Has anyone used XOOM before?

[nyer4ever]

I used xoom a couple of weeks ago when the rate was official. What I couldn't understand at the time is that they listed Banco Frances as "US dollars" but they (Banco Frances) insisted that they only paid out pesos.

Fees are very cheap and transfer was done in 10 minutes and available for pickup. Much more convenient/economical than Western Union who forces you to wait to receive a PIN via mail.

This 5peso/dollar creates an arbitrage opportunity.

Do you have a DNI? And were you able to pick up pesos at the 5peso rate or was it 4.3?

 

[jp]

pany has negotiated with Xoom to change their pesos to Dollars at a higher rate to get the money out of Argentina before it collapses.

This makes sense. I have a DNI, and the prospect of putting pesos directly into my bank account using my debit card and getting a 15% bonus is a lot more attractive than taking pesos out of an ATM, getting the official rate and paying 7% for the privilege.

 

[Sleuth]

If you send $2999 (the maximum), your effective rate will be $4.8219 after their fees. Send $2000, your rate is $4.7739. Send $1000 your rate is $4.6327...

Make sure to pull it from your US bank account and not credit card as you will be subject to higher fees as well as cash advance fees and interest.

I sent a deposit to my Galicia account and it worked perfectly.

 

[citygirl]

This is interesting... So DaVe - they just charged you $30 to send the 2999? (I'm looking at the website now)

 

[rrptownley]

Shame it doesn't work from the UK

 

[Sleuth]

This is interesting... So DaVe - they just charged you $30 to send the 2999? (I'm looking at the website now)

Yeah, they have a maximum fee of $30 so anything above $1000 has the same fee.

 

[Sleuth]

Oh, and their rate just went up to $5.0166!

 

[citygirl]

Okay, follow up question #2. To pick it up, they say there is a USD $50 charge at Banco Frances to get dollars. But if you want pesos, is it still $50? (would prefer BF just because it is a better location for me in provincia)

I will probably send some money tomorrow - seems like a great way to get funds in. Citi just charged me $27 (and change) to take out 4000 pesos (903 dollars at the official rate) so this would be a huge savings to pay $30 for 15000 pesos!

 

[henryb]

Okay, follow up question #2. To pick it up, they say there is a USD $50 charge at Banco Frances to get dollars. But if you want pesos, is it still $50? (would prefer BF just because it is a better location for me in provincia)

Citygirl,

For cash pickup in Banco Frances you can send dollars only. Banco Frances will convert dollars to peso according to their internal exchange rate of 4.37 (not Xoom rate). You need to do currency conversion on xoom side and send pesos to Argentina.

 

[canadien]

Does anyone know if this works sending funds from a Canadian bank or a Canadian issued credit card?
thanks