Buying and selling cryptocurrencies is the most efficient way to get money out of Argentina. It is a system fast and without intermediaries. For large amounts and regular remittances it is by far the best option. But if you need to withdraw little money and sporadically, it may not be worth the effort to learn how to use this system.
It is about buying cryptocurrencies paying with Argentine pesos and immediately sell them for their value abroad, collecting their value abroadin dollars, euros or other currencies. To avoid the risks of bitcoin volatility, the operation should be done with stablecoins. These are cryptocurrencies that have a fixed value of 1 dollar; one of the most widely used is USDT.
Becoming familiar with the platforms where buying and selling takes time and effort. There is a great variety of options, concepts to learn, steps to follow. It is very easy to make mistakes and that is why we recommend start with very low amountsuntil the mechanism has been learned. But the time it takes to learn how to withdraw money from Argentina with cryptocurrencies will be well invested. Once you know it well, is the fastest, simplest and most uncomplicated option. And there are no intermediaries, everything is done from your computer or cell phone in just a few minutes.
Foreign account
Those who live in Argentina will have an extra difficulty. You need to have an offshore account where you can receive the sales of cryptocurrencies. Opening a conventional offshore bank account is very complex. Sometimes it is impossible. That is why we recommend trying to open an account with fintechs or global payment systems. For example, Wise, Paysera, N26, Revolut. But first you need to check which are the most accepted withdrawal options, and which allow you to open an account from Argentina.
There are several platforms for buying and selling cryptocurrencies. You should check references and see which one you find easiest to use.
Account in Argentina
Suppose you don't have a bank account in Argentina because you live abroad. But you have money in Argentina that you want to take out of the country. In this case, someone you trust can open an account on the platform, buy stablecoins with your money, and send them to you. Transfers between cryptocurrency accounts are immediate and free; only the recipient's email is needed. Once you've received them, you sell them and cash out into your bank account abroad.
These are the steps to follow to withdraw money from Argentina using cryptocurrencies:
Sign up on the platform
The process of signing up for a platform to buy and sell cryptocurrencies is the same as opening an account with an online bank. You download the app and verify your identity by uploading an ID and doing facial recognition through the app.
2) Link the account where you are going to collect the payment
You will need to choose an account to collect the cryptocurrencies you sell. It must be an account in your name and in the currency in which you want to keep your money, whether it's dollars, euros, or in the country where you are living. It doesn't have to be a bank account. In fact, buyers prefer other payment systems because they are immediate.
3) Buying cryptocurrencies
There are different ways to buy cryptocurrencies. In your case, you have to use the P2P Trading system, which is the direct purchase from another user on the same platform. The steps to follow to buy cryptocurrencies are:
- Choosing the seller
Go to P2P Trading, select that you want to buy USDT, paying in Argentine pesos (ARS) and choose the payment method. The most common options are: Brubank Bank, Mercadopago, Uala, Lemon Cash. Conventional bank transfers are not very popular as a means of payment, especially those from banks that do not make the transaction immediately.
The more payment options you have, the better prices you can get. For more peace of mind, you can choose to show you only qualified sellers.
- Make payment
Once we have chosen the seller and -very important- read the information he publishes about the payment method and conditions, we click on the button to make the purchase. A new window opens and a clock counts down the time left to make the payment. It is usually 15 minutes. Once you have made the transfer to the seller's account, click on the payment confirmation.
- Receipt of cryptocurrencies
When you confirm that you have made the payment, the seller in turn has time to check that they have received the money in their account. Then, they release the cryptocurrencies, which are transferred to your account on the platform.
4) Selling cryptocurrencies
When cryptocurrencies are in your wallet, they can already be sold. The steps are as follows:
- Choosing the buyer
Go to P2P Trading, select USDT as the cryptocurrency to be sold. Choose the currency in which you are going to get paid and the accepted payment method, which will be the one you have previously configured. As a result, it will show you a list of buyers. Choose the one that best suits you in terms of price, percentage of completed transactions and payment time. If it gives you more peace of mind, you can also choose to show you only verified buyers.
- Confirm sale
Click the button, thereby confirming to the buyer that we will sell them our USDT. The time begins at that moment for the buyer to make the payment and confirm on the platform that they have done so. You must keep an eye on your bank account to check that you have received the payment.
IMPORTANT: You should never release cryptocurrency until you see with your own eyes that the money has entered your bank account. It doesn't matter if the platform sends you a message saying the buyer claims to have paid. The only thing that matters is that the payment has entered your account.
- Unlocking cryptocurrencies
Once you have received the payment and the buyer tells you on the platform that they have paid you, you must release the cryptocurrencies, always before the deadline stipulated in the terms of the transaction.
The exchange rate is the dolar blue
And that's it. If both who you buy from and who you sell to are online and act fast, in less than 15 minutes you will have converted your Argentine pesos into dollars abroad, at blue value. Or, its equivalent in euros, or the currency of your choice.
We recommend watch the platform tutorials that you have chosen, which explain how to buy and sell cryptocurrencies in P2P Trading.
Don't forget that you may have to justify the origin of those funds and pay taxes in your country of tax residence. Don't hesitate to consult a specialist about this. If you live in Spain, MBT Abogados can advise you on taxes.
We are a law firm in Barcelona, specializing in services for Argentinians. We offer consultations in person or via videoconference, lasting one hour and costing €150. You can contact us by email or WhatsApp.
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