How long does it take to send money from Spain to Argentina?

SEPA deposit from Spain: 90% of transfers arrive in under 20 minutes thanks to SEPA Instant, which became mandatory for Spanish banks in January 2025. Standard SEPA typically completes the same business day. Once your deposit arrives, sending to a recipient in Argentina is instant if they have a Peanut account. They can spend via Mercado Pago or withdraw cash immediately — no waiting for bank transfers.

What's the exchange rate for Spain to Argentina?

Peanut uses the cripto dólar rate — a direct digital dollar to peso conversion at the free market rate. This is approximately 5-10% better than the MEP rate used by credit cards and traditional banks. The rate locks at the moment of payment, so there's no slippage after you confirm. Traditional services convert EUR to USD to ARS through the regulated MEP rate, which is artificially lower. Peanut converts EUR to digital dollars to ARS directly at the market rate.

How do I deposit from Spain?

Use SEPA. Open the Peanut app, tap "Deposit," and select SEPA. You'll see an IBAN and a unique reference number. Go to your Spanish banking app (BBVA, CaixaBank, Santander, etc.) and create a transfer to that IBAN with the exact reference number. The transfer is free under SEPA rules. Most deposits arrive in under 20 minutes with SEPA Instant, or the same business day with standard SEPA.

Does the recipient in Argentina need a bank account?

No. The recipient can spend instantly via Mercado Pago at over 1,000,000 merchants or withdraw cash at Red ATMs. No Argentine bank account needed, no DNI required. If they want to move money into a local bank account later, they can withdraw from Peanut to their bank (currently via network withdrawal, with direct bank integration coming soon).

Is Peanut cheaper than Wise for Spain to Argentina?

Yes. Peanut saves you around EUR 2-8 on a EUR 500 transfer compared to Wise, thanks to the cripto dólar rate advantage. Wise uses the MEP-equivalent rate, which gives you 5-8% fewer pesos per euro than Peanut's cripto dólar rate. Wise also charges 0.8% in fees (around EUR 4 on EUR 500), while Peanut charges no explicit fees. And Peanut delivers instantly to Mercado Pago or cash ATMs, while Wise takes 1-2 days for bank transfers.

Do I need an Argentine DNI to use Peanut?

No. You verify with your passport or Spanish national ID — no Argentine DNI required. The recipient in Argentina also doesn't need a DNI to spend via Mercado Pago or withdraw cash. This is a major advantage over local Argentine services, which require a DNI for almost all financial operations.

Can I use Peanut if I'm traveling to Argentina myself?

Yes. Deposit euros via SEPA before your trip, and when you arrive in Argentina, spend via Mercado Pago at any merchant or withdraw cash at Red ATMs. You get the cripto dólar rate — 5-10% better than what your Spanish credit card would give you — and you pay exactly like a local. No need to exchange cash at the airport or deal with ATM fees and terrible exchange rates.

Send Money from Spain to Argentina

Deposit via SEPA, get the cripto dólar rate — 5-10% better than cards. Recipient spends instantly via Mercado Pago. No fees.

Get Early Access

Sending money from Spain to Argentina with Peanut gives you the cripto dólar exchange rate — around 5-10% better than what credit cards and traditional banks offer. Deposit via SEPA from any Spanish bank, and your recipient can spend instantly at over 1,000,000 merchants via Mercado Pago or withdraw cash at ATMs. No fees.

Why Peanut for Spain to Argentina Transfers

Better Exchange Rate

Peanut uses the cripto dólar rate — a direct digital dollar to peso conversion that bypasses the regulated MEP rate used by credit cards and banks. This gives you around 5-10% more pesos per euro compared to what your credit card charges. Traditional cards convert EUR to USD to ARS through the MEP rate, which is artificially lower than the free market rate. Peanut converts EUR to digital dollars to ARS directly at the market rate.

The rate locks at the moment of payment — the amount shown on your confirmation screen is exactly what gets charged. No slippage, no surprises.

Easy SEPA Deposits from Spain

Deposit from your Spanish bank account via SEPA. Under the EU Instant Payments Regulation that took effect in January 2025, Spanish banks must support SEPA Instant — which means 90% of SEPA deposits arrive in under 20 minutes. Standard SEPA typically completes the same day during business hours.

Info

SEPA deposits from Spain are completely free — no Peanut fees, no bank fees. Under SEPA Instant rules, 90% of deposits arrive in under 20 minutes. Just include the reference number exactly as shown.

SEPA deposits are completely free. No Peanut fees, no bank fees (SEPA transfers are free within the EU). Just initiate the transfer from your Spanish banking app with the IBAN and reference number Peanut provides, and your balance updates automatically when it arrives.

No Fees

Peanut charges no fees on deposits, conversions, or spending. SEPA deposits from Spain are free. Paying via Mercado Pago is free. Cash withdrawals through Peanut are free (though the ATM operator may charge a small network fee). The exchange rate is the rate — no hidden charges, no additional fees, no monthly account fees.

Instant Spending in Argentina

Your recipient doesn't wait for a bank transfer. They can spend immediately via Mercado Pago at over 1,000,000 merchants across Argentina — supermarkets like Carrefour and Jumbo, restaurants, cafes, street food, kiosks, clothing stores, pharmacies, and more. Just scan the QR code at checkout and confirm. Or withdraw cash instantly at any Red ATM location using a QR code from the app — no physical card needed.

Skip the Waitlist

How to Send Money from Spain to Argentina

1
Sign up for Peanut
Complete verification with your passport or Spanish DNI through Persona — a secure identity verification service. The process takes under 2 minutes for most users. Identity verification is required for all bank deposits and local payments.
2
Deposit from Spain via SEPA
Open the Peanut app, tap "Deposit," and select SEPA. Copy the IBAN and unique reference number shown. Go to your Spanish banking app (BBVA, CaixaBank, Santander, etc.) and create a transfer to that IBAN — include the exact reference number. Most transfers arrive in under 20 minutes.
3
Send to your recipient
If they have Peanut, the transfer is instant — just like sending a message. If they don't, you can send them a Peanut Link to claim the funds. Or send to your own account if you're traveling to Argentina.
4
Recipient spends in Argentina
They scan any Mercado Pago QR code at 1,000,000+ merchants — payment is instant in pesos at the cripto dólar rate. Or they withdraw cash at any Red ATM using a cardless QR withdrawal.

Where the Money Goes in Argentina

Mercado Pago QR Payments

Mercado Pago is the dominant payment method in Argentina, accepted at over 1,000,000 merchants. Your recipient opens the Peanut app, taps "Pay," scans the merchant's QR code, reviews the amount in pesos, and confirms. The merchant receives pesos instantly in their Mercado Pago account. Works at supermarkets (Carrefour, Dia, Coto, Jumbo), restaurants and cafes, street food vendors, kiosks, clothing stores, electronics shops, and pharmacies.

Mercado Pago QR is ubiquitous across Argentina — if a business accepts digital payments, they almost certainly have a Mercado Pago QR code. See the Mercado Pago payment guide.

Cash Withdrawals

Your recipient can withdraw cash at any Red ATM location across Argentina using cardless QR withdrawal. The Peanut app generates a one-time QR code that expires in 60 seconds. They go to a Red ATM, select "Retiro sin tarjeta" (cardless withdrawal), scan the QR, and collect pesos. Red ATMs are available 24/7 in major cities like Buenos Aires, Cordoba, Mendoza, Rosario, Bariloche, Salta, and Ushuaia.

Peanut charges no fee for cash withdrawals. The ATM operator may charge a small network fee (typically a few pesos), but this is not a Peanut charge.

Bank Withdrawals

If your recipient needs to move money into their Argentine bank account, they can withdraw from Peanut to any bank in Argentina. This is currently done via network withdrawal (the recipient needs a wallet address), with local bank integration planned for future releases.

Cost Comparison: Spain to Argentina

Peanut Total Cost

SEPA deposit: Free
EUR to digital dollar conversion: ~0.5% spread via banking partner
Digital dollar to ARS conversion: ~0.8% spread via banking partner
Mercado Pago payment: Free
Total effective cost: Around 1.3% in conversion spreads — no explicit fees

Competitor Comparison

For a EUR 500 transfer from Spain to Argentina:

Service	Exchange Rate	Fees	Total Cost	Recipient Gets (ARS)
Peanut	Cripto dólar	EUR 0	~EUR 6.50 (1.3% spread)	~520,000 ARS
Wise	MEP-equivalent	~EUR 4 (0.8%)	~EUR 8	~495,000 ARS
Credit Card	MEP + 3-20% markup	EUR 0 upfront	EUR 15-100 markup	~460,000-495,000 ARS
Western Union	5-10% spread	EUR 8-15	EUR 33-65	~470,000-485,000 ARS
PayPal	3-20% markup	EUR 15-20 (3-4%)	EUR 30-120	~450,000-485,000 ARS

Savings with Peanut: On a EUR 500 transfer, you'd save approximately EUR 2-8 compared to Wise, EUR 9-94 compared to a credit card, EUR 27-59 compared to Western Union, and EUR 24-114 compared to PayPal.

The savings come from two factors: (1) Peanut's cripto dólar rate is 5-10% better than the regulated MEP rate that cards and banks use, and (2) Peanut charges no explicit fees while competitors charge transfer fees or high conversion markups.

Common Use Cases for Spain to Argentina

Digital Nomads

Spain and Argentina share strong cultural and linguistic ties — peninsular Spanish and Rioplatense Spanish are mutually intelligible, and over 62,000 digital nomads moved to Buenos Aires in 2022, with Spanish speakers well-represented. If you're working remotely from Buenos Aires while getting paid in euros, Peanut lets you pay like a local without needing an Argentine DNI or local bank account. Scan Mercado Pago QRs at cafes, split bills with local friends, and avoid paying tourist rates on every transaction. More for digital nomads.

Tourists

Spain is one of the strongest European travel corridors to Argentina thanks to shared language and deep cultural connections. When you arrive in Buenos Aires, Cordoba, or Mendoza, you'll see Mercado Pago QR codes everywhere — restaurants, shops, street vendors, taxis. Your Spanish credit card will give you the MEP rate plus a 3-20% markup. Peanut gives you the cripto dólar rate — 5-10% better — and lets you pay exactly like an Argentine local. No fumbling with cash, no sketchy exchange offices, no waiting in line at ATMs. More for tourists.

Sending Money to Family

If you have family in Argentina, Peanut offers a faster and cheaper way to send money than traditional remittance services. Your family member receives the funds instantly in their Peanut account and can spend immediately via Mercado Pago or withdraw cash at an ATM. No need for them to go to a Western Union office or wait 1-2 days for a bank transfer. And you save on Western Union's EUR 8-15 transfer fees and 5-10% rate spread. Learn about remittances.