I will teach you how to make 10% profit on your pesos doing almost nothing

[Sleuth]

I was wondering if anyone was going to figure this one out after my post on Xoom. Congrats...

What's even better is an Argentine credit card that earns airline miles. I have an Argentine card that earns United miles, so I'm racking up miles too. I was going to try experimenting with Amazon Payments as they have no service charges up to a certain amount but I am not sure if they take foreign credit cards. Google Checkout may be another option.

There are a few problems:
- Xoom has a limit of U$S 6000 every 30 days. I need some of this as spending cash, which limits how much I can earn.
- I was told by More Money Argentina that once you exceed ARS $60,000 in transfers you are required to fill out additional paperwork. I transferred ARS $15,000 and had to do paperwork and answer questions.
- I'm not sure how AFIP will view this and what this will do for you in their eyes and depending on how you file taxes here. This will definitely put you on the radar.
- This will only work for a small set of expats - permanent residents with local credit cards
- I had one friend get told by Xoom that they could not do a transfer for him. This was the message:

Gracias por usar a nuestro servicio para mandar su dinero. Ya hemos recibido sus documentos para verificar su cuenta.

Queriamos informarle que el desembolso en Argentina está pidiendonos documentos (copia actual) altamente confidenciales para completar esta transacción (como su identificación, su información financiera y otras cosas muy sensible). Por otra parte, no nos sentimos enviar su información a través de un sistema de correo electrónico no seguro y que cualquier cosa podría suceder a su información.

Además, este proceso puede tomar varios días para completar y estamos sugiriendo de cancelar esta transacción.

Si usted tiene preguntas, por favor, podria llamarnos de nuevo al numero 1-877-748-6444.

Nos disculpamos por la inconveniencia que le ha causado.

Xoom Equipo de Cumplimiento

Abusing this may get it shut down for everyone.

 

[nikad]

I was wondering if anyone was going to figure this one out after my post on Xoom. Congrats...

What's even better is an Argentine credit card that earns airline miles. I have an Argentine card that earns United miles, so I'm racking up miles too. I was going to try experimenting with Amazon Payments as they have no service charges up to a certain amount but I am not sure if they take foreign credit cards. Google Checkout may be another option.

There are a few problems:
- Xoom has a limit of U$S 6000 every 30 days. I need some of this as spending cash, which limits how much I can earn.
- I was told by More Money Argentina that once you exceed ARS $60,000 in transfers you are required to fill out additional paperwork. I transferred ARS $15,000 and had to do paperwork and answer questions.
- I'm not sure how AFIP will view this and what this will do for you in their eyes and depending on how you file taxes here. This will definitely put you on the radar.
- This will only work for a small set of expats - permanent residents with local credit cards
- I had one friend get told by Xoom that they could not do a transfer for him. This was the message:



Abusing this may get it shut down for everyone.

I did it no problem. Of course if yo abuse it you will get flagged anywhere. Use with discretion, make some extra couple thousand and move on.

 

[el_expatriado]

Just an FYI for everyone using this strategy...

AFIP investigates local (Argentine) credit card use. If you have super heavy credit card use ($40,000+ pesos per month), you will get a call from them. I had an Argentine business partner who was spending this kind of cash on his card and he got nailed by AFIP.

They charged him 21% presumed IVA + 35% presumed income tax on all the cash he spent on his credit card because he couldn't justify where he got the funds to make so many purchases.

So, just be aware of this.

 

[puvenlee]

I know this, in China we use Alipay... but i don't have a argentine credit card, that's the problem.

 

[sesamosinsal]

I had one friend get told by Xoom that they could not do a transfer for him. This was the message:/QUOTE]

That message from Xoom made my head hurt. "Me love you long time" Spanish...

 

[nikad]

So many PMs, all replied, not even a peanut butter cup... a really thankful lot of people. Karma is a bitch... won't be sharing any more tips here.

 

[earlyretirement]

Just an FYI for everyone using this strategy...

AFIP investigates local (Argentine) credit card use. If you have super heavy credit card use ($40,000+ pesos per month), you will get a call from them. I had an Argentine business partner who was spending this kind of cash on his card and he got nailed by AFIP.

They charged him 21% presumed IVA + 35% presumed income tax on all the cash he spent on his credit card because he couldn't justify where he got the funds to make so many purchases.

So, just be aware of this.

I can also confirm this. I have local friends that also told me that they have been contacted by AFIP to appear to consult about their credit card usage both inside of Argentina and outside of Argentina.

Most of the locals know not to use their credit card too much. It seems the local banks have been handing over your information to AFIP since last year. I don't know too much about this but I do know one friend that had his information turned over.

It seems like he was buying things for friends and getting the funds so he could get airline miles. I would totally avoid big purchases on Argentine based credit cards. AFIP is watching.