Xoom, must you file with government?

[muddy_helmet]

Hi, the Xoom website says you have to file paperwork if transferring over $15,000 ARS to an Argentine account within 12 months. Is this the case? Does anyone know what it entails if you have to do it? Thanks!

 

[steveinbsas]

Hi, the Xoom website says you have to file paperwork if transferring over $15,000 ARS to an Argentine account within 12 months. Is this the case? Does anyone know what it entails if you have to do it? Thanks!

You (personally) will not have to "file" anything "with the government."

I'm not sure of the current threshold for providing documentation regarding your identity and the origin of the funds, but $15,000 sounds about right. When I began making XOOM transfers five years ago they asked for the documentation when I exceeded $5000 per month.

XOOM's Argentine partner (MORE) will provide two forms that you will need to complete if you are sending funds to yourself. If someone else is sending you the funds they will have to fill out one of those forms (aka the declaración jurada).

You will also be asked to provide bank statements and pay stubs or some other method (a Social Security monthly benefit letter for example) that "proves" the origin of the funds.

The forms will be sent to you in email attachments and then you can download and print them. You can send jeps of the completed to XOOM or MORE via your cell phone.

MORE can demand that updated forms be submitted at any time and that can always cause a delay.

When in doubt (especially at the beginning off a calendar year), as soon as I receive an email from XOOM that the funds have been submitted "to the bank in Argentina for deposit into the recipient's account, I send an email to reclamos@moreargentina with the transaction number in the subject line asking if they require additional information to complete the transfer.

They always reply quickly and I send them whatever they ask for (bank statements must be in PDF form). Occasionally this adds a day for them to make the deposit, but if I wait to be notified by XOOM the funds might not be deposited until the third day.

Whenever I initiate a transfer before 8AM (Argentina time) and MORE already has all the documentation they require, the funds are deposited to my Argentine bank account before three PM on the same day.

 

[muddy_helmet]

Thanks Steve! I have received one 15k transfer from a friend to my account here, and now another friend wants to do the same thing. So I am only the recipient, not the sender. From what you've said, it doesn't sound like I could get in any trouble with the AFIP with respect to taxes, income, etc. That said, I couldn't provide any documentation as to how I earned that money, given that I'd just withdraw it and give it to my friend. Thanks again for the detailed response above.

 

[steveinbsas]

Thanks Steve! I have received one 15k transfer from a friend to my account here, and now another friend wants to do the same thing. So I am only the recipient, not the sender. From what you've said, it doesn't sound like I could get in any trouble with the AFIP with respect to taxes, income, etc. That said, I couldn't provide any documentation as to how I earned that money, given that I'd just withdraw it and give it to my friend. Thanks again for the detailed response above.

You can try to have the second friend send you the funds but there is a very strong possibility that MORE will ask for the required information, including how the sender acquired the funds and his relationship to you.

Based on what others have posted in the past it appears to be "easier" to have a family member send funds than a friend, but you can at least try. If the transfer is not approved the funds will be returned to the sender.

It might be a "good idea" NOT to try to make the second transfer using XOOM in the same calendar month as the first one (in order to make everything go more smoothly).

PS: You could have the second friend send the money using RIA Money Transfer service instead of XOOM. That might avoid excessive paperwork and additional delays.