Argentina - Xoom money transfer to Pesos

I have been hearing about this money transfer service from a friend and now I read about it here.

http://www.discoverbuenosaires.com/send-money-argentina

I have heard two different stories.

The first is you can pick it up at Banco Frances. The other is you can pick it up but you must have a DNI and an Argie back account.

The rates are better than black market.

Has anyone used this?

I still need to read up on the link you provide, but I will tell you that if Banco Frances is involved in the Forex trade in any way , then in that case there is no (zero) chance that the ForEx rate is anything but the official rate. If Banco Frances only is the recipient of the $$$ then that is in theory possible, but I would still have to understand how these folks can offer such a wide spread and how they are legally sourcing their Pesos.

The only possible transaction involving a Commercial Bank that could mean getting a better than the official market rate for US Dollars would have to involve an elaborate purchase/sale of Argentine Issued Bonds, this transaction is known as "Contado con Liquidacion", but there are various requirements and details to making this possible and the Devil is in the details.

Im guessing that this must be something related to the Contado con Liquidacion transaction as you speak of a requirement of a local Bank Account, and that is one (of the many) requirements for one to do a Contado con Liqui trade.

I will review the link sometime today and come back with comments..... but I will also say that if this scheme works and starts to gain volume, it will catch the eye of the local regulators and it will be a candidate for "trouble".....

Hey guys,

Transferring money by Xoom (http://www.discoverbuenosaires.com/send-money-argentina) over the last couple of weeks has saved me a ton. Their rate today is $5.1836. I'm transferring it to my Argentine bank account, but I spoke with a few other people who went and picked up at the More Money location on Libertad. They only needed a passport to get the money.

The only problem I have heard is that the list of pickup locations is not accurate. There are only three: Libertad 1057, one in Nunez and one in Flores.

I am going to try this out in a few weeks when I get there. It could offset the inflation cost of my vacation to what it would of cost 6 moths ago lol.

Now all we need is a way to exchange thousands of Argentine pesos into US dollars......with no questions asked.

Now all we need is a way to exchange thousands of Argentine pesos into US dollars......with no questions asked.Make lots of money en blanco :D

Article in today's WSJ speaks of a "blue-chip swap rate" of 5.69 pesos/dollar, a 29% discount to official rate. Not clear how ordinary individuals can get it

http://online.wsj.com/article/SB10001424052702304868004577377953225550394.html?K EYWORDS=argentine+peso

The WSJ article is about the Contado con Liquidacion transaction.... which is done swapping stocks or bonds.... you cannot execute such trades unless you have Argentine Bank Accounts, a local Tax ID, and proper justification of source of funds, etc. etc. Also, there are minimum amounts you have to trade to make this practical, the usual minimum block trade is appox. $50,000 (US Dollar equivalent) so thats usually more Pesos that most folks need for a vacation....

I am going to try this out in a few weeks when I get there. It could offset the inflation cost of my vacation to what it would of cost 6 moths ago lol.

Please report back if you use this..... thanks !!

I picked up my money today. It works and it's legit.

I picked up my money today. It works and it's legit.

Details please...... if you cared to share the effective exchange rate, if there were any fees, and how the actual clearing process worked that would be very helpful.

Ive gotten reports that the latest status of this is quite different to the above initially reported rates and procedures as the BCRA has looked into this and there have been new measured adopted.

Thanks.

I went to the website and setup an account. There are lots of coupon codes out there to waive the fee,for instance "speedmay" works currently. I gave them my routing number and acct number. It came right out of my bank account with no problems. Once it's setup it takes 15 minutes to clear. So if I make a transfer, go to "el Cuartito" for a fugazetta by the time I'm done it's ready for pickup. They send you an email with a code. I just heldmy iPhone up to the glass while the guy typed it in. There is a form you have to sign, passport is needed. He asked for my occupation, I said soy ladron. He didn't like that answer jaja!

Only works from US accounts.

Pickup location is Libertad 1057 at More MT. Open m-f 9-5

I will not use an ATM here at all. You would be stupid to at this point.

My Porteno friend got me 4.85 at an odd casa de cambio saturday out in balvanera.

I transferred a sizable amount when it was 5.18 a week and a half ago.

When I looked the other day it was 4.93. With the coupon waiving the fee this was better than the parallel market, and no drama and less chance of a falso.

The only bad thing is that your walking out of there with a month of a portenos salary on your pocket, be careful.

Max is 3000u$d a month, but for me vacationing for a few weeks is plenty.

I have a good method no limits, anyone interested just pm me.

I have a good method no limits,

Haven't we all. ;)

Details please...... if you cared to share the effective exchange rate, if there were any fees, and how the actual clearing process worked that would be very helpful.

Ive gotten reports that the latest status of this is quite different to the above initially reported rates and procedures as the BCRA has looked into this and there have been new measured adopted.

Thanks.

I've not used it, but someone else in BA did mention it to me a week or so ago.

The rate they use is visible here: https://www.xoom.com/argentina/fees
As of today, it's 5.5357. Service fee per transaction between US$2.99 and $30.00 depending on size of transaction.

Would be quite interested to know if anyone else here has used it.

Xoom's rate today is US$1 = 5.58 ARS. The official rate is 4.46. That's quite a spread.

But Xoom is useless to me at the moment with the requirement for a US account. Does anyone know of a Canadian equivalent to Xoom?

My alternative, I guess, is to see if my son the banker can use his network to get me a US Visa card for a few weeks for my visit next Jan-Feb.

I also understand there are 'black market' shops in BA offering rates similar or better than Xoom. Can anyone share any info on them and offer any advice...I'd like to benefit from good rates but I don't want to buy a bunch of bogus bills.

By the way, the Xoom site says cash in Pesos can only be picked up at More Money Transfer outlets. Cash at the Banco Frances is in US$ which sort of defeats the purpose.

...
By the way, the Xoom site says cash in Pesos can only be picked up at More Money Transfer outlets. Cash at the Banco Frances is in US$ which sort of defeats the purpose.The only More Money branch in CF that can be used is the one on Libertad. Currently Banco Frances will not allow pick up in USD.

Libertad 1057 entre Santa Fé y Marcelo T. de Alvear
Retiro, Buenos Aires - Capital Federal

We are planning our annual month in Bs As in Aug/Sept and have been reading all the press reports about the spread between official and dolar blue exchange rates. Part of our planning includes checking into FlyerTalk for the latest info. :)

Is this xoom service too good to be true? We usually rent an apartment in that neighborhood or not far away, so picking up the pesos every so often would be very easy and convenient.

Between the better exchange rate and avoiding ATM fees (although those are refunded in my Schwab account) this is an incredible deal. Has anyone had any problems at all with it?

I got a hold put on my account after going over 3k usd with Xoom. But it does work. If your even somewhat street smart and speak a little Castellano you can get better at a blue rate casa de cambio with crispy franklins.

I would use Xoom but keep Ben Franklin around as a backup.

My friend got 5.4 the other day in Palermo for 1kusd.

Using an ATM at this point is taking a 20% penalty.

The only More Money branch in CF that can be used is the one on Libertad. Currently Banco Frances will not allow pick up in USD.

Libertad 1057 entre Santa Fé y Marcelo T. de Alvear
Retiro, Buenos Aires - Capital Federal

How did you find this out? When I start to make a Xoom transfer, it seems to show lots of places I can arrange pickup... I can get to Libertad if I need to, but it's certainly not as convenient for me.

How did you find this out? When I start to make a Xoom transfer, it seems to show lots of places I can arrange pickup... I can get to Libertad if I need to, but it's certainly not as convenient for me.It's been reported on various BBs and blogs. E.g. http://www.discoverbuenosaires.com/money-transfer-argentina

I read this thread and thought I'd give it a shot, only I'm in Mendoza, not BsAs.

I got a Xoom account and the site said there is a MoreMoney pickup here in Mendoza. I sent a test balloon transaction and found that the address for pick is listed NOWHERE. I tried all relevant websites and eventually ended up calling Xoom customer service. They gave me:

Av San Martin 1173
(no phone number listed anywhere)


I went to check it out, but today is Saturday and everything is closed. Still, I saw nothing that looked like a MoreMoney in the area. There are lots of other Giros, but no MoreMoney.


Does anyone out there have experience with MoreMoney in Mendoza? Can anyone confirm this address or share any advice on the subject?

Thanks!

I...

I went to check it out, but today is Saturday and everything is closed. Still, I saw nothing that looked like a MoreMoney in the area. There are lots of other Giros, but no MoreMoney.


Does anyone out there have experience with MoreMoney in Mendoza? Can anyone confirm this address or share any advice on the subject?

Thanks!Here's what appears to be further information as to the location/telephone number: http://www.contact-sys.com/eng/transfer/to/ARGENTINA/MENDOZA/83438.html, or maybe there's another money exchanger in the same shopping arcade that deals with Xoom.

I also found this web page indicating a different location for Xoom in the same arcade: http://blogabee.com/home/community/xoom-zesal-av-san-martin-1173-galeria-tonsa-loc-venus-26-pb-mendoza/

I see this morning that Xoom is up to 6.0213:1, while the dolar blue is at 5.93.

Anyone know how they are able to do this?

I see this morning that Xoom is up to 6.0213:1, while the dolar blue is at 5.93.

Anyone know how they are able to do this?

Wow, that is pretty crazy. I assume they have some deal that allows More Money to transfer Argentines' money to the US in dollars. They're obviously making a premium for this from their clients.

Just sent the all lance to my chica now over 6 .02

Wow, that is pretty crazy. I assume they have some deal that allows More Money to transfer Argentines' money to the US in dollars. They're obviously making a premium for this from their clients.

Something fishy going on....I have a bad feeling about this.

Wow, that is pretty crazy. I assume they have some deal that allows More Money to transfer Argentines' money to the US in dollars. They're obviously making a premium for this from their clients.

Can you please explain how that works in light of the Argentine governments foreign exchange controls?

Can you please explain how that works in light of the Argentine governments foreign exchange controls?

There are many ways to send money out of the country. This used to cost about 2-3% but from what I hear is now about 5-6%. I would assume that More Money offers this service to clients.

The government is restricting people's ability to buy dollars, but this really is people buying pesos. There is no way to get dollars from Xoom in Argentina (even though the site mentions that).

Of course, this is just a guess, but there is obviously some benefit to them or else they could not offer such high rates.

Of course, this is just a guess, but there is obviously some benefit to them or else they could not offer such high rates.

Indeed.....which makes me think there's something fishy going on.

Is it possible that Xoom is converting dollars->pesos in an international currency market where the peso has lost even more value than shown on dolar blue? If Xoom offers A$6.02 for US$1, then they must have gotten the pesos even cheaper.

Is it possible that Xoom is converting dollars->pesos in an international currency market where the peso has lost even more value than shown on dolar blue? If Xoom offers A$6.02 for US$1, then they must have gotten the pesos even cheaper.

The Argentine Peso is not considered a convertible currency... so there are no direct trades between the Peso and any major international currency outside of Argentina. The only exceptions to this are some very limited physical cash trades that are executed in the border cities of Paraguay, Bolivia, Uruguay and to a more limited extent, Chile & Brazil....

However, there are various "synthetic" financial trades involving various types of securities and in some cases derivatives that make it possible to hold positions and effectively trade in the Argentine Peso... it would take me a while to explain this in relevant detail and it will probably bore most all here unless we happen to have a VAR geek and/or someone that sits on a trading desk.

I sent my chica 1800 pesos and o tipos her ñame, the guy tríes to soy he paid her and marked the transaction complete.

I called zoom and went of this is totally the argentine way of scamming a not so street smart girl from the provincial.

I got my moey back but my girl never wants to go there again", this was the place on libertaad. It takes her 2.5 hours on the train from Los polvinios. Only to get nothing or feel ripped on and she knows it stressed me and i just had a small stroke.

Xoomdid give me the money back cause she never signed the recipt and they could not prove payment.zz hope they fire rthe ladron at MOOREMT. You have to sign two recipts FYI don't sign anything until you hav money in your pocket!

I eventually found the MoreMoney in Mendoza (thanks, @soflyon). However, every transfer I tried to make from Xoom was cancelled the same day. So it was a lot walking around for nada. For the record it is the Galeria Tonsa, down one floor from the entrance, on the southwest side.


I did get to Buenos Aires today and made my way to Libertad 1057. My money was there waiting for me, no problem. Thanks, FTers.

Hello,

So no body tried More Money Transfers in Mendoza? Please, is somebody tried and was successfully please post here, thank you!

ijim

Hello,

So no body tried More Money Transfers in Mendoza? Please, is somebody tried and was successfully please post here, thank you!

ijim

I suggest trying to contact Miguel Sanz, he posts on these boards. Maybe he can assist you.

Hello,

So no body tried More Money Transfers in Mendoza? Please, is somebody tried and was successfully please post here, thank you!

ijim

I'm fairly certain that my post above yours indicates that I have tried MoreMoney in Mendoza with no success. Perhaps others have been successful but I had no luck.

As with most things Argentina, I defer to Gaucho100k.

I hope you have more luck than I had.

I'm fairly certain that my post above yours indicates that I have tried MoreMoney in Mendoza with no success. Perhaps others have been successful but I had no luck.

As with most things Argentina, I defer to Gaucho100k.

I hope you have more luck than I had.

Yes I was able to pick up money at the MoreMoney branch in Mendoza today. I signed up for an account on Thursday. 24 hours later they emailed me that they needed to confirm I was really the owner of the USA bank account which I was sending from. On Saturday the transaction was ready for pickup in the Xoom account, but in Mendoza they needed confirmation from the MoreMoney Buenos Aires office which was closed. I think this is because I was picking up more than 5K pesos.

Today after waiting 20 minutes I had my pesos from a ~5.9 conversion rate. MoreMoney is in the travel agency Zesal (I think they specialize in travel to Peru via bus). Av. San Martin 1173, Galeria Tonsa, loc. Venus 26, PB Mendoza. The lower floor of the mall. The hallways all have names, and agency Zesal is in hallway "Venus", #26. I found it easier to walk in to the lower level from the back entrance on San Juan 1173.

$5.73 ARS to the U$D today with all the fees included. Not bad based on $1000 U$D and $30 Transfer Fee. As an aside, The US Post Office has a similar plan by the name of Sure Money ( you do need to go to a US Post Office and Pay with a Debit Card, and only a few branches have the Sure Money System ) https://www.usps.com/shop/wire-money-internationally.htm Fees are low as well.. Banco Frances is the Pick Up Point ( claims 231 Branches ) In the Past Banco Frances gave out U$D now only ARS and at the Official Rate of the Day ( since January or so..)Xoom seems pretty good.. The Remittance Game is changing.. Thanks and Safe Travels

6.1 AR$ to USD today

6.1 AR$ to USD today

Please please... be careful with reporting rates and not going into details. The above rate is the approximate value of the SELL rate for US Dollars.... ie. its the amount of Pesos that you (in theory) had to pay today to buy one US Dollar. For folks wanting to get pesos, you have to apply the appropriate spread (which has gotten very wide these days).

Therefore, while this figure is nice to know, its relevant to explain that folks wanting to get Pesos for their Dollars need to be careful with expecting to get the sell rate for their currency. Also, it must be said that the informal market is quite small today and price and spreads are all over the place, and prices will vary according to the delivery service that may be provided... ie. its not the same to have to go into the financial district to sell your Dollars than it is to have someone close a trade and deliver your Pesos (and collect the USDs) from Palermo or Barrio Norte.....

Bottom line... the devil is in the details.

Please please... be careful with reporting rates and not going into details. The above rate is the approximate value of the SELL rate for US Dollars.... ie. its the amount of Pesos that you (in theory) had to pay today to buy one US Dollar. For folks wanting to get pesos, you have to apply the appropriate spread (which has gotten very wide these days).

Therefore, while this figure is nice to know, its relevant to explain that folks wanting to get Pesos for their Dollars need to be careful with expecting to get the sell rate for their currency. Also, it must be said that the informal market is quite small today and price and spreads are all over the place, and prices will vary according to the delivery service that may be provided... ie. its not the same to have to go into the financial district to sell your Dollars than it is to have someone close a trade and deliver your Pesos (and collect the USDs) from Palermo or Barrio Norte.....

Bottom line... the devil is in the details.

You are correct. If you are well connected today they were paying for each dollar 6.05 and selling each dollar at 6.12

You are correct. If you are well connected today they were paying for each dollar 6.05 and selling each dollar at 6.12

That sounds about right for the opening hours of trading (on Friday 7/13).... the market apparently went a little up from those levels. However, there will be differences from trader to trader and also, as I detail above, it depends on if you want to have the trade be delivered or if you are willing to go to the "office" of the person you are transacting with.

Its important to note that there is no true or fully transparent price for the blue market Dollar.... to give an example if you open the large circulation newspapers this morning, one publication says the sell rate closed at 6.17 while another speaks of 6.14 ad there is a third that saye 6.12 - then you have each paper quote a different buy/sell spread..... in the end, the only real value is the figure you get quoted when you actually place the trade, all the rest is speculation.

I dont remember if I mentioned this, but also, you have to consider the actual position that a trader that you call is holding at the time you call him to trade, since this is a 100% physical cash market (with the bills trading hands), you will also have price differences depending on where the trader's happends to be standing.

I have various clients in the financial district that are ForEx traders and they are the first to acknowledge that this is a very thin market with very wide spreads. If you want to get the best possible rate, you have to shop around.

For those of us with only some castellano who visit for short periods, it looks like xoom is a great alternative to las cuevas y los arbolitos -- it's A$5.99 per USD today, before the fee.

I was offered 6.05 with a cambio guy off of Florida this morning.

I was offered 6.05 with a cambio guy off of Florida this morning.

You could also end up buying colo(u)rful yet uncomfortable loo paper on Florida.

You could also end up buying colo(u)rful yet uncomfortable loo paper on Florida.

Indeed... the point of these warnings is not to dispute the street smarts or intelligence of any FTer that chooses to go with options such as there and transact with folks you dont know and offer the service on the streets, rather, this is meant to warn folks that just like any other gray market transaction, you have to understand the risks you are running and be ready to face the potential consecuences.

This is a similar situation to folks that want to dwell in the resident only airfares.... its fine to play the game and roll the dice, but please be aware that you must be ready to face the music...

For those of us with only some castellano who visit for short periods, it looks like xoom is a great alternative to las cuevas y los arbolitos -- it's A$5.99 per USD today, before the fee.


How much is with the fee?

How much is with the fee?

I believe the fee varies with the amount. The rates change frequently; I bookmarked this page:

https://www.xoom.com/argentina/fees

I believe the fee varies with the amount. The rates change frequently; I bookmarked this page:

https://www.xoom.com/argentina/fees

For those that like to do the numbers, its a good idea to factor in the fees to figure out what your net exchange rate ends up being.... of course, the final impact on your rate will depend on the volume of your trade. Im guessing that the impact will be smaller the more currency you choose to trade. Whats the maximum limit these guys offer...?

You could also end up buying colo(u)rful yet uncomfortable loo paper on Florida.

I don't use the street guys I use the ones that take you into at travel office, one was a western union, semi private plenty of light and time to look and count and stash down your pants bra etc...

I never do it alone, and I speak almost fluent Castellano. FYI

Ask the rate first if it's under 5.95 go to another guy or say its t low, I haggle with them it helps, this is where speaking another language pays off lol!

Still it's not that hard.

Also is everyone aware of the 00 notes going around? Brazil Mis cut a whole bunch of 100 pesos notes but they are legal tender and not a falso.

Ive prolly cambio'd with myself and a fee freinds over 10k$ in the past 3 months never a falso .

But the guy that did not want to go in with us got a trucho 100 from from an ATM that night! In centro! HSBC on cordoba.

Today i was able to sell USD @ 6.15 and to buy 6.25. It seems to be growing each day, i don't know if this has any ceiling. Gaucho, what do you think?

Today i was able to sell USD @ 6.15 and to buy 6.25. It seems to be growing each day, i don't know if this has any ceiling. Gaucho, what do you think?

If I had the answer to your question, I would be trading curreny instead of selling wine.... ;) :D

Im expecting the markets to be quite volatile for the next few weeks, with the trend continuing to be a depreciation of the Peso. Im guessing that the new floor for sell rates is 6 Pesos, I would be surprised to see if below that.

The market today has again been a roller-coaster, sell rates spiked to 6.50 during mid day trading but last trades I checked have been down from their intraday highs.....

I am in Buenos Aires at the moment and apparently there has been quite a inflation in the past couple of years.

Reading the Buenos Aires Herald today the "informal" peso is 6.6 to USD and the blue-chip swap market is 6.78 pesos to USD. I feel like an idiot taking money out of the ATM or paying by card. Essentially paying 50% mark up on the "market" rates.

Currency controls never work. Eventually they have to devalue the peso and the government will likely default on foreign obligations again.

I am in Buenos Aires at the moment and apparently there has been quite a inflation in the past couple of years.

Reading the Buenos Aires Herald today the "informal" peso is 6.6 to USD and the blue-chip swap market is 6.78 pesos to USD. I feel like an idiot taking money out of the ATM or paying by card. Essentially paying 50% mark up on the "market" rates.

Currency controls never work. Eventually they have to devalue the peso and the government will likely default on foreign obligations again.

I agree that currency control will not work. Now they are selling USD at 6.85 and is difficult to find them.

Don't pay with ATM, sell your USD and get at least 6.7 for each dollar!

at this point you could take the boar to uruguay, get dollars and have the difference pay for the boat ride. alsmost 2 pesos per dollar lost via atm.

im sailing to monet video today gott take out 1k per day, and enjoy my free trip.

staying in sheraton on points!

to clarify atms in urugauy give dollars. right when you get off the boat in either colonia or monetvideo

I am in Buenos Aires at the moment and apparently there has been quite a inflation in the past couple of years.

Reading the Buenos Aires Herald today the "informal" peso is 6.6 to USD and the blue-chip swap market is 6.78 pesos to USD. I feel like an idiot taking money out of the ATM or paying by card. Essentially paying 50% mark up on the "market" rates.

Currency controls never work. Eventually they have to devalue the peso and the government will likely default on foreign obligations again.

Yes, the SELL rate yesterday hit 6,60 but I note that number is not what you should expect to get if you want Pesos. By reading your post I can see you are well-versed in finance, so you will understand better than most what bid/ask spreads are. I always clarify this (ad nauseum) so that folks not so financially inclined dont construct false expectations. The buy/sell spread yesterday was the widest Ive seen in a very long time, at one point I was on the line with a trader and he was offering 6,20 (buy) and 6,50 (sell).

The market has just opened a few minutes ago... there will not be a true indication of todays market until around 1300hs Buenos Aires time.

As for your final comments, I agree that Currency Controls dont work, and its clear that the Peso will continue its devaluation (magnitude and timing of this in anybody's guess). However, as for sovereign obligations, it must be said that the total amount of Argentine Government Debt denominated in Foreign Currency is currently quite small (both in absolute and also in GDP relative terms), with a relevant portion of this debt coming due in August. Most analysts conclude that the chance of a default is low, since the Government has earmarked Central Bank Reserves to pay those off (that is of course another interesting concept to discuss).... of course nobody had a crystal ball and certainty is a kind of oxymoron when one is discussing all things macro-economic in Argentina... but the idea was to put your Default comment in a little context. I cant rule out another default, although my view at this point is that anything of the kind during 2012 is very very unlikely.

I'll be perfectly happy to use Xoom next month when we're in Bs As -- even if it is not the absolute best rate, it's close enough for occasional visitors like me so we don't feel ripped off by using a credit/debit card.

The problem, IMO, is not the spread between buy/sell, but the spread between the official exchange rate (around A$4.55) and the unofficial (up to A$6.90) that is increasing every day.

I know no one can answer this with certainty, but how long can this last? Weeks, months, years?

weeks, months, i don't think it will last years. Is so crazy that you may find items like cars very cheap paying with USD. And very very bad for all of us workers that get paid in pesos.

Yes, the SELL rate yesterday hit 6,60 but I note that number is not what you should expect to get if you want Pesos. By reading your post I can see you are well-versed in finance, so you will understand better than most what bid/ask spreads are.

Although I have an MBA in Finance, I don't try to be an expect when it comes to forex (or anything in finance). Obviously you won't get the "market" rate unless you are exchanging millions off shore.


As for your final comments, I agree that Currency Controls dont work, and its clear that the Peso will continue its devaluation (magnitude and timing of this in anybody's guess). However, as for sovereign obligations, it must be said that the total amount of Argentine Government Debt denominated in Foreign Currency is currently quite small (both in absolute and also in GDP relative terms), with a relevant portion of this debt coming due in August. Most analysts conclude that the chance of a default is low, since the Government has earmarked Central Bank Reserves to pay those off (that is of course another interesting concept to discuss).... of course nobody had a crystal ball and certainty is a kind of oxymoron when one is discussing all things macro-economic in Argentina... but the idea was to put your Default comment in a little context. I cant rule out another default, although my view at this point is that anything of the kind during 2012 is very very unlikely.

I wasn't trying to imply that something is going to happen overnight, but rather that this artificial "official" rate will eventually collapse. The better for the country the sooner it happens.

I don't think anyone has posted this link to dolar blue, for tracking the various exchange markets:

http://dolarblue.net/

I don't think anyone has posted this link to dolar blue, for tracking the various exchange markets:

http://dolarblue.net/

Be careful with the rates posted there.... they are not always indicative of what the market it doing.... I suggest taking those values with a pinch of salt.

There appears to some confusion among posters as to the buy/sell rates reported in the local media.

You have to specify if what you're quoting is the buy rate for USD or ARS, and whether you're looking at the "blue" rate, or the CCL (contado con liqui). The reported "blue" rate is dependent on self-reporting since this is an unregulated market.

The media generally is reporting the BUY rate for USD (i.e., how many pesos are needed). Tourists of course are interested in the SELL rate for USD (i.e. how many pesos do you get per USD). There's a big spread between these two figures.

This article has a graph of the official BCRA, blue and CCL rates for the past couple of years:
http://www.lanacion.com.ar/1491628-el-dolar-paralelo-llego-a-675-y-crece-la-brecha-con-el-oficial

weeks, months, i don't think it will last years. Is so crazy that you may find items like cars very cheap paying with USD. And very very bad for all of us workers that get paid in pesos.

I wouldn't say "very cheap" because cars in Argentina are ridiculously expensive to begin with. :)

The problem is that no one has USD to pay for cars (or real estate), and if you do, you have to declare the source of the funds to AFIP, so there is not a lot of buying going on right now. Plus, I'm not sure if a reputable dealer will take USD anymore. The government is gradually changing all transactions to be peso denominated. (In October, real estate transactions must be conducted in pesos.)

Also, you can find the "blue dollar" rate at http://www.ambito.com/economia/mercados/dolar.asp

I wouldn't say "very cheap" because cars in Argentina are ridiculously expensive to begin with. :)

The problem is that no one has USD to pay for cars (or real estate), and if you do, you have to declare the source of the funds to AFIP, so there is not a lot of buying going on right now. Plus, I'm not sure if a reputable dealer will take USD anymore. The government is gradually changing all transactions to be peso denominated. (In October, real estate transactions must be conducted in pesos.)

Also, you can find the "blue dollar" rate at http://www.ambito.com/economia/mercados/dolar.asp

I would say Very very cheap for the Argentina market. Of course it still much more expensive than USA.

This is easy math you can buy a BMW that cost U$S 70k. If you have the USD, you would sell it yesterday at 6.5 at least.

The car seller will sell it in the equivalent pesos at 4.6. So 70k x 4.6 = 322k

Again, if you do have the USD you would only have to sell U$S50k x 6.5 to buy the U$S 70k car.

Se yes is very cheap for the people that do have the USD.

Again, if you do have the USD you would only have to sell U$S50k x 6.5 to buy the U$S 70k car.

Se yes is very cheap for the people that do have the USD.

The problem is that cars are also priced in USD (http://autos.demotores.com.ar/nuevos/autos-bmw/vtZ1QQcoZ27QQbrZ14QQpgZ1). I highly doubt that if you walk into the BWM dealer, they'll sell you the car at the official rate. Maybe I'm wrong...

It's the same for real estate. It's priced in USD and if the deal is done in pesos, it's never done at the official rate.

The problem is that cars are also priced in USD (http://autos.demotores.com.ar/nuevos/autos-bmw/vtZ1QQcoZ27QQbrZ14QQpgZ1). You cannot buy a BWM for pesos from the dealer, and if you're buying from a third party, there is no way they'll sell it at the official exchange rate.

It's the same for real estate. It's priced in USD and if the deal is done in pesos, it's never done at the official rate.

You are wrong. Imported cars like bmw are sold ONLY in pesos at official rate about 4.6.

Totally different for real estate, you are correct there, its never done at official rate.

The problem is that cars are also priced in USD (http://autos.demotores.com.ar/nuevos/autos-bmw/vtZ1QQcoZ27QQbrZ14QQpgZ1). I highly doubt that if you walk into the BWM dealer, they'll sell you the car at the official rate. Maybe I'm wrong...

It's the same for real estate. It's priced in USD and if the deal is done in pesos, it's never done at the official rate.

You are incorrect. Car Dealerships import vehicles at the official exchange rate and they must be invoiced at the official exchange rate. BMW of Argentina or any other car manufacturer would face a huge fine and massive media blunder if they did otherwise, as they would be breaking a long list of tax, accounting and ForEx related laws and regulations. Car imports is a very regulated market in Argentina....

On the real estate front... both you and the other poster are incorrect. The truth is it depends. If the real estate is a traditional secondary market unit (ie. its used and the seller is a private investor), then chances are that the seller will only take USD cash or Pesos at a rate very close if not at the blue market rate. Of course, you can always find a seller that needs to sell and in the end you get what you are able to negotiate.

However, if you are talking about new real estate that is in the hands of a developer/construction company, then most of these units are being sold and transacted in Pesos at the official market rate. This is because developers have their operations in Pesos (all construction materials and costs are Peso denominated), so the currency mismatch is a non-issue. For these new units, prices are quoted in US$ but you can purchase and settle them in Pesos at the Banco de la Nacion rate. (**)

(**) one can discuss how the US$ prices for these new properties are fixed and whether or not these values reflect the existance of two ForEx markets, but thats an entire new thread.... :p

I am in Buenos Aires at the moment and apparently there has been quite a inflation in the past couple of years.

Reading the Buenos Aires Herald today the "informal" peso is 6.6 to USD and the blue-chip swap market is 6.78 pesos to USD. I feel like an idiot taking money out of the ATM or paying by card. Essentially paying 50% mark up on the "market" rates.

Currency controls never work. Eventually they have to devalue the peso and the government will likely default on foreign obligations again.

If such a big spread, then things will go bad, very bad, for Argentina.

Thanks for the insight. I just saw on the news that the government now is not happy with people using their Argentine credit cards abroad, getting charged in dollars and paying the official exchange rate. They are now going to impose an additional tax on all foreign credit card transactions.

They're making it almost impossible for Argentines to travel...

Thanks for the insight. I just saw on the news that the government now is not happy with people using their Argentine credit cards abroad, getting charged in dollars and paying the official exchange rate. They are now going to impose an additional tax on all foreign credit card transactions.

They're making it almost impossible for Argentines to travel...
Maybe they'll just adopt the USD as their currency. ;)

Thanks for the insight. I just saw on the news that the government now is not happy with people using their Argentine credit cards abroad, getting charged in dollars and paying the official exchange rate. They are now going to impose an additional tax on all foreign credit card transactions.


Huh...? Where did you see/hear this reported...? What language was this news reported in...?

Please elaborate.

Maybe they'll just adopt the USD as their currency. ;)

Nonsense.

Argentina has been there, done that. No need to revisit that mistake once again.

Nonsense.

Argentina has been there, done that. No need to revisit that mistake once again.
You do understand emoticons, right? Note the ;) after my post.

You do understand emoticons, right? Note the ;) after my post.

Sorry but some things are not meant to be joked around with...

Huh...? Where did you see/hear this reported...? What language was this news reported in...?

Please elaborate.

This is the first story I've seen on the subject: http://impuestos.iprofesional.com/notas/140892-La-lupa-oficial-se-posa-sobre-los-plsticos-la-AFIP-profundizar-el-control-sobre-los-gastos-realizados-con-tarjeta-de-crdito

Thanks for the insight. I just saw on the news that the government now is not happy with people using their Argentine credit cards abroad, getting charged in dollars and paying the official exchange rate. They are now going to impose an additional tax on all foreign credit card transactions.

They're making it almost impossible for Argentines to travel...

Eventually they will make something so people doesn't spend more dollars abroad.

This is the first story I've seen on the subject: http://impuestos.iprofesional.com/notas/140892-La-lupa-oficial-se-posa-sobre-los-plsticos-la-AFIP-profundizar-el-control-sobre-los-gastos-realizados-con-tarjeta-de-crdito

So as most of you probably know by now, they did indeed follow through on this and are imposing a 15% tax on foreign credit and debit card transactions as well as tracking those transactions to collect tax if duties were not paid. Crazy...

Here's a pretty good article on the topic: http://www.huffingtonpost.com/huff-wires/20120904/lt-trapped-in-argentina/

Thanks for the insight. I just saw on the news that the government now is not happy with people using their Argentine credit cards abroad, getting charged in dollars and paying the official exchange rate. They are now going to impose an additional tax on all foreign credit card transactions.

They're making it almost impossible for Argentines to travel...

You were so well informed!!

Argentina has more than 10 kinds of exchange rates. Article here (http://www.ieco.clarin.com/economia/restricciones-decena-cotizaciones-dolar_0_767923364.html) Anyone up to create and FT exchange rate?

Enjoy....

--J

The spread between official rate and black market is interesting. This can't bode well for the strength of the peso, long term.

15% tax on using credit or debit cards abroad? More nonsense.

15% tax advance... they say you can deduct from future tax payments.

15% tax advance... they say you can deduct from future tax payments.

That doesn't take into account the loss due to inflation. :(

BTW - I thought I should report on the efficiency of the Xoom process for those who can use it.

I had initially sent $25 to myself just to test the system a week before I arrived and it seemed to have gone through OK. The day I arrived, I used my phone to send myself some addition funds and it was confirmed as well.

I walked to the More Money location which was a very small storefront - I literally walked past it before I realized where I was.

Went in, gave them the transaction numbers and my passport.

They made me sign a couple of forms to confirm the amounts and handed me my cash.

It was great - the only downside was that they are only open from 9-5 so the first night I couldn't get the cash.

That doesn't take into account the loss due to inflation. :(

Or you financial loss for paying up to 1 year in advance...

The spread between official rate and black market is interesting. This can't bode well for the strength of the peso, long term.

15% tax on using credit or debit cards abroad? More nonsense.

The government wants to keep their foreign reserves as high as possible and thus the tax on CC transactions. Obviously this scheme will collapse at some point and we will be back to "real" rates that are obviously close to the black market than official ones.

BTW - I thought I should report on the efficiency of the Xoom process for those who can use it.

I had initially sent $25 to myself just to test the system a week before I arrived and it seemed to have gone through OK. The day I arrived, I used my phone to send myself some addition funds and it was confirmed as well.

I walked to the More Money location which was a very small storefront - I literally walked past it before I realized where I was.

Went in, gave them the transaction numbers and my passport.

They made me sign a couple of forms to confirm the amounts and handed me my cash.

It was great - the only downside was that they are only open from 9-5 so the first night I couldn't get the cash.

My first Xoom transfer (for ~USD200) went very smoothly, somewhat as above, although I was also collecting same day (which was easily done thanks to the online updating of transfer status, which showed it ready for pickup within a couple hours of my sending).

My second attempt (for ~USD1000 or so) was less successful, requiring additional documents before the transaction would go through, and as I did not have several days to wait, I just canceled it (which was not a problem either). The second was also different in that I was setting it up for someone to transfer me funds, and we got into a situation with his address being non-US (so even though he had a US bank account, Xoom would only let him send from a credit card). The credit card put an authorization, so that was not necessarily the problem either, but somewhere the transaction got blocked until a bunch of documents could be scanned and sent to them for inspection.

Haven't tried again since, as I have a good supply of dollars and a good way to change them.

Ahh Argentina... I was excited reading about Xoom, until I found out they only accept US bank accounts... Sucks for me. Had a look at paypal and western union and the fees are a lot higher than Xoom, and of course you get the "official" rate. Is there another method that could help me out? I don't like throwing $4 USD away every time I withdraw the 950 pesos. My bank account is in Australia

Ahh Argentina... I was excited reading about Xoom, until I found out they only accept US bank accounts... Sucks for me. Had a look at paypal and western union and the fees are a lot higher than Xoom, and of course you get the "official" rate. Is there another method that could help me out? I don't like throwing $4 USD away every time I withdraw the 950 pesos. My bank account is in Australia

Can you bring down US$ and trade them here...? Else, if you are already in town, you may be out of luck, unless you know someone here well enough that you could wire funds from your Ozzie bank account into their one of their offshore accounts and they would then give you Ben Franklins here in Buenos Aires.

Can you bring down US$ and trade them here...? Else, if you are already in town, you may be out of luck, unless you know someone here well enough that you could wire funds from your Ozzie bank account into their one of their offshore accounts and they would then give you Ben Franklins here in Buenos Aires.
Haha !! Well I am in and out of the country every month, unfortunately the countries I travel to can be anything from up in the Arctic to West Africa... So my access to USD is not always easy. Last trip I bought some euros mainly for my partners family. Hopefully I end up in America sometime soon so I can bring in some dollars. I'm sure you guys have experienced the same frustrations that I have living in this place. It really is another world, I still have thoughts about packing up and leaving, sometimes the frustration with how things are done can be hard to deal with. The best things about this country in my opinion are the people, second the landscapes, third the food (although that is getting expensive now). I'm sure we could have a huge discussion about the ups and downs of living in this place !

FYI, it doesnt have to be Greenbacks, Euros are also OK. More exotic currency like Sterling will also be viable, although the spreads will be higher than with Euros (and these are higher than the US$ spreads).

Just as a thought, as long as your international ATM fees dont kill you, you shouldin theory be able to withdraw cash from an ATM anywhere outside Argentina and then be able to freely convert that currency to US$.... of course, you need to do the math on the spreads to figure out your all in costs but in the end you should still come out on top even now that the USD blue rate has been hit hard here in EZE.

Dumb question perhaps....but I am traveling to Buenos Aires next week and want to take advantage of this. When i try to transfer money, it asks for the recipient (me) and an Argentinan address. What do you guys put down for a local address? Does it matter? Should I write down my hotel address? I thought I'd clear this up before sending 500-1000$ to "myself" in order to take advantage of a favorable exchange rate.

Dumb question perhaps....but I am traveling to Buenos Aires next week and want to take advantage of this. When i try to transfer money, it asks for the recipient (me) and an Argentinan address. What do you guys put down for a local address? Does it matter? Should I write down my hotel address? I thought I'd clear this up before sending 500-1000$ to "myself" in order to take advantage of a favorable exchange rate.

I recently completed my second xoom transfer with pickup in Mendoza. I did my first a few months ago. Both times my money was not available until the 2nd day after xoom told me it was ready for pickup. This may be because the main office is in Bs.As. and I was picking up in MDZ.

Just fill out your hotel address for xoom. They did not seem to care about the local address here. At my pickup office (which is a "More Money" branch) they did not seem to know my sender information which I already filled in at xoom. They will ask you who sent you the money, so you need to tell them yourself from your own personal account. This time they asked if any business had sent it to me. Then they ask what the money will be used for, and you can say it is for tourism (hotel, car rental, etc...)

After answering the questions, you must fill out the forms answering the same questions, confirming the sender and receiver (yourself). The most important is to have your US passport. For the amount you say there is little concern. The paperwork will feel overly bureaucratic, but just ignore it. Try to make the pesos received to be divisible by 100 so you do not have to count a bunch of old 2s and 5s.

I recently completed my second xoom transfer with pickup in Mendoza. I did my first a few months ago. Both times my money was not available until the 2nd day after xoom told me it was ready for pickup. This may be because the main office is in Bs.As. and I was picking up in MDZ.

Just fill out your hotel address for xoom. They did not seem to care about the local address here. At my pickup office (which is a "More Money" branch) they did not seem to know my sender information which I already filled in at xoom. They will ask you who sent you the money, so you need to tell them yourself from your own personal account. This time they asked if any business had sent it to me. Then they ask what the money will be used for, and you can say it is for tourism (hotel, car rental, etc...)

After answering the questions, you must fill out the forms answering the same questions, confirming the sender and receiver (yourself). The most important is to have your US passport. For the amount you say there is little concern. The paperwork will feel overly bureaucratic, but just ignore it. Try to make the pesos received to be divisible by 100 so you do not have to count a bunch of old 2s and 5s.

Hi there,

I am in Mendoza and I have heard of some sucess using the More Offices to change U$D to ARS at the same rates without the Zoom Service. Can any on confirm that. Just thought that this would be a good point of reference for the board. Thanks and Safe Travels..

FYI, use coupon CRUZ for fee-free transfer (bank/CC) ;)

Hi there,

I am in Mendoza and I have heard of some sucess using the More Offices to change U$D to ARS at the same rates without the Zoom Service. Can any on confirm that. Just thought that this would be a good point of reference for the board. Thanks and Safe Travels..

Update. A friend of mine took me to a ¨very local¨exchange house in Mendoza. Not really open to tourists. $6.22 ARS to USD. Fun transaction!

Couple of questions about Xoom, for you experts.

My wife is an Argentine citizen, traveling home next month and looking for the best way to get blue dollars. Xoom seems like a decent way to avoid bringing large amounts of cash on the street to a "cueva," but I'm worried that she'll get hassled for being Argentine and not a foreigner, incur the wrath of AFIP, be refused the payout at the office, something like that. Anyone have any experience or advice on this?

Second, has anyone sent money via Xoom with a credit card as opposed to bank account? I'm wondering if it gets treated as a cash advance.

Thanks!

Couple of questions about Xoom, for you experts.

My wife is an Argentine citizen, traveling home next month and looking for the best way to get blue dollars. Xoom seems like a decent way to avoid bringing large amounts of cash on the street to a "cueva," but I'm worried that she'll get hassled for being Argentine and not a foreigner, incur the wrath of AFIP, be refused the payout at the office, something like that. Anyone have any experience or advice on this?

Second, has anyone sent money via Xoom with a credit card as opposed to bank account? I'm wondering if it gets treated as a cash advance.

Thanks!

Xoom has advised that CC transactions may be treated as cash advances. This is a more recent development.

The agents when you pick up your # are now asking if the $ is for tourism. If she has a non-Argentine passport, that may be a better way to retrieve the #, but who knows. If she has a non-Argentina address and a resident visa for another country etc. in her passport (i.e., she doesn't live there anymore), maybe that helps?

Couple of questions about Xoom, for you experts.

My wife is an Argentine citizen, traveling home next month and looking for the best way to get blue dollars. Xoom seems like a decent way to avoid bringing large amounts of cash on the street to a "cueva," but I'm worried that she'll get hassled for being Argentine and not a foreigner, incur the wrath of AFIP, be refused the payout at the office, something like that. Anyone have any experience or advice on this?

Second, has anyone sent money via Xoom with a credit card as opposed to bank account? I'm wondering if it gets treated as a cash advance.

Thanks!If she uses her Argentine passport they'll need to see her DNI. They'll also need to know the source of the funds (if you send it from a joint bank account, or an account in her name in the US that should 't be a problem). Also note that Xoom/More has limitations on how much can be exchanged.

She has an Argentine passport and DNI. No US passport yet, just permanent residence (green) card. I suspect they will want to see the DNI.

Maybe we'll do a test run for a trivial amount and see if she gets hassled. Otherwise, I hear they are giving about the same rate as Xoom on the street in her city. Would just prefer her not having to enter the country with so much USD in cash.

She has an Argentine passport and DNI. No US passport yet, just permanent residence (green) card. I suspect they will want to see the DNI.

Maybe we'll do a test run for a trivial amount and see if she gets hassled. Otherwise, I hear they are giving about the same rate as Xoom on the street in her city. Would just prefer her not having to enter the country with so much USD in cash.It's going to depend on how much you transfer, and in what time period via Xoom/More - both sides have regulatory requirements (and limitations).

If I were you, I'd be more inclined to just transport USD (under 10K) since she presumably has family in Argentina. There are cuevas outside of the centro - but you have to have local knowledge of where to find them.

I used Xoom twice, the first time was 4 weeks ago and I sent 1k to my mother. The second transaction was 2 weeks ago, similar amount to myself.

The first time they will ask you for your DNI, address and occupation, I'm sure that the purpose will be asked on every transaction. If you receive more than 5,000 pesos, they will ask you the name/address/occupation of the sender.

I had an US Passport but I decided to use my DNI, just remember that you have a limit of 2,999 per transaction/Day/Month, but they can rise that limit to 6,000 if you provide your occupation and government-issued ID number.

Check the limits here

https://www.xoom.com/sending-limits

I'm headed to Argentina in about 3 weeks.
Does anyone have recent information or experience exchanging dollars at the blue rate in Mendoza, either using xoom, or by other methods? I'll be in Mendoza for one day and then head to a much smaller town for about a month. I need to exchange about 2k USD if possible.

The recent reviews on xoom sound quite negative
http://http://www.reviewcentre.com/reviews165895.html

Thanks!

It's going to depend on how much you transfer, and in what time period via Xoom/More - both sides have regulatory requirements (and limitations).

If I were you, I'd be more inclined to just transport USD (under 10K) since she presumably has family in Argentina. There are cuevas outside of the centro - but you have to have local knowledge of where to find them.


Any idea where I can find out what the receiving end (Argentine) requirements are for taking out money? I usually try Baexpats, but they are all yankees who send money to themselves, so they can't really talk.

Would it be better for me to send it to her, or for her to send it to herself (from US account)?

Did you read my last post?

They reduced the limit to Argentina to U$S 2000 per transaction last month. It says $2999 on the site, but when you try to send that you'll get an error telling you that the limit is $2000.

They've also do a pretty good job on keeping up with the record high 'dolar blue' rate - http://www.discoverbuenosaires.com/xoom-dolar-blue-argentina

Also, I'd say it's easiest to send from your account in the States rather than hers.

Xoom seems to work OK, but there may be requirements for paperwork depending on how much you want to transfer and how repetitive the transactions may be.

I'm looking for a 1st time xoom coupon code. Those I've found online don't seem to work. Suggestions?
Also, any ideas what to do with any leftover ARS when I leave Argentina? My next stop is Chile, then back to US. Can I buy CLP with ARS? My US bank said they won't buy ARS, but will sell 4.46/USD. Not jumping for that.

Also, any ideas what to do with any leftover ARS when I leave Argentina? My next stop is Chile, then back to US. Can I buy CLP with ARS? My US bank said they won't buy ARS, but will sell 4.46/USD. Not jumping for that.Try and pay for your hotel with ARS (at least in part), keeping just enough to get to the airport. Forget about trying to exchange ARS outside of Argentina.

Also, any ideas what to do with any leftover ARS when I leave Argentina? My next stop is Chile, then back to US. Can I buy CLP with ARS?

Your hotel in Chile will laugh. They even laughed a few years ago when things weren't as desperate with the AR$.

One used to be able to buy dollars (and other currencies) at Ezeiza upon exiting. Outbound boarding pass was required.

I don't know current policies, but was told a few months ago that it should still be possible for exiting tourists, although you may (in addition to boarding pass and passport) need to present a receipt showing you purchased pesos (and presumably at official rate...)

I'd try to use them up in whatever way possible. Assume they will spontaneously combust if you cross the border with them. They might, actually...

If you acquired your pesos at blue rates (or via Xoom) then some of the airport duty free is actually quite decent value, as prices are advertised in dollars but convert to pesos at official rate.

I wouldnt count on the option to buy Dollars upon exit at EZE.....

I'm headed to Argentina in about 3 weeks.
Does anyone have recent information or experience exchanging dollars at the blue rate in Mendoza, either using xoom, or by other methods? I'll be in Mendoza for one day and then head to a much smaller town for about a month. I need to exchange about 2k USD if possible.

The recent reviews on xoom sound quite negative
http://http://www.reviewcentre.com/reviews165895.html

Thanks!

You can exchange at the blue rate easily in Mendoza. There is a McDonald's on San Martin between Sarmiento and Espejo. If you face the entrance to the burger place, there is an arcade a couple of doors to the right.

Ignore the touts, walk into the open arcade and walk down the flight of stairs. There is a gold place at the bottom of the stairs directly in front of you. Walk in and ask to change your $US. You will get a good rate, professional service and you'll be back out with your pesos in a few minutes.

HELP - this is my first post here - more familiar with TripAdvisor, but came across this thread. Can anyone tell me where a XOOM pickup near AEP might be. I have several hours layover and my next location does not have a Xoom pickup. Thinking of hopefully finding one near the airport.
THANKS!

HELP - this is my first post here - more familiar with TripAdvisor, but came across this thread. Can anyone tell me where a XOOM pickup near AEP might be. I have several hours layover and my next location does not have a Xoom pickup. Thinking of hopefully finding one near the airport.
THANKS!

There is only one location at Libertad 1057. It's pretty close by taxi.

HELP - this is my first post here - more familiar with TripAdvisor, but came across this thread. Can anyone tell me where a XOOM pickup near AEP might be. I have several hours layover and my next location does not have a Xoom pickup. Thinking of hopefully finding one near the airport.
THANKS!

Dear 10splayer - welcome to Flyertalk. Note that it is your second post, and your other post in another forum is the same post, and cross-posting is not permitted. Otherwise, enjoy your stay!

Eastbay.....my ooooopps - lo siento. Couldn't tell that the other went through. Thanks

mccomb - many thanks for the info.

How far in advance can you send money to yourself on Xoom? I can't find an answer on their site. I'm in BA at the end of May - beginning of June. Also, I saw one article said you had to have a bunch of information when picking up your money.

Is it still okay to send it to yourself?

Thanks

How far in advance can you send money to yourself on Xoom? I can't find an answer on their site. I'm in BA at the end of May - beginning of June. Also, I saw one article said you had to have a bunch of information when picking up your money.

Is it still okay to send it to yourself?

Thanks

Cant answer all your questions... however, I will say that its probably not a good idea to send yourself money very far in advance. Dont see what you have to gain since you have to deal with inflation and potential further devaluation of the Peso.... me thinks it would be best to trade later rather than sooner.

It doesn't take much to send yourself money. I seem to recall I did it from my phone once I arrived in Buenos Aires. Had enough cash on hand to get through the first day or so.

Assuming the amounts being transferred aren't enough to trigger extra information requirements (generally at least AR$5,000 or more), my experience has always been that if you initiate a transfer in the early afternoon (~2pm here, 9am in CA where Xoom seems to be based), then the cash will be available at the pick-up on Libertad no more than two hours later. Often sooner.

And I've actually gone as high as AR$9,500 without any delays, but I had made two transfers before (one for about AR$1,100, the other for just over AR$5,000), so the existence of previous transactions MAY have helped them clear the later ones using data they already had from my earlier ones...

All this to say that unless you're planning on transferring thousands of dollars worth of funds, then I see no reason to initiate the transfer more than a day ahead, given that the peso seems to continue devaluing (and you lock in the exchange rate when you do the transfer).

As a side note, for whatever reasons, rates on Xoom don't seem quite as competitive relative to the blue market as they were in, say, December. Rate has been around 7.185 for maybe a week now, while the person I change cash with is giving 7.50-7.60. In the past the Xoom rate has been almost the same, or within .10-.15 or so of the rate I would get for bills.

I think the first time I transfered, Xoom delayed 1 or 2 days until they asked for my documentation to be sent in a separate upload or email.

Once approved, it will arrive at the Xoom partner 'More Money' in a few hours or less. There is still the possibility of a delay when you arrive at More Money since they may take time (up to the next day) to process your documentation which proves it is you sending to yourself. A copy of the bank statement in the USA which sent the money, and perhaps your drivers license with the same address, as well as your passport. It may seem strange that they ask, since Xoom already has this information but those are the MM requirements, especially after your 1st or 2nd transfer. Xoom is clueless to how the system works once it's here, so there is no point in asking them for help, except in the case where you decide to cancel.

I have delayed up to a week in the past for pickup, but usually I go there the next day. I have done this several times so now it is very quick and I do not need anything other than my passport.


How far in advance can you send money to yourself on Xoom? I can't find an answer on their site. I'm in BA at the end of May - beginning of June. Also, I saw one article said you had to have a bunch of information when picking up your money.

Is it still okay to send it to yourself?

Thanks

I set up my Xoom account while I was in the US (using a bank account for the funds). All my Xoom transactions have taken about an hour to get approved, even when I've placed the order at 8 am local time in Argentina.

Generally I place the order the day before, that way I can go to the More Money location early in the morning when the wait time is usually only 5-10 minutes.

For level one transactions (below ARS5000), there is only a minimal paperwork requirement at More Money (and they copy your passport). For amounts larger than that (or for transactions totaling more than ARS5000 within days), additional paperwork will be required on the Argentine end (but nothing too onerous). If would be wise to take a recent bank statement (or download a copy from the web) just in case they ask for that.

I set up my Xoom account while I was in the US (using a bank account for the funds). All my Xoom transactions have taken about an hour to get approved, even when I've placed the order at 8 am local time in Argentina.

Generally I place the order the day before, that way I can go to the More Money location early in the morning when the wait time is usually only 5-10 minutes.

For level one transactions (below ARS5000), there is only a minimal paperwork requirement at More Money (and they copy your passport). For amounts larger than that (or for transactions totaling more than ARS5000 within days), additional paperwork will be required on the Argentine end (but nothing too onerous). If would be wise to take a recent bank statement (or download a copy from the web) just in case they ask for that.
I've not been asked for a bank statement yet (in three transfers) but will take along a copy just in case next time, having read the above.

Thanks for the tip.

If is more than AR$ 5.000, they will ask you the seller name/address/occupation. Next time, take one of the flyers that are on the table

The rate had been steadily increasing a couple times per day as the FX market reflected a depreciation in the official rate, but the last 48 hours have not reflected any upates and the currency has moved favorably against the USD$.
If you book a transaction with Xoom, do u take the effective rate at the time of transfer or when you pick up the cash?

The rate had been steadily increasing a couple times per day as the FX market reflected a depreciation in the official rate, but the last 48 hours have not reflected any upates and the currency has moved favorably against the USD$.
If you book a transaction with Xoom, do u take the effective rate at the time of transfer or when you pick up the cash?When you make the transfer.

XOOM is again showing a More Money site in Salta. Has anyone had recent experience with transferring/picking up money at this site?

Anyone been assessed a cashed advance fee or foreign transaction using a US bank credit card to pay for peso pick up at More Money in Argentina?

I realized recently starting next Friday March 29'th through Tuesday April 2nd the banks will be closed in BA to celebrate Good Friday/Easter. Are my dates wrong for when the MoreMoney locations will be closed?

I was planning on using Xoom and picking up cash the day of arrival but that no longer is going to happen!

I would rather not to do the Calle Florida thing, and was wondering if the Park Hyatt would exchange currency for its guests? Anyone have any experience with this?

I realized recently starting next Friday March 29'th through Tuesday April 2nd the banks will be closed in BA to celebrate Good Friday/Easter. Are my dates wrong for when the MoreMoney locations will be closed?

I was planning on using Xoom and picking up cash the day of arrival but that no longer is going to happen!

I would rather not to do the Calle Florida thing, and was wondering if the Park Hyatt would exchange currency for its guests? Anyone have any experience with this?

The Park Hyatt is not an option for a good rate. Banks will be closed for HolyWeek, Friday for sure and sometime also Thursday. Wednesday is a normal banking day.... what date do you arrive in town...?

My flight from SCL arrives in MDZ at 4:35pm on Friday 4/19.

I was going to use xoom to send myself some money but I don't know if the travel agency where the pick up is scheduled will be open. It's Peru Travel/Zesal Travel at San Martin 1173.

Anybody know when they close or latest I can show up to get money? I read that they are NOT open on the weekend.

Or how I can find out their hours is nobody knows the specific info?

I sort of have the same question. I arrive EZE early in the a.m. and am transferring to a flight from AEP about 4 hours later.

If it's feasible, I'd love to be able to make a run to More Money and pick up some cash before heading to AEP. However, if they don't open until later, then I'll skip it and just hop on the Manuel Tienda Leon bus directly.

Does anyone know when the More Money location on Libertad opens?

I would guess that the operating hours are listed somewhere on the website, or they should at least have a link to the service provider. Else, a normal opening hour would be 1000am, which is when most FI´s open.

If you cant get this worked out, feel free to PM me as I may have a solution for you.

http://slickdeals.net/f/6023574-Free-50-Amazon-GC-For-1st-time-users-Xoom-Money-Transfer-Minimum-amount-50-4-99-8-99-Fees

I would guess that the operating hours are listed somewhere on the website, or they should at least have a link to the service provider. Else, a normal opening hour would be 1000am, which is when most FI´s open.

If you cant get this worked out, feel free to PM me as I may have a solution for you.

I can attest to Gaucho's solution(s). :D

He also provided a great shuttle service on my visit last week - I had gotten so used to harrowing taxi rides on each visit that I forgot how nice it can be with a quiet, clean private car. ^