Many articles on the subjects of moisture transport, precipitation and surface hydrology of the two largest watersheds of South America, the Amazon and the La Plata basins, are stitched together to obtain an overview of the aspects related to the hydrological processes interconnecting them on time scales ranging from seasonal to intra‐monthly. In the mean, moisture from the tropical Atlantic Ocean is transported by the trade winds into the Amazon Basin. A good part of it precipitates over the Amazon Basin and the other part reaches the La Plata Basin by northerly winds east of the Andes. Besides the moisture transported from the Atlantic, there is evapotranspiration in the Amazon and La Plata basins. A part of the evapotranspiration of the Amazon Basin precipitates over the same basin, contributing with about 1/3 of annual precipitation this basin, and a part joins the aerial stream into the La Plata Basin, contributing with about 1/4 of its annual precipitation. Semi‐permanent and transient meteorological systems such as Inter‐Tropical Convergence Zone, South Atlantic Convergence Zone, Low‐Level Jet (LLJ) east of the Andes, Madden–Julian Oscillation, cold fronts and cyclones play an important role in the seasonal and intra‐seasonal variations of precipitation, evapotranspiration and river discharge. The hydrological memory in Amazonian soils and the LLJ constitute an inter‐seasonal coupling between the water balances of the two basins. All these aspects are succinctly described and discussed in this review article. Hypotheses for future research are formulated.