Peanut vs Wise: Which Saves You More in Argentina and Brazil?
Compare exchange rates, fees, and local payment access side by side. Find out which one actually lets you pay like a local.
Peanut vs Wise: Better Rate for Argentina and Brazil (2026)
Wise has earned its reputation as one of the most transparent international money transfer services. Low fees, mid-market rates, and a versatile multi-currency account make it a go-to for millions of people moving money across borders. But when you land in Buenos Aires or Sao Paulo and need to actually pay for things — groceries, a taxi, dinner — the question changes. Which service lets you spend locally, at the best rate, without jumping through hoops?
For paying in Argentina and Brazil, Peanut offers a meaningfully better exchange rate, instant access to local payment systems like Mercado Pago and Pix, and no fees. Wise may still be the better pick for broader international transfers and multi-currency management.
Quick Comparison
| Feature | Peanut | Wise |
|---|---|---|
| Exchange rate (Argentina) | Cripto dólar (parallel market rate) | Mid-market + markup (MEP equivalent) |
| Exchange rate (Brazil) | Real-time market rate, Not subject to IOF | Mid-market rate |
| Fees | No fees — deposits, payments, withdrawals all free | 0.4–1.5% conversion fee |
| Speed | Instant local payments | 1–2 business days |
| Mercado Pago support | Yes | No |
| Pix support | Yes | No |
| Local spending (Argentina) | Yes — QR payments, cash ATM | No — bank transfer only |
| Local spending (Brazil) | Yes — Pix QR payments | No — bank transfer only |
| Requires recipient bank account | No | Yes |
| Multi-currency account | No | Yes |
| Debit card | No (coming soon) | Yes |
| Global availability | Invite-only, 40+ countries | Public, 160+ countries |
Exchange Rate: Cripto Dólar vs MEP
The exchange rate is where Peanut and Wise diverge most.
Argentina has multiple exchange rates running in parallel — the official rate, the MEP (financial market rate), and the cripto dólar (a direct digital dollar-to-peso market rate). Credit cards, banks, and services like Wise convert at the MEP rate or worse. Peanut converts digital dollars to pesos directly at the cripto dólar rate, which yields approximately 5–8% more pesos per dollar than the MEP (estimate, as of 2026).
What does that look like in practice? On a $500 payment in Argentina, you keep roughly $25–$40 more with Peanut than with Wise. A digital nomad spending $2,000 a month saves $100–$160 monthly — that adds up to $1,200–$1,920 over a year. The rate locks at the moment you confirm payment, so the number you see is the number you pay. No slippage.
In Brazil, the rate difference is smaller, but Peanut is not subject to Brazil's Tax on Financial Operations (IOF) — a charge of up to 3.5% on outbound transfers that applies to traditional bank transfers and card transactions. Because Peanut's flow uses digital dollars, IOF does not apply. On a $1,000 outbound transfer from Brazil, that alone saves you roughly $27.
Fees Comparison
Peanut charges no fees on any action — deposits, QR payments, Pix payments, cash ATM withdrawals, and bank withdrawals are all free. The exchange rate you see is the rate you get, with nothing added on top.
Wise charges a conversion fee of 0.4–1.5% depending on the currency pair and payment method. That fee sits on top of the exchange rate. For Argentine peso conversions, the combination of the MEP rate and the conversion fee means you are paying a premium on both the rate and the transaction itself.
Here is how the total cost compares for common scenarios as of February 2026:
| Scenario | Wise total cost | Peanut total cost | You save with Peanut |
|---|---|---|---|
| $500 spent in Argentina | ~$543 (MEP rate + conversion fee) | ~$500 (cripto dólar, no fees) | ~$43 |
| $2,000/month (digital nomad, Argentina) | ~$2,170/month | ~$2,000/month | ~$170/month |
| $1,000 outbound from Brazil | ~$1,035 (3.5% IOF + conversion fee) | ~$1,000 | ~$35 |
| $5,000 outbound from Brazil | ~$5,175 (3.5% IOF + fee) | ~$5,000 | ~$175 |
Local Spending Capabilities
This is where the two services do fundamentally different things.
Wise moves money between bank accounts. It does this well, across many countries. But it cannot plug you into a country's local payment system. You cannot scan a Mercado Pago QR code with Wise. You cannot send a Pix payment with Wise. If the merchant only accepts QR payments — common in Buenos Aires cafes, kiosks, and street markets — Wise simply does not work.
Peanut connects directly to the local payment networks that locals use every day:
- Argentina: Scan any Mercado Pago QR code at over 1,000,000 merchants — supermarkets, restaurants, cafes, pharmacies, kiosks, and street vendors. Withdraw pesos at Red ATM locations with a cardless QR code. No DNI required, no local bank account needed.
- Brazil: Scan Pix QR codes at restaurants, shops, gas stations, ride-hailing services, and street vendors. Pix is the default payment method in Brazil with over 150 million users. No CPF required, no Brazilian bank account needed.
The merchant sees a normal local payment — they do not know Peanut is involved. You verify once with your passport (under two minutes for most users) and you are ready to pay.
Where Wise Wins
A fair comparison has to acknowledge what Wise does better.
Multi-currency account. Wise lets you hold and manage over 40 currencies in a single account. You can receive payments in local currencies, convert between them, and keep balances for future use. Peanut holds your balance in digital dollars — you convert only when you spend.
Debit card. Wise gives you a physical and virtual Mastercard that works at any merchant accepting cards worldwide. Peanut does not have a card yet, though a virtual card is on the roadmap.
Broader country coverage. Wise supports bank transfers to 160+ countries. Peanut supports local spending in Argentina and Brazil, with deposits and withdrawals available in 40+ countries. If you need to send money to a bank account in Thailand or Nigeria, Wise is the better tool.
Established brand and trust. Wise has operated since 2011, processes over $100 billion annually, and is publicly listed. That track record matters if familiarity and a proven reputation are important to you.
Open access. Anyone can create a Wise account right now. Peanut is currently invite-only.
When to Choose Peanut vs Wise
Choose Peanut if:
- You need to pay at local merchants in Argentina or Brazil using Mercado Pago or Pix
- You want the best exchange rate available in Argentina (~5–8% better than MEP, estimate 2026)
- You need instant payments — not 1–2 day bank transfers
- You do not have a DNI or CPF and cannot open a local bank account
- You are a tourist, digital nomad, or remote worker spending in Latin America
Choose Wise if:
- You need to transfer money to bank accounts across 100+ countries
- You want a multi-currency account to hold balances in EUR, GBP, or other currencies
- You need a debit card for worldwide merchant acceptance
- You prefer an established, publicly traded company with a long history
- You are sending one-off bank transfers where local payment access is not needed
Use both if you want Wise for its global transfers and multi-currency management, but switch to Peanut when you are spending locally in Argentina or Brazil to get the better rate and instant merchant access.
FAQ
Disclaimer
The information on this page is for general informational purposes only and does not constitute tax, legal, or financial advice. Tax treatment of digital asset transactions varies by jurisdiction and may change. Consult a qualified professional for advice specific to your situation.
All fee and rate comparisons are based on publicly available information as of February 2026 and are example estimates only. Competitor pricing, exchange rates, and features may change. Actual savings depend on the amount, corridor, timing, and market conditions. Check each provider's current pricing for the most up-to-date information.
