Xoom has consistently been the US expat and tourist’s best way to send money to Argentina and take advantage of the discrepancy between the official exchange rate and the blue market exchange rate. For example, today’s official rate is $4.913, the blue market rate is $6.780 and Xoom is paying $6.313 before fees. We’re seeing more and more people choosing this option to extend their dollars’ purchasing power in Buenos Aires.
Of course, in Argentina things can change in a moment’s notice and Xoom and More Money Argentina (their local transfer partner), just announced that the sending limit has been lowered from U$S 2,999 per transaction to U$S 2,000 per transaction due to “new regulations.” At this time it appears that the 30 day limit of U$S 6000 has not changed. Unfortunately this means that you’ll be paying more fees to Xoom if you regularly moved larger amounts.
Also, when picking up money at More Money’s only location in Capital Federal at Libertad 1057, you’ll need to be prepared to provide the following documentation (as posted at their site):
Under present Argentine Authority’s regulations — A.F.I.P., Anit-Money-Laundering Law Nr. 25.246 and Financial Information Unit (UIF) Resolution 66/2012 — in accordance with F.A.T.F (Financial Action Task Force) rules, MORE MONEY TRANSFERS SERVICE is compelled to request from all its clients (those ordering or receiving money remittances) the following data:
- Full name
- Passport or MERCOSUR ID
- Marital status
- Address in Argentina
- Telephone number (in Argentina)
- What links you to the sender?
- Activity or purpose of your stay in Argentina
- Purpose or destination of the money of this transaction
- CUIT, CUIL or CDI (if applicable)
- Source of funds involved in this transaction
- If remittances amount is larger than AR $5,000, a sender’s identification number must be provided. Passport, ID Cards, Driver’s License and SSN are equally valid.
- If remittance amount accumulates with previous transfers (on annual basis) a sum larger than AR $40,000, you must provide information about the origin of monies involved, such as: a sender’s bank statement, senders source of income (salary receipt, employment contract).
It’s a bit of a process but still very much worthwhile for the favorable exchange rate. And if you use our link, Xoom will send both of us a $15 Amazon.com gift card after your first transfer.