. If paying by credit card, ehe exchange rate used is the "dollar card", which is 30% more expensive than the official dollar.
8) Bring it in hand
You can enter Spain with up to €10,000 in cash without having to declare it at the airport of arrival. However, ARCA regulations state that you cannot leave Argentina with more than 10,000US$. Therefore, the actual amount that can be brought into Spain is the amount indicated by the exchange rate at the time of travel.
If you arrive in Spain with more than €10,000 in cash, you must make the S-1 declaration and present it at the airport before traveling. At the time of filing you will have to prove the origin of the funds. The form to make the declaration can be downloaded from the website of the Spanish Tax Agency. Its full name is "Declaración de movimientos de medios de pago. Model S-1".
9) Through financial
There are Argentinean financial companies that provide the service of international transfers. You must transfer the money to their account in Argentina, and indicate in which account in Spain you will receive it. The process takes between 3 and 5 working days. The money arrives in Spain from a third party account, so you will have to explain to the Tax Agency that it is your own money and what is its origin.
Advantages: Allows you to bring in larger amounts of money, which would otherwise be very difficult to take out of Argentina. The commission is usually between 2 and 5%.
Disadvantages: For obvious reasons, these finance companies are not advertised and are hard to find. They are usually located in the City of Buenos Aires. It is important to have very good references before hiring them.
10) MEP Dollar / Cash with Settlement
The mechanism to take money out of Argentina abroad through the MEP (Mercado Electrónico de Pagos) dollar involves buying bonds in pesos and selling them in dollars in an account abroad. This process is legal and is known as "contado con liquidación" (CCL) when the destination is an account outside the country.
Advantages: it is a system accepted by Argentine regulations. Very convenient for high amounts.
Disadvantages: If you do not have one, you will have to open a bank account in Argentina for investment or principal, in order to trade bonds. There are broker and bank commissions.
And these are 10 ways to bring money from Argentina to Spain. There will be others, because creativity for these cases has no limits. Your success in the task will depend on your perseverance. Each new exchange "cepo", tax on card purchases and similar attempts to stop the outflow of dollars imply that something that used to work stops working.
We reiterate: before bringing money from Spain, find out about the tax consequences of doing so. That's what we talked about in Argentina and Spain: Guide to avoid getting lost with taxes.
We are a law firm in Barcelona, specialized in services to Argentines. If you need personalized advice, you can request an appointment in person or a videoconference with our specialized lawyer. The consultation lasts approximately one hour and the fee is 150€.
