Huge Problems With More Money / Exchange4Free

[ElCordobés]

Ria offers better rates but I don't know if they send the funds through MORE or if they have a different Argentine partner. I recently tried to send money from my US bank to my Argentine account using Ria but,as I was using a computer in Argentina I got a message that I could only send funds from the US! Perhaps I could make the transfer if I used a VPN. I am going to try that before I use XOOM again. The difference in rates was significant.

https://www.riamoneytransfer.com/

Ria has much better rates. I've had no trouble with deposit direct to bank account with them...nor documentation. The only trick.... Need a VPN to initiate the transfer or it will lock you out if it detects Argie IP. The rate today is only 11.45 vs Xoom's surprisingly poor rate of 9.6 (I've occasionaly seen Xoom better than Ria) Ria uses Argenper. Not MORE.

 

[French jurist]

A withdrawal costs 2.95 US$ per transaction. Since the Uruguayan ATM limit is 300 USD per withdrawal, it costs you 2.95x8 (roughly 24 USD) to withdraw 2.400 USD (withdrawal limit for the card is 2.500 USD).
But there are also the ATM fees, and it brings the total to around 10/11 USD per withdrawal (including the 2.95 USD mentioned above). A bit more than Xoom but you get a better exchange rate since you bring back USD bills in Argentina.
But you need to go to Colonia of course = that's why it's a good idea to group with friends in order to send just one person, to bring back a maximum of 10.000 USD. Being able to choose the day to exchange the dollars is a plus too.

There's a monthly maintenance fee of 1 USD if you make more than 4 transactions per month (otherwise it's 3 USD).

 

[ghost]

A withdrawal costs 2.95 US$ per transaction. Since the Uruguayan ATM limit is 300 USD per withdrawal, it costs you 2.95x8 (roughly 24 USD) to withdraw 2.400 USD (withdrawal limit for the card is 2.500 USD).
But there are also the ATM fees, and it brings the total to around 10/11 USD per withdrawal (including the 2.95 USD mentioned above). A bit more than Xoom but you get a better exchange rate since you bring back USD bills in Argentina.
But you need to go to Colonia of course = that's why it's a good idea to group with friends in order to send just one person, to bring back a maximum of 10.000 USD. Being able to choose the day to exchange the dollars is a plus too.

There's a monthly maintenance fee of 1 USD if you make more than 4 transactions per month (otherwise it's 3 USD).

No matter how complex the situation, there is always a banker with a work around willing to suck your blood for a fee.

 

[Chet]

bitcoin is an up and coming option for moving money around too. Buy them for dollars and then sell in Argentina for pesos. (lots less fees for sure)

 

[Macanudo]

Thanks for taking the time to break down the costs/fees for using Payoneer frencie. If it costs $10/11 US dollars per transaction, times 8 ATM transactions plus $3 US dollars a month fee, that comes to roughly $96 US dollars(approx. 4% cost) to get 2400 US every three months as opposed to a fee of $60 US to get $2999 using Xoom (approx. 2% cost). I thought you could get US dollars from Xoom in Colonia, so either way you bring back dollars. I know that this thread is talking about the grief that goes with the uncertainty associated with wiring money and the point you made about the benefit of choosing the day you go is a good one.

 

[French jurist]

You're welcome

 

[French jurist]

Important update:

A member told me that with Payoneer it's only possible to receive money from US companies and that's about it (I think Paypal too).

I'll check with Payoneer about the precise details so before someone pays for a DHL shipping (takes a few days anyway for them to accept to send a card by DHL since you must contact their CS before), better make sure what precise methods of funding are available. Receiving the card by regular mail is free though (and there's like a 20$ activation fee).

I just sent this question "Is it possible for instance for an US individual to open a Payoneer account, fund the account with a personal US bank account (or with a personal Paypal account) & use the Payoneer card to withdraw money?" to someone from their CS (I translate at times for them but never translated something related to this aspect, I get paid by a Company but I believe you can link a personal US bank account too since a few months... want to make really sure).

 

[Mano Negra]

I don't understand why you guys don't just send money to a cueva. At the worst of times it costs a maximum of 5% (and normally less) to end up with cash dollars in BA. Then you can change at whatever you perceive to be the best rate. This cards and Colonia business seems to be very complicated, expensive and time consuming?

 

[scotttswan]

I don't understand why you guys don't just send money to a cueva. At the worst of times it costs a maximum of 5% (and normally less) to end up with cash dollars in BA. Then you can change at whatever you perceive to be the best rate. This cards and Colonia business seems to be very complicated, expensive and time consuming?

People don't have the contacts probably. I know I don't for the little amount I sometimes send via azimo

 

[ElQueso]

Yeah, it's not easy to get a cueva contact. Particularly for many expats who don't speak good Spanish (I'm just generalizing there, not singling anyone out). Most cambios/arbolitos are connected at some point in the tree to a cueva that will accept transfers (they are usually involved at some level in international currency/bond trading), but even then you need to make friends at the arbolito. I've only made one contact like that and it turned out to not be very good. The best way to make a contact is to either make a lot of expat contacts or make a lot of Argentine friends, and one of them might know someone who knows someone - not a very large percentage of Argentinos know about/use cuevas, nor expats for that matter.