No One Wants To Receive Money Transfers

[PaulBee]

I've never heard of it. It was very improbable for someone to wire money into Argentine banks in the past for all the known reasons (crisis, cepo, etc.) so a lot of people tend to think it's impossible or that it can't be done, and many account officers in bank branches might be ignorant of procedures thus finding excuses not to find out/learn how to do it. Other people (probably like your property manager) now finding themselves in the obligation to issue invoices, inform AFIP and pay taxes accordingly are trying to find ways to remain anonymous. If they receive any kind of deposit (local or international) into their bank account they might be exposed before AFIP if they are not registered in a tax category equivalent to their income level. This might be why your local provider is making you go through loops and hoops. The knot it tightening and soon anyone doing any kind of business will have to hold a bank account to be able to operate (resolución general (AFIP) 3990-E states that monotributo monthly payment for categories D and upwards must be paid by bank debit/credit card or electronically, and by November so will categories A, B & C)

Thanks for this explanation mjohnstone ! I told my property manager all the info you posted above about the bank transfers. He replied that there is a proceedure that must be done by me to receive a transfer into my Argentine bank account, and I must be there to do it. (I have never heard about this before, in any country.) He also said some one tried to send him money from Europe (both the bank in Europe and in Argentina) and after 6 months, the transfer still had not been made. The bank in Europe and the bank in Argentina blamed each other. I am just repeating what my property manager said, so please I hope no one will be angry with me if they disagree.
I should mention that my property manager would not be taxed on money sent to my Argentine bank account.
Also, just now I´ve heard that the contractor who needs the money is willing to accept payment by Western Union, ec. and that IVA will be paid ! I don´t
recall another business person in Argentina willing to accept payment this way !
Thanks so much for all your info, which will benefit me greatly !

 

[justderrick]

I looked into BTC in January and it paid off big time for me, I initially bought some Bitcoin when it was around 880 and under 1000 mark, I also invested some in Ethereum and I had made thousands since. When I was in Buenos Aires I couldn't open up a bank account because I wasn't residing there nor did I have a DNI. I had the option of transferring my money to Banco Piano at a rate of 6 or 7% but that seemed awefully high to me especially if your bringing in thousands of dollars. So instead I put thousands down on Bitcoin and made thousands. It was a great move for me it really was.
I don't know if I can trust going into Bitcoin again though when it's time for me to move. I use poloniex to keep my money as USDT and can buy bitcoin at any time but I have yet to see how Bitcoin is doing in Argentina. It may get banned too who knows by the time I move within a few months.

 

[Caliexpat]

I looked into BTC in January and it paid off big time for me, I initially bought some Bitcoin when it was around 880 and under 1000 mark, I also invested some in Ethereum and I had made thousands since. When I was in Buenos Aires I couldn't open up a bank account because I wasn't residing there nor did I have a DNI. I had the option of transferring my money to Banco Piano at a rate of 6 or 7% but that seemed awefully high to me especially if your bringing in thousands of dollars. So instead I put thousands down on Bitcoin and made thousands. It was a great move for me it really was.
I don't know if I can trust going into Bitcoin again though when it's time for me to move. I use poloniex to keep my money as USDT and can buy bitcoin at any time but I have yet to see how Bitcoin is doing in Argentina. It may get banned too who knows by the time I move within a few months.

bitcoin is VERY popular in argentina and there is an avid community built around it. people have been investing in it long ago ever since govt. capital controls prevented them from being able to convert their continually devalued pesos into foreign currencies. i really wouldn't worry about it being banned as i don't see how that's even possible. it's like banning bit torrent, peer to peer file sharing; not going to happen. it would just go underground, the people wouldn't stop using btc.

the crypto currency phenomenon is only just beginning.

 

[Gogabroad]

I have set up a PayPal account in Argentina via my Santander Rio account. I also have a UK papypal account and have tried to send money via paypal and it keeps saying payment has failed. Does anyone have any tips, ideas on how to make the payments go through successfully?

 

[srtamollygreen]

I have set up a PayPal account in Argentina via my Santander Rio account. I also have a UK papypal account and have tried to send money via paypal and it keeps saying payment has failed. Does anyone have any tips, ideas on how to make the payments go through successfully?

This has been my struggle this week. I was able to get around it by setting up a Xoom account associated with my Argentine bank account. I had tried linking it to my paypal account but that did not work.

Therefore, I created a Xoom account and chose Argentina as my country. Then, I clicked on "send money" and I sent it from my US bank account, using the address associated with my US bank account for the sending account and my Argentine address and banking information for receiving. (I also used two separate email addresses; I don't know if that matters)

It sent successfully and now I'm just waiting for it to be deposited into my bank account here. I will write back if I have any issues. The reason I chose Xoom is because although they have a much lower exchange rate--right now they are only offering $16.8 and the official rate is 17.2 today--the fee is only $5 and I can withdraw more than the ATM limits. If I needed to withdraw less money, I would have just used an ATM and gotten a better exchange rate.

I hope this info is helpful to you. I know it's frustrating working hard for your money and having so much of it taken out just to get it into your hands.

 

[steveinbsas]

I created a Xoom account and chose Argentina as my country.

Then, I clicked on "send money" and I sent it from my US bank account, using the address associated with my US bank account for the sending account and my Argentine address and banking information for receiving. (I also used two separate email addresses; I don't know if that matters)

It sent successfully and now I'm just waiting for it to be deposited into my bank account here. I will write back if I have any issues.

If this is your first XOOM transfer there could be a delay if the Argentine partner (Reclamos More) asks for additional documentation: JJDD (Declaration Jurada) which includes your personal information and the source of the funds as well as the PEP (declaration swearing you aren't working for the government (or something like that).

This will cause a delay and it might take XOOM a day or two to let you know about it. You can speed things up by sending an email to Reclamos More asking them to send you the forms in an email. I suggest you do this as soon as you read this post.

You can write to them in English asking if they need the forms to complete this transfer and you can send the completed forms back to them attached to an email. They accept jpegs of the forms. I know from experience they are nice people to deal with but they have to comply with the regulations.

[email protected]

Be sure to include the XOOM transaction number in the subject line of the email you send to Reclamos More and write it in bold letters and numbers at the top of each page of the signed forms before you send them

PS: Once you have done this the transfers should go much faster. I initiated a XOOM transfer very early this morning. The money was in my Santander Rio account when I checked at 2 pm. That was two and a half hours before I received an email from XOOM indicating the transfer had been completed.

PS2: Reclamos More may also ask for you last three months US bank statements( in pdf form, not screen shots) showing the deposits to your account and they may also ask for additional "verification" of the source of the funds.

PS3: You can also call XOOM and request that the transfer be canceled. The funds will be returned to your account in a few days. It won't take as long as it does to get a refund from Mercado Libre.

 

[Chaya]

Hi,

I sent using my US visa card last month $USD2,950 using Xoom. It was ready to pick up from Moore almost immediately. 3 weeks later I made the same transfer. I also received the same message that it was ready to pick up almost immediately. Unfortunately I was down with a bad cold. A few days later I was ready to pick up my money. But now my app was saying the transfer was pending. And no I wasn't hallucinating from my fever when a few days earlier I saw the message in my app that it was ready to collect.

Ok. Now the fun begins. I checked my email and saw no emails from either Xoom or Moore. I then called Xoom customer service in the United States. They confirmed that the money has been sent. They said they will contact their "partner" in Argentina to see what was happening. The bext day I called Xoom again and after 20 minutes was told that the transfer was with their partner in Argentina, compliance department. I just have to wait for an email.

The following day I get an email from Xoom with a question form from Moore that I gave to fill out.

I filled it out immediately. Signed it after answering everything and emailed it back. Crickets.... no response.

So the next day I went to Moore Money office in Libatard Ave, Centro. Handed over my passport and my completed signed form. They told me to come back in an hour. I went and and had coffee returning an hour later. No answer. I was told to come back again after 1pm. So now I went for lunch and then returned at 1pm. Surprise, surprise. Now the man behind the counter is telling me I need to show my last 3 pay stubs. I told him I don't have pay stubs. My pay is paid directly into my account in my USA bank account from my USA employer. He makes a phone call. Then smiling as if he thought this was funny, he says I need to present my last 3 months bank statements. By now I had had enough.

I said to him it's none of your business. You have no right to demand my private bank statements. I left very upset to say the least.

So I get it. They think that $USD2,950 is a fortune and that they need to check I'm not a drug dealer or something. Here is the stupidity of these communistic neanderthals running Argentina and Moore Money Transfer. MY MONEY was coming from a USA Visa debit card connected to a USA bank account. It was not cash money ( like drug dealers use) It was a Xoom debit card transaction from my own account in the Unuted States.

1. These idiots had no right to hold my money without immediately sending an email to me.

2. Because Moore Money has no idea about proper business customer service they caused me to wast 3 days trying to get an answer from Xoom in the USA.

3. When I eventually received the Moore Money form this was only the beginning of the nightmare dealing with these communists.

4. My money and they think they gave the right to demand my bank statements. Who do they think they are? Banditos holding my money captive for day's and then wanting me to give bank statements that I don't even have with me. Who the heck travels with their bank statements anyway?

The previous poster seems OK wuth all this. Since as an aside he says that Moore Money may ask for pay stubs and or bank statements when you come to collect YOUR money.

Does the Government have any idea how damaging this is to the Argentinean economy. Now they loose out on me spending money in Argentina.

This country is too far gone. Even with the change of Government to a so called pro business Government, the instututions, regulations and communistic thinking by the people even in business and Government are ruining commerce. Shop keepers will not see my money. Restaurants will not see my money. Argentina will not see my money.

Hell will freeze over before I give my bank account statements to a jerk sitting in a two bit money transfer company.

I'm not applying for a loan. I just wanted to pick up my money that I sent myself from my USA bank account.

I will be reporting this to the Banking regulators in the USA who regulate PayPal/Xoom. Since there is no warning on their site that this could happen with transfers to Argentina using Moore Money they are violating USA consumer disclosure laws and USA banking laws.

The socialists here in Argentina may think holding peoples money is OK. I call it fraud and misrepresentation.

So sad for Argentina.

 

[Chaya]

PS. I happen to be the President of a technology company and am deeply involved in the Banking industry. For instance I sit on a Banking committee of the United States Federal Reserve. But what the heck do I know about banking laws? (Sarc)

 

[Girino]

I think it is just an anti money laundering measure. I once had an account on Moneybookers (now Skrill) and I wanted to know if I could transfer money from my European bank account to my US bank account through Skrill. I received a pretty harsh email where they said I had to clear first the nature of my business, the reason on th transfer and file a series of forms. I gave up.

 

[Chaya]

I think it is just an anti money laundering measure. I once had an account on Moneybookers (now Skrill) and I wanted to know if I could transfer money from my European bank account to my US bank account through Skrill. I received a pretty harsh email where they said I had to clear first the nature of my business, the reason on th transfer and file a series of forms. I gave up.

Moving money from one bank account to another bank account using a non bank intermediary does raise red flags. One would wonder why you weren't using a bank to bank transfer.

Argentina is different. Lack of traditional banking for visitor's and repeat visitor's, necessitates the need to use non bank money transfer services.

What is pathetic is the Pay Pal company Xoom, fails to warn customers that money transfers to Argentina may have delays and requests for your private bank statements and or your employment pay records. Of course they won't do this because they would loose so much business from doing this.

It is not a money laundering issue if white money leaving a USA bank account is sent to the owner of that bank account even if it is in a foreign country.

I have rental property in Argentina. I can't open a bank account in this Alice in Wonderland country. So I'm forced to use money transfer like Xoom if I need to pay for things.

If Argentina doesn't want people to use non bank international money transfers then shut them down. Better than not disclosing the BS a person will experience in transferring money to Argentina.

It is the non disclosure by Pay Pals Xoom on their website that is in breach of United States banking laws. I know consumer protection and disclosure laws are something that Argentina doesn't know much about. But trust me, USA companies and Banks and their regularors take such things very seriously indeed.