Paying Contractors in Argentina and Brazil Should Not Cost This Much
You hire talented people in Latin America. But every time you send a payment, the fees pile up — wire transfer costs, bad exchange rates, days of waiting. There is a better way to move money to Latin America.
Paying Contractors in Argentina and Brazil Should Not Cost This Much
You hire talented people in Latin America. But every time you send a payment, the fees pile up — wire transfer costs, bad exchange rates, days of waiting. Your contractor quotes $2,000, and by the time they receive it, fees and rate markups have taken $100-$400 off the top. They get less than you sent. You both lose.
There is a better way to move money to Latin America.
The Problem: Sending Money to LATAM Is Slow and Expensive
Whether you are a company paying remote contractors or a freelancer receiving payment from abroad, the traditional options for moving money to Argentina and Brazil are frustrating.
Wire Transfers
International wires to Argentina and Brazil typically cost $25-$80 per transfer from the sender's bank. They take 2-5 business days. And the recipient's bank often adds its own conversion markup, meaning the contractor receives fewer pesos or reais than expected. In Argentina, banks use the official rate, which can be 20-25% worse than the market rate.
PayPal
PayPal charges 3-4% on cross-border transactions. The recipient needs a PayPal account, and withdrawing to a local bank in Argentina or Brazil adds more fees and delays. PayPal does not pay into Mercado Pago or Pix directly, and its exchange rates are typically worse than the market rate.
Wise
Wise is faster and cheaper than wires, but in Argentina it uses the MEP rate, which is approximately 5-8% worse than the cripto dolar rate (estimate, as of 2026). The recipient gets pesos, but approximately 5-8% fewer pesos than if the conversion happened at the real market rate. For a $2,000 payment, that is $100-$160 lost in the conversion.
Western Union
Western Union requires physical pickup in many cases, charges significant fees, and applies exchange rate markups. It is slow, expensive, and impractical for regular contractor payments.
The Core Problem
There is no simple way to send dollars from the US or Europe and have your contractor receive local currency instantly, at the real rate, into the payment system they actually use every day.
How Peanut Solves This
Peanut lets you send money to anyone in Argentina or Brazil. Your recipient receives local currency — in their Mercado Pago account, via Pix, or as cash — instantly, at the real market rate.
Here is how it works for remote worker payments:
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Real market rate. Peanut converts digital dollars to local currency at the cripto dolar rate. In Argentina, that is approximately 5-8% better than the MEP rate used by Wise and cards (estimate, as of 2026). Your contractor gets more pesos for every dollar you send.
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Instant delivery. Mercado Pago and Pix payments arrive in seconds. No 2-5 day wait for wires to clear. Your contractor can access the funds immediately.
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No fees. Deposits are free. Sending money is free. No wire fees, no percentage-based charges. The rate you see is the rate they get.
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No local ID required for the sender. You do not need a DNI or CPF to send money. Verify with your passport or national ID from any country. Verification takes under 2 minutes.
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Recipient gets local currency. Your contractor does not need to deal with currency conversion or withdrawal fees. They receive pesos in Mercado Pago or reais via Pix — the same way they receive any local payment.
Where It Works
Argentina
Paying contractors in Argentina is where the savings are most significant. The gap between what traditional services offer and what the real market rate delivers means your contractor can receive substantially more per payment.
What your contractor receives:
- Payment into their Mercado Pago account — over 1,000,000 merchants accept Mercado Pago, so the funds are immediately useful
- Cash withdrawal from Red ATMs in Buenos Aires, Cordoba, Mendoza, Rosario, Bariloche, Salta, and Ushuaia
Savings comparison on a $2,000 payment:
| Method | Contractor Receives (approx.) | Lost to Fees/Rate |
|---|---|---|
| Wire transfer | ~$1,550-$1,700 | $300-$450 |
| Wise | ~$1,840-$1,900 | $100-$160 |
| Peanut | ~$2,000 | No fees |
Your contractor keeps more of what you send. Over a year of monthly payments, the difference adds up to thousands of dollars.
Everything about Peanut in Argentina
Brazil
Brazil's Pix system makes receiving payments seamless for your contractor — instant, 24/7, accepted everywhere. The challenge is getting money into Brazil affordably.
What your contractor receives:
- Instant Pix payment — over 150 million Pix users in Brazil, accepted at virtually every business
- Funds available immediately, including weekends and holidays
Rate advantage: Traditional transfers into Brazil are subject to IOF (Tax on Financial Operations) — 0.38% on inbound transfers. For outbound transfers from Brazil, the tax is up to 3.5%. Peanut's digital dollar conversion is not subject to IOF, saving your contractor money on every transaction.
Everything about Peanut in Brazil
How to Get Started
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Sign up for Peanut. Skip the waitlist to get access.
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Verify your identity. Upload your passport or national ID card and take a selfie. Any nationality accepted. Takes under 2 minutes. Your documents are processed securely by a certified third-party provider — Peanut never sees or stores them.
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Deposit funds. From Europe: send a SEPA bank transfer — free. From the US: use ACH or wire. You can also deposit USDC or USDT from any wallet or exchange on Solana, Arbitrum, Base, Tron, or Ethereum. All deposits are free.
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Send to your contractor. Enter the amount and your contractor's details. They receive local currency in their Mercado Pago, Pix, or bank account instantly.
FAQ
How much will my contractor save compared to receiving a wire transfer?
In Argentina, the difference is substantial. Wire transfers use the official bank rate, which can be 20-25% worse than the market rate, plus $25-$80 in wire fees. With Peanut, the conversion happens at the cripto dolar rate with no fees. On a $2,000 payment, your contractor could receive $300-$450 more than with a traditional wire.
Does my contractor need a Peanut account?
Your contractor can receive funds into their existing Mercado Pago or Pix account. They do not need to install a separate app to receive money.
Do I need a local bank account to send money?
No. You do not need a DNI, CPF, or local bank account. Verify with your passport from any country. Deposit via SEPA (Europe), ACH (US), or digital dollar transfer from any wallet or exchange.
How fast does the payment arrive?
Mercado Pago and Pix payments are instant. Your contractor receives the funds in seconds, not days. Pix works 24/7/365, including weekends and holidays.
Can I pay multiple contractors across both countries?
Yes. One Peanut account works for both Argentina and Brazil. Send to Mercado Pago in Argentina and Pix in Brazil from the same balance.
How does Peanut compare to Wise for paying contractors?
Wise uses the MEP rate in Argentina, which is approximately 5-8% worse than the cripto dolar rate Peanut uses (estimate, as of 2026). On a $2,000 payment, that is $100-$160 more in your contractor's pocket with Peanut. Wise also cannot pay directly into Mercado Pago. For Brazil, Peanut is not subject to IOF that applies to traditional transfers.
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.