Xoom Vs Ria Vs Western Union (Us Bank To Ar Bank Transfers)

GMXam

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While researching my own financial institution's international transfer options, I was redirected to Western Union as an alternative wire transfer option. Here are my findings for today, February 17th, 2016:

Xoom:
Advertised Exchange Rate: 14.40855
Fees per $1000 USD transfer to AR Bank Acct: $30 USD
Actual Exchange Rate ((Advertised Exchange Rate X $1000)/($1000+Fees)): 13.9889

Ria:
Advertised Exchange Rate: 13.774
Fees per $1000 USD transfer to AR Bank Acct: $10 USD
Actual Exchange Rate ((Advertised Exchange Rate X $1000)/($1000+Fees)): 13.6376

Western Union:
Advertised Exchange Rate: 14.6800
Fees per $1000 USD transfer to AR Bank Acct: $22 USD
Actual Exchange Rate ((Advertised Exchange Rate X $1000)/($1000+Fees)): 14.3640

Looks like Western Union is coming out ahead this week.
 

r2d2

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Interesting!

Has anybody tried an bank to bank wire since Macri took office? Might be an interesting option as well. I think Schwab charges $25 for the outgoing wire. Plus the fee here. But most likely a better exchange rate (especially when converted into pesos here).
 

r2d2

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Western Union:
Advertised Exchange Rate: 14.6800
Fees per $1000 USD transfer to AR Bank Acct: $22 USD
Actual Exchange Rate ((Advertised Exchange Rate X $1000)/($1000+Fees)): 14.3640

I have just checked their website and the fee for transferring online was even lower: $8. They did not offer the option to deposit into an Argentinian bank account though. Only "Cash at agent location". But a 8 dollar fee is not bad combined with a decent exchange rate.
 

Girino

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Interesting!

Has anybody tried an bank to bank wire since Macri took office? Might be an interesting option as well. I think Schwab charges $25 for the outgoing wire. Plus the fee here. But most likely a better exchange rate (especially when converted into pesos here).

Plus any intermediary fee. I have Schwab, as well, and I use it to receive payments from my EU-based clients (GBP, EUR). Though Schwab claims there is no intermediary and receiving international bank transfers is free, there is always 1% missing from the transferred amounts. Schwab explained me this is due to the difference in the exchange rate (the day it was sent out vs. the day I see it on my statement), which I would find believable if the discrepancies were sometimes in my favor, but they never are.

Once $15 got "lost" in a US-to-US bank transfer. My client said they sent out the correct amount, my bank said they can't see any transaction fee in between and that I should inquire with my client's bank.

I think the best bet would be to make one big transfer once in a way instead of monthly transfers. I was also investigating on opening a bank account in Uruguay at BROU but it looks like the fees are almost the same ( El Banco República cobrará una comisión por cada importe proveniente del exterior, la misma será de 0.70% del monto recibido con un mínimo de 20 y un máximo de 45 Dólares. El Banco remitente podrá cobrar comisiones, así como el Banco intermediario si hubiere.)
 

GMXam

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I have just checked their website and the fee for transferring online was even lower: $8. They did not offer the option to deposit into an Argentinian bank account though. Only "Cash at agent location". But a 8 dollar fee is not bad combined with a decent exchange rate.

If you use the link I provided to Western Union EFX, you have the options to direct debit/wore transfer, then you have to choose wire transfer (the only method available to Argentina). If you click the details link it identifies you can have the wire transfer deposited directly to a bank of choice.
 

GMXam

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Could your client be deducting their fees for wire transfer from the total amount of the transfer before making that transfer? Sounds pretty lame of them if that's the case. Usually the initiating bank charges that account the transfer fee as a separate transaction from the transfer transaction.

Plus any intermediary fee. I have Schwab, as well, and I use it to receive payments from my EU-based clients (GBP, EUR). Though Schwab claims there is no intermediary and receiving international bank transfers is free, there is always 1% missing from the transferred amounts. Schwab explained me this is due to the difference in the exchange rate (the day it was sent out vs. the day I see it on my statement), which I would find believable if the discrepancies were sometimes in my favor, but they never are.

Once $15 got "lost" in a US-to-US bank transfer. My client said they sent out the correct amount, my bank said they can't see any transaction fee in between and that I should inquire with my client's bank.

I think the best bet would be to make one big transfer once in a way instead of monthly transfers. I was also investigating on opening a bank account in Uruguay at BROU but it looks like the fees are almost the same ( El Banco República cobrará una comisión por cada importe proveniente del exterior, la misma será de 0.70% del monto recibido con un mínimo de 20 y un máximo de 45 Dólares. El Banco remitente podrá cobrar comisiones, así como el Banco intermediario si hubiere.)
 

Ceviche

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I was also investigating on opening a bank account in Uruguay at BROU but it looks like the fees are almost the same ( El Banco República cobrará una comisión por cada importe proveniente del exterior, la misma será de 0.70% del monto recibido con un mínimo de 20 y un máximo de 45 Dólares. El Banco remitente podrá cobrar comisiones, así como el Banco intermediario si hubiere.)

FYI, Brou transfers are extremely expensive.

I had made a transfer a year ago. My bank charged me 40 usd + Brou charged anoother 70-80 usd... Total 120 usd..
 

Girino

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Could your client be deducting their fees for wire transfer from the total amount of the transfer before making that transfer? Sounds pretty lame of them if that's the case. Usually the initiating bank charges that account the transfer fee as a separate transaction from the transfer transaction.

That very specific US-based clients deducts 8 USD "to process my payments other than check". This is valid also for deposit checks because - quote - their check printer only prints one side, and my deposit check needs to be written both sides. So they already withhold 8 USD to send a bank transfer or a deposit check. These missing 15 USD are on top of that.
 

bobsnowpuppy

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FYI, Brou transfers are extremely expensive.

I had made a transfer a year ago. My bank charged me 40 usd + Brou charged anoother 70-80 usd... Total 120 usd..
I recently transferred $10,000 from the U.S.to my BROU account. Schwab charged me $25 and BROU charged me $56. Add to that about $60 round trip for Buquebus.
 
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