Has anyone used XOOM before?

[jimdepalermo]

Has anybody tried to use Xoom by transfering from a U.S.A. bank account directly into an Argentine bank account? How long did it take?

If you go up the thread, someone mentioned transferring from a US account to a Banco Frances account here.

I'm currently trying to do a transfer to a Citi account here. I'll report what happens when/if it ever does.

 

[jimdepalermo]

To summarize my prior posts,

• I ordered a transfer of the max amount (U$ 2999) to my Argentine bank account on Friday, 6-1. Xoom immediately contacted me requesting a copy of my ID and bank statement for the donor account.
• Based on demokritos's report in this thread, I also sent them a completed money-laundering form (attached to this post as "Xoom MMT Declaracion...") that More Money Transfer requires.
• On Monday I contact Xoom to verify that everything was in order, and the agent confirmed that the transfer would go out shortly.
• Yesterday (Wednesday) when nothing had happened, I called Xoom, who said the transfer was in MMT's hands. I then called MMT, who had no record of the Xoom transaction number. I then called Xoom again, and they transferred me to their compliance office, where an agent asked for a signed letter authorizing them to send a scan of my passport to MMT, which I provided.
• In parallel, I have also asked Xoom to up my transfer limit to the maximum, the details of which are in a prior post.

This morning Xoom sent an email asking for my phone number (even though they already had it on several forms and 6 emails) to send to MMT. I responded, and within the hour an agent of MMT called me requesting my email address (?!) to send me another money-laundering form. They also asked me to complete and sign another form certifying that neither I nor any other party to the transfer is an Argentine government bigwig. I am attaching this form in case others need it ("Xoom DDJJ PEPS...").

Since Xoom had not sent MMT any of the forms I had provided, I emailed everything to MMT that I had provided to Xoom. The MMT agent promised that these forms would suffice for future transfers as well, and that they would contact me if in the future they needed something additional or needed to update the dates on some form.

I asked him if MMT worked with other services in the US that might be more reliable than Xoom. The agent laughed and replied that they have relationships with a number of US agencies, but that Xoom is the only one that operates online and doesn't require an in-person visit to an office in the US.

So, a lot of nuisance that I hope is just start-up problems. Even so, it's worth it: the transfer of U$ 2999 cost me U$ 3029 with fees but delivered 3695,86 more pesos to my account than would have arrived with a standard bank transfer in the same amount. It also saved me a trip to the bank to sign the comparable forms.

 

[demokritos]

To summarize my prior posts,
So, a lot of nuisance that I hope is just start-up problems. Even so, it's worth it: the transfer of U$ 2999 cost me U$ 3029 with fees but delivered 3695,86 more pesos to my account than would have arrived with a standard bank transfer in the same amount. It also saved me a trip to the bank to sign the comparable forms.

Glad it worked out for you. I've done 4 transfers now, at this point, I just start it with xoom, wait a day, then call More MT, because xoom has no clue what is going on and never notify me when the money is ready. It seems that every time I've gone in to More MT, I've had to fill out a new form or provide additional documentation; the latest was, as mentioned, a declaration that you hold no political office in Argentina (WHAT THE HELL?). Regulations are changing on a weekly basis, it seems.

 

[lovinit]

Any other experiences or thoughts on the feasibility of picking up pesos from the bank accounts of Argentine friends? I don't have an account of my own here.

I saw the thread about a $60US charge at Citi (and more that my Spanish did not allow me to understand clearly).

Anybody know if there are obstacles to this kind of transfer with other banks? And which?

 

[flurec]

Any other experiences or thoughts on the feasibility of picking up pesos from the bank accounts of Argentine friends? I don't have an account of my own here.

I saw the thread about a $60US charge at Citi (and more that my Spanish did not allow me to understand clearly).

Anybody know if there are obstacles to this kind of transfer with other banks? And which?

A transfer to a friends account at Santander Rio only took 2 days and there was no charge to my friend. I sent $500 dollars twice in one week.

 

[Towncryr]

I did not know about XOOM until some of you good people started a thread about it here. I live in San Rafael, Mendoza and have an account at Banco Frances already although I have not used it. I DO NOT have a DNI (nor do I want or plan to get one) so I went by the bank today as I need to get some funds down and I wanted to make SURE I could receive it with my "tourista permanente" status. The info guy said that I did NOT have to have a DNI but did need an acct with the bank. I do have a QUIL number and had to have that and a copy of my lease to open the account originally.

So, thanx board for the "heads up" on XOOM. Maybe this little tidbit will help some of y
all who are planning on using the service...

 

[Towncryr]

BTW, the info guy at the bank asked me two questions. First was the entity sending a "person or a company" and "what are you using the money for?" No problem if a human person (a corp is legally a 'person' also but didn't want to get into that conversation with him) but if it is a company sending I think they is going to be some obstacles. I told him I was using the money to "live."

Additional clarification....

 

[jjvernon]

Last week I went through three days of nonsense in order to get a CDI to take out US dollars from BBVA Frances that I transferred to myself using Xoom. they had me running all over town, to Imigracion, to Anses and back again (no one seems to actually know where you need to go to make any transaction, but they will pretend like they do and you will retrace your steps over and over).

After much frustration I was able to get a CDI (you must go to the closet Police station to where you are staying and get a Certificado de Domicillio. I was staying at a friends house, so I gave them that address and my passport info and an officer came by the next day to confirm that I was staying there. Then, I took that Certificado to AFIP (Administración Federal de Ingresos Públicos) along with a photocopy of my passport-- there is an office in Palermo on Luis María Campos 112. You fill out one page of paperwork there and it is then a relatively quick process.

Feeling like I had finally succeeded I marched back into BBVA Frances and waited an hour to see one of the clerks at the desk. In addition to the CDI you will also need a numero fijo and the postal code for your domicillio. Por fin, she sent me to the caja to get my cash and the woman told me that I could NOT, under any circumstances take out DOLLARS (although there was a clearly posted sign in the lobby telling clients that they now had the option to take out dollars... i assume no one has bothered to take down the sign...??). she offered to give me my $500 US in pesos at the 'standard rate' of $4.48

I couldn't believe it. So much wasted time for nothing. I denied the pesos, cancelled my original transaction with Xoom, and made another transfer to be picked up in pesos. The Xoom rate of 5.5753 (or whatever it is now) is still better than the bank/ATM rate, and picking up the money at MORE was about the easiest thing ever. I didn't even need the CDI there, just my passport and confirmation number.

so, long story short. You cannot take out Dollars no matter what you do, so please don't waste your time. Wish i had been able to talk to someone with recent experience in this transaction because it would have saved me a lot of anger and unnecessary subte rides.

My advice is to bring as much cash in US Dollars as you are comfortable carrying and trading those on the black market (or 'dollar blue'). The going rate there is well over 6 right now....


hope this helps. good luck with your money woes. XOOM in pesos is still the best option at this point and I will continue to take my money out this way...

 

[jimdepalermo]

My advice is to bring as much cash in US Dollars as you are comfortable carrying and trading those on the black market (or 'dollar blue'). The going rate there is well over 6 right now....

Ambito shows the "dólar informal" at 5,87 today, and Xoom is up to 5,73. Not sure the 14 centavos x dollar is work the hassle of dealing with cuevas and arbolitos....

 

[jimdepalermo]

The Xoom rate is up to 5.8271 today!