Has anyone used XOOM before?

[domthegreat]

So just looking for some clarification on sending money to an Argentine account. I am currently in the US for a few weeks and I want to send my girlfriend some money($1500). Instead of sending it for cash pickup I was thinking of just sending it directly to her Citi account there. I have a few questions about it though.

1. What kind of paper work do I need to file to make this work? Will she need to present any documents for the transfer to go through?

2. Will they convert it at the Xoom rate or at the official rate (since she is Argentine)?

3. IS there any extra fee from Citi is she receives this transfer?

4. Would it be easier to just wait until I get back and transfer the money to myself for pickup, then just give her the cash to deposit it in her account?

Thanks in advance for your help.

 

[jimdepalermo]

1. What kind of paper work do I need to file to make this work? Will she need to present any documents for the transfer to go through?

2. Will they convert it at the Xoom rate or at the official rate (since she is Argentine)?

3. IS there any extra fee from Citi is she receives this transfer?

4. Would it be easier to just wait until I get back and transfer the money to myself for pickup, then just give her the cash to deposit it in her account?

This is what I have done twice now, transferring money to the my Citi account here.

1. When you order the transfer, they'll ask for a branch number and account number. Put anything in the Branch, which doesn't have meaning here, and use the full CBU for the account number, since that's what you use to transfer funds between Argentine banks.

MMT will then contact her for identification. If she doesn't hear from them for a day after the transaction goes into "Confirmation in Progress," she should contact MMT herself. They may request some or all of the documents I posted and described above.

2. It should go through at the Xoom rate. I presented my DNI and CUIT for the transfer, as an Argentine would do, and I received the pesos indicated on the transfer.

3. Citi didn't charge me a centavo.

4. I think it's easier to wire to the account than going to Libertad for physical pickup. It shows up in the receiving account as a cash deposit, with no forms to fill out at Citi and no paper trail.

(If a different description appears on the month-end statement, I'll post an update to this last point.)

 

[jimdepalermo]

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

Citi's $60 charge is for processing a SWIFT transfer, which would arrive at the official rate.

Xoom transfers should show up as domestic inter-bank transfers from MMT directly into the local account, based on the receiving account's CBU. BCRA regulations restrict banks from charging for inter-bank electronic transfers less than 50.000 pesos. Since Xoom won't transfer that much at a time, it's not an issue.

BUT I just noticed that my Xoom transfers are arriving as cash deposits at the bank, so there's definitely no charge and no paper trail associated with it.

 

[jimdepalermo]

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."

Since Argentine banks charge for depositing checks, and since there's also a government tax on checks, interbank transfers are very common here. My health insurance carrier processes reimbursements for out-of-network services only through transfers, for example. An MMT agent I was in contact with for my first transfer said it would be processed as an interbank transfer, which I assumed would show a company name, either MMT or some affiliate.

I just looked at my Xoom transfers at Citi's online site, and they show as "Depósito en Efectivo" believe it or not. Based on this, it looks like MMT is actually sending someone with cash to the bank and making a deposit. Certainly leaves no tell-tale trail!

 

[Sleuth]

Xoom is giving $6.02 today. That's higher than the blue market rate...

 

[afield]

I picked up a transfer today and the rate was 5.92. Much better than Moneygram that uses the official rate. It appears to be cheaper and easier on the sending side too (USA).

 

[earlyretirement]

Jimdepalermo's posts were absolutely spot on target. I never personally used Xoom because I have a lot of dollars in Buenos Aires so it was easy enough just buying pesos at great rates on the blue market.

However, a few weeks ago when the Xoom.com rate was higher than the blue rate, I decided to try it. I agree the customer service is pretty bad but I got 6.02 pesos to $1 US. I had them send it to my Argentina bank account I have in Buenos Aires.

Here is my experience:

Transaction Status

Date: Activity

July 3, 2012 10:38 AM
Transaction Completed
June 22, 2012
Deposit in Progress
June 22, 2012
Confirmation in Progress
June 22, 2012
Transfer in Progress
June 22, 2012
Payment Verified
June 22, 2012
Xoom Processing Started

After I initiated the transaction, they were quick to email me and tell me it's processing. I was outside of the USA as I'm on vacation. They obviously are tracking where you initiate the transaction online from. They asked me to verify some things and asked me where I was to see if it matched up from where I logged in from.

I used my credit card as someone said they don't charge any fee. I also used a coupon code from online so there was $0 cost at all. I get frequent flyer miles for my credit card so I got 1,000 miles as well. I initiated the transfer for $1,000 US.

After I sent it, I was prepared for a long wait after reading Jimdepalermo's posts. Sure enough, I got the same emails asking me to send in a copy of my last credit card statement of the credit card I was using as well as a copy of a driver's license or passport. I emailed those two things to them.

Then it was a frustrating next few days from More Argentina where they asked me for a copy of my DNI, to fill out the forms that Jimdepalermo mentioned. I sent those things in and then they asked me more questions like where the funds came to send these funds. I used a credit card but I just told them it was savings. Even though my name matched the same name, they kept asking me about who I was sending it to. I had to keep explaining I was sending it to myself.

Then they asked me what I was sending the funds for? As well as asking me what my occupation was. You can see the timeline above on how long it takes. I sent the forms to them ASAP when requested and it still took over a week.

Cristian at More Argentina was very quick email emails and he said now that I am verified it shouldn't be a hassle in the future if I wanted to send more funds. So I'll see if that is true. Something tells me there will still be delays. Nothing is too quick in Argentina.

As Jimdepalermo's posts mentioned, the deposit showed up as a cash deposit into my account which is great as there is no way anyone would know that you used Xoom in Argentina. Apparently, More Argentina just sends some dude to the bank to deposit the funds in cash.

I'd say if you're in any hurry then it probably wouldn't be good but if you are legally living in Argentina and have a bank account this is really great at super great exchange rates. Yeah, a hassle to send in those things but a great rate.