Tag Archives | xoom

Money Transfer Services to Require a CUIL

Let me start by saying, this is not an April Fool’s joke unfortunately…

Argentina Money Transfer Services Require CUILAs of April 1, 2015, any foreign national residing in Argentina for more than 90 days will be required to present a CUIL or CUIT in order to pick up money from any of the money transfer services (Xoom, Azimo, Ria, etc.). This does not apply if your last date of entry into Argentina is less than 90 days ago.

As many expats live here illegally by overstaying their tourist visa and simply pay the $600 peso overstay fee when they leave, this will have an immediate effect on their ability to get money into the country through these services. That 90 day trip to Colonia for a new visa stamp might make a lot more sense now, even if it does expose you to additional scrutiny at the border.

To get a CUIL (Código Único de Identificación Laboral) or CUIT (Clave Única de Identificación Tributaria), you have to have a DNI (Documento Nacional de Identidad). And, to get a DNI, you have to be a legal resident.

UPDATE: Some people are reporting that as of April 20, 2015, Xoom is not asking anyone to provide a CUIL.

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Xoom Updates: Still Best Way To Send Money To Argentina

Money Transfer ArgentinaXoom 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):

Dear Customer:

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)
  • E-mail
  • 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 $25 Amazon.com gift card after your first transfer.

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Xoom Now Offering Better than Blue Market Rate

UPDATE (12/17/15): This information is no longer accurate as the government has eliminated the blue rate.

I know, I know… We’ve had a lot of posts about using Xoom to transfer money to Argentina (and here), but today they’re offering a rate of ARS $6.0213 to USD $1 which we had to write about. This is now better than the blue market rate of ARS $5.93!

It also means that if you use your debit card in Argentina to withdraw cash or use your US credit card (even without foreign transaction fees), you could be losing up to 33%! How’s that you ask?

Well, your debit or credit cards will only give you the standard exchange rate – currently ARS $4.50. When you compare that to Xoom it comes out to be a significant amount of money. For example, if you spend U$S 2999 on your credit cards or through ATM withdrawals, you’re getting $13,495.50 pesos. With Xoom, you’ll get $18,057.95 pesos. Now, I’m sure you can find something to do with an extra $4562 pesos.

– If you use my Xoom link, you’ll get a $15 Amazon gift card and so will I. Another way to maximize your savings.

UPDATE: While Xoom is US only, you can use Azimo to transfer money from the UK to Argentina at the blue rate. Xoom is slightly lower than the blue market rate but changes quite frequently to keep up with it.

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Money Transfer Argentina: Xoom Follow-Up

A few weeks ago I wrote about using Xoom to transfer money from the United States to Argentina (from the UK, use Azimo) and I thought now would be a good chance to follow up on my experiences and the experiences of a few others.

First of all, the rate has skyrocketed to 5.5357 dollars to 1 peso as of today. The official rate is at $4.469. This means that if you transfer the maximum amount of U$S 2,999 rather than withdraw from an ATM, you’ll be earning an extra $3032 pesos / U$S 692. That’s a 22% increase in your money! (UPDATE: as of April 2013, the blue market rate to official rate is at 80% more!)

My first transaction with Xoom was for only $25 and was completely painless. It took about 2 business days for the funds to appear in my Argentine bank account. I also received a $25 Amazon gift card for using a referral link (if you use this link, you’ll get a $25 gift card and so will I).

After that first transaction I decided to transfer the maximum amount – U$S 2999. That process was not as quick due to several verification steps. First I had to verify my identity with Xoom by sending them a photo ID. Next, I had to verify the echeck withdrawal amount from my US bank account. Then, More Money Argentina (Xoom’s transfer partner here) had to verify the source of the funds as well as DNI, CUIL/CUIT, address, etc. This process took just under two weeks. I have been told that the next transfers will go much quicker, but this is something to be aware of.

I transferred the money directly to my Argentine bank account, but I have had several friends go and pick up their money from More Money’s location at Libertad 1057 (open 9am – 6pm business days). This is the only valid location in Capital Federal even though the Xoom site lists other locations. All of my friend’s transactions were completed within two business days and all they had to do was show their passport when picking up the money. Some of them were asked for the source of the funds, but they simply said savings and all was good.

One friend was told that $10,000 pesos was the cut off point that triggered additional paperwork requirements. Another friend was told that Xoom transfers do not appear as cash advances if you use your credit card, though I would confirm this before transferring a large amount.

Have you tried it yet? As I mentioned above, we both get $25 if you use my referral link.

BONUS TIP: Here’s an interesting idea that will work if you have a US bank account and an Argentine credit card. You can make 10% or more on your money and even rack up frequent flier miles if you have a card that earns miles.

Pay yourself or someone else in the US using PayPal and your Argentine credit card. You’ll be billed the official exchange rate for these transactions on your credit card plus the PayPal fees. Now, transfer pesos to yourself using Xoom and pay your credit card with that money. Due to the differences in the official vs. Xoom rates, you will end up making money on the deal. There is a U$S 6000/month limit from Xoom, but this is an interesting way to take advantage of this currency discrepancy and make money for doing virtually nothing.

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