Don't Use Xoom

[Ldbenhoff]

i have just been through the worst customer service experience of my life, and I'm 62 and have had lots of business experience. In trying to get my own money I spent HOURS on the phone and computer attempting to satisfy the customer service department, the security and verification department, and finally the compliance department. it seemed like a good idea to get the blue dollar rate, and I did get 7000 pesos at first with a moderate amount of hassle. Then a second transaction was supposedly randomly flagged for closer scrutiny, and we went around and around, sending copies of passports and bank statements to a black hole called the verification department. Three times I sent the forms, no one took action. More phone calls, it looked like the transaction was going through as I tracked it online. Then it was stopped by the Argentine partner of Xoom, who demanded that I create and send a letter authorizing them to give me my own money. The policies of Xoom and their partners border on customer harassment, not customer service. The extra money from the blue dollar rate was not worth the hassle-----don't use Xoom.

 

[tangueraintrepida]

I can't disagree more. We have been here since August and just made our 6th transaction through Xoom today. We were in and out in 10 minutes with no hassles. Yes, sometimes we sit in the lobby for an hour waiting our turn, but we have never been unreasonably hassled by the agents at More Money. We did jump through a few hoops with our first couple of transactions so that they could confirm our ownership of the accounts, but I'd rather a company that is dealing with my money take those measures of security than for them to just hand the contents of my bank account out to anyone that might come across my personal information. We are fortunate to have this type of service.

 

[MaryK]

We have also had good experiences over 5 transactions now. The first few were a breeze. The next few did have some delays and required lots of extra documentation but everything was taken care of in the end and everyone at Xoom and More Money were very helpful. Xoom even increased our monthly limit, as we were transferring a good bit of extra money to purchase a car a couple of weeks ago.

 

[la_guachita]

I agree the customer service is a joke. I've called and been hung up on, the phone lines were terrible, but since there is a 30-35% difference in the rate received from the ATM I suffered through it. Worth the hassle for me, just depends on your priorities.

 

[steveinbsas]

i have just been through the worst customer service experience of my life, and I'm 62 and have had lots of business experience. In trying to get my own money I spent HOURS on the phone and computer attempting to satisfy the customer service department, the security and verification department, and finally the compliance department. it seemed like a good idea to get the blue dollar rate, and I did get 7000 pesos at first with a moderate amount of hassle. Then a second transaction was supposedly randomly flagged for closer scrutiny, and we went around and around, sending copies of passports and bank statements to a black hole called the verification department. Three times I sent the forms, no one took action. More phone calls, it looked like the transaction was going through as I tracked it online. Then it was stopped by the Argentine partner of Xoom, who demanded that I create and send a letter authorizing them to give me my own money. The policies of Xoom and their partners border on customer harassment, not customer service. The extra money from the blue dollar rate was not worth the hassle-----don't use Xoom.

I am also 62 and have lots of business experience. When I started using xoom my first two transfers were completed the same day and the money was deposited to each of my two Argentine bank accounts even before the funds were withdrawn from my US bank! In fact, when I provided my details I inadvertently omitted the last four digits of my Schwab checking account. I had to call Xoom collection department to give them my debit card number in order to pay for the already completed transactions.

The third transaction (made the day after the first two) was delayed until I was able to provide More Argentina with a couple official forms which are required by Argentine law as well as the provenance of the funds. I faxed More the completed forms, copies of my DNI, a printout of my Schwab checking account for the previous year, and the previous year's annual statement from Robert H. Baird who sends a check each month to Schwab. Then I received a message from Xoom that the Argentine partner (with whom I was in daily contact by email) was requesting more information.

The wonderful CSR at More wrote back saying the transaction number was not in their system. I called Xoom and the (also wonderful) CSR in the compliance department told me they needed a signed statement authorizing them to send documents to their Argentine partner and a copy of my passport, Argentine DNI, or driver's license. I sent them a copy of my passport and DNI and the hand written statement. The funds were in the bank the next day. I made sure to sign the statement, print my name below it, and print my passport and DNI numbers below that. My calls to Xoom (including calling to pay them for already completed transactions) never took more than five minutes.

The only "hassle" was that I had to drive to Punta Alta twice to print the bank and brokerage statements and send the faxes, but I also was able to pay my annual property taxes ARBA) which increased from $650 to $800 pesos this year (on 10,000 meters2 and "covered" construction of 247m2).

Now I can make Xoom transfers from home in less than a minute. I used to have to drive to Punta Alta and Bahia Blanca, stand in line to use the ATM, then stand in line to make a bank deposit and then drive home (a 20KM and a 50KM round trip at least once a month).

The last time I withdrew $400 USD from my Schwab account using an ATM I received $1880 pesos. Yesterday, using Xoom I received $2874 pesos for $400 USD.

In the future I will transfer $1200 USD per month ($600 US into each of my Argentine bank accounts). At the present rates, the monthly difference alone will pay my for health, home, and auto insurance as well as all of my utilities and communication expenses (electricity, gas, street cleaning, celular, directv, and internet), and over a 12 month period also pay my property taxes and auto expenses: (nafta (now much less per month), oil, filters and (this year) even a new set of tires).

After all of that there is still about $7000 pesos per year to cover the "zero interest" quotas for my Sony Vaio laptop and Samsung 32" LED HD TV (both purchased at Garbarino...the price of the TV included a 20% rebate to my credit card from a sale price that was also discounted almost 15%). As soon as those are paid off, I will buy an new washing machine and stove (with zero interest quotas) with the Xoom windfall.

I can't imagine a 62 year old man with lots of business experience who thinks that complying with a few regulations in Argentina isn't worth an extra $994 for every $400 US he changes...unless he is so rich he doesn't care about losing (at the monthly amounts I change) almost $3000 pesos per month in two minutes (once the simple paperwork is done).

 

[Joe]

Once you get an account directed to the Fraud Department, whether it is Zoom, a credit card company, or any other financial account the burden of proof is on you. It might not seem fair but that is the way it is. The Fraud Department people are NOT customer service people - they're a type of police force that assume you are guilty. This is nothing to do with Zoom - it's an industry practice.

 

[sinagua980]

I'm chiming in to also say using Xoom and More Argentina have been fairly easy even after over 10 transactions. The only slight hiccup came when Xoom told me that "their partner in Argentina" was requesting additional info (I was passing the AR$40,000 mark as a sender), I sent Xoom the info as steveinbs described. Xoom never responded to my email so I decided to just take all my info (bank statements, invoices, passport, etc) into the More Argentina office in person. It was all handled and approved within 15 minutes.

I also never send amounts over US $1000. With the exchange rate increasing as it had been, I figured I'd rather do smaller amounts and more trips to maximize the amount of pesos I received.

 

[steveinbsas]

Once you get an account directed to the Fraud Department, whether it is Zoom, a credit card company, or any other financial account the burden of proof is on you. It might not seem fair but that is the way it is. The Fraud Department people are NOT customer service people - they're a type of police force that assume you are guilty. This is nothing to do with Zoom - it's an industry practice.

Who said anything about a fraud department? Even though payment for my first two Xoom transactions were denied by my bank because of my error, my account was not directed to a "fraud" department at Xoom. As soon as Schwab refused to pay I received emails from the collection department asking me to call them. I did so within a couple hours and made the payments using my Schwab debit card. My Xoom account (which had been temporarily suspended) was reactivated immediately. The CSR's were always cordial if not downright friendly.

 

[sinagua980]

Who said anything about a fraud department? Even though payment for my first two Xoom transactions were denied by my bank because of my error, my account was not directed to a "fraud" department at Xoom. As soon as Schwab refused to pay I received emails from the collection department asking me to call them. I did so within a couple hours and made the payments using my Schwab debit card. My Xoom account (which had been temporarily suspended) was reactivated immediately. The CSR's were cordial if not downright friendly.

I'm pretty sure Joe was talking to the Ldbenhoff, the OP.

 

[steveinbsas]

I'm pretty sure Joe was talking to the Ldbenhoff, the OP.

And I'm pretty sure that Ldbenhoff never dealt with a fraud department at Xoom.

If anyone was a candidate to be referred to the fraud department it would have been me after providing an incomplete account number.

I was referred to the collections department and there wasn't the slightest sign of a negative attitude or a hint of accusation of any kind.

In fact, the CSR told me there was nothing they could do to collect form Schwab for the two unpaid transfers, even if I provided the correct account number after the fact.