Xoom Now Offering Better than Blue Market Rate

xoom money transfer Xoom Now Offering Better than Blue Market RateI 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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29 Responses to Xoom Now Offering Better than Blue Market Rate

  1. Stefa June 19, 2012 at 1:18 am #

    Moving back to BA in October. I lived there for a year in 2008. Xoom looks like a really great idea. Do you have recommendations of banks to open an account with down there? What type of information is usually needed to open and account?

    Also, regarding the changes in tourist visas (last time I did the 100 peso extension… then just paid the 50 peso exit fee) Any news on the likely hood of more serious consequences for overstaying and simply paying the new 300 at airport? Looking to stay another year. Thanks for all the great information you are providing here!

    • DaVe June 19, 2012 at 8:31 am #

      To open a bank account in Argentina, you need to have a DNI. Since a lot of people just come on a tourist visa, this is really not an option. You do not need a bank account to use Xoom though. You can pick up the cash at More Money's location on Libertad.

      No problems on paying the $300 peso exit fee. I know a lot of people who have done that many times. It's actually even better than heading to Colonia to get another 90 days.

      • Runjan January 10, 2013 at 6:36 pm #

        I’ve heard that you can no longer pick up Zoom transactions at the Libertad location. Does anyone have any experience with that? I’m flying to Buenos Aires this weekend and was hoping to use it.

        Thanks!

        • DaVe January 11, 2013 at 5:25 pm #

          Libertad works fine. Not sure where you heard that. Thanks.

  2. doitinspanish June 19, 2012 at 8:07 am #

    I use this to pay freelancers, and they're happier than ever, since they used to receive a 4.30 ARS exchange rate from Western Union.
    Question: how do people get those coupons to waive the fees?

    • DaVe June 19, 2012 at 8:33 am #

      Yeah, this has been especially great for that as well. Try Googling "Xoom coupon codes." The ones I knew have expired, but I found a few others.

  3. doitinspanish June 19, 2012 at 8:10 am #

    Also, SWINM is making a nice return by sending money on PayPal to a US account, in dollars, but paying in pesos at the official rate with an Argentine debit card. Buying USD @ 4.51 + commissions, selling them at over $6 in Xoom. Free money

    • DaVe June 19, 2012 at 8:34 am #

      Yep, I wrote a bit about this in another post. You can make some easy money doing this. If you use a rewards credit card you can actually get the miles too…

      • doitinspanish June 19, 2012 at 9:20 am #

        speedmay and cruz aren't working anymore. source?

  4. Nick September 3, 2012 at 11:05 am #

    How do I do this if I dont have a US account/credit card?

    • DaVe September 3, 2012 at 11:31 am #

      Unfortunately, it is limited to US account holders. I have not seen a similar service (yet) for any other countries.

  5. antonio September 3, 2012 at 11:33 pm #

    it is possible using the Xoom service sending money in Euro from a bank account in Europe (paying with a credit-debit card) in Argentina (using the cash pickup service in Buenos Aires)?
    I've to transfer my euros from italy to Buenos Aires.
    I'll wait your answer or tips.
    Thank you anyway for your time.

    regards

    • DaVe September 4, 2012 at 12:00 am #

      Unfortunately no. Xoom only works for US addresses (bank or credit card). There are exchange houses on Florida Street, but you need to be a bit more adventurous to use those.

      • Jon October 31, 2012 at 6:13 pm #

        Hi Dave, Does the name on the bank/credit card need to be the same for the recipient? would a US prepaid credit card work with Xoom?

    • Jon October 14, 2012 at 7:27 pm #

      Hi Antonio,
      Did you figure out any good way to transfer euros at market rate or blue rate reducing transfer fees. I see there is a blue rate or was at least when this article was written. (http://www.cronista.com/contenidos/2012/05/23/noticia_0012.html)

      thanks
      Jon

  6. Ralph September 14, 2012 at 10:01 pm #

    Can you use Xoom if you are a US tourist? We will be in BA for a month this December.

    • DaVe September 14, 2012 at 11:00 pm #

      Definitely. This is one of the best ways to maximize your money. You can do the transfer just before coming and then go and pick it up with a passport. The only thing to be careful of is that you do not take out more than you plan to spend as it may be difficult to get dollars back.

      • ralphcarlson November 29, 2012 at 7:38 pm #

        Can you also do the transfer while you are in Argentina and then pick up later in the day?

  7. Vinx October 23, 2012 at 12:21 pm #

    Xoom permits to send money from Argentina to an EU account? IF not, do you know a viable method to send money overseas from Argentina? (not using normal bank transactions, they costs too much and they are very limited)

    • DaVe October 23, 2012 at 3:40 pm #

      Sorry, Xoom requires a US bank account or credit/debit card. The only solution I have seen for other countries is possibly using Bitcoin. Check out this post http://thebluemarket.wordpress.com/2012/10/18/bit… though I would do some more research on that first as this is the very first post on a new blog and it's not clear how legit this is at the moment.

  8. sue October 24, 2012 at 3:08 pm #

    thanks for this information! i am traveling to BA next month and this is super helpful! i've read online that money can be picked up at the More location in Recoleta at Libertad 1057? but i can't seem to find that particular location on the xoom website (any help on this?)

    also, how much money do you recommend exchanging (per person) for each day we are staying in BA? have been reading that it's better not to over-exchange but don't really have an idea on what would be a good amount. thought?

    • DaVe McComb October 24, 2012 at 6:23 pm #

      That location is there, but it's in Retiro not Recoleta. The address is Libertad 1057.

      How much money really depends on what you plan to do and where you plan to go. Dining out at nice restaurants with drinks will be at least 300 pesos for two. Taxis in the city $30 pesos to $80 pesos. You can also go more budget and spend less of course. I'd say plan to spend half of what you'd spend in NYC and 3/4 of what you'd spend anywhere else. And yes, it may be difficult to get rid of those pesos at the end. Some suggestions for extra pesos are paying a percentage of the hotel bill in cash, tips, taxi to airport, etc.

  9. Pema October 28, 2012 at 10:30 pm #

    Hi Dave. Thanks for the great info. I clicked through your link and joined. As a tourist in BA, I see that Xoom is asking me, the recipient, for my Argentine address. I’m here only 10 days. Should I use my ten-day temporary BA address? Is that legit, even though I have no “proof of address”? It seems the only way to progress to the next screens, but I don’t want to jinx myself out of the gate.

    Thanks,

    Pema

    • mccomb October 29, 2012 at 11:26 am #

      Yep, just use your temporary address. Lots of people use their hotel address with no problem.

  10. Kirstin November 2, 2012 at 5:13 pm #

    We’ve used the xoom transfer twice since arriving to BA in early October for extended travel. The 5.7 and 6.1 pesos to the dollar couldn’t be beat.

    Both times there was a bit of a run around. Time #1- I transferred the funds from my name to my husband’s name. It took about a day and a skype call to Xoom resolved delay and pushed the transfer through. Time #2- I transferred again to my husband but got an email that there was a problem with the transfer. I called in via skype and was told that if I was in country that I needed to make the transfer to myself. The transfer to hubby was cancelled, but I made the transfer to myself and it went through quickly.

    The More office on La Libertad is getting popular with a bit of a wait at certain times.

    We did get the $25 gift card on Amazon (and hopefully you did too, Dave) and all in all a great experience. Thanks for the good advice.

    Next item I need help with: Where should we watch the US election results come in on Tuesday?

    • mccomb November 2, 2012 at 5:42 pm #

      I’m glad that it worked out. That’s interesting about needing to send it to your own name rather than your husband. I have gotten a number of Amazon gift cards too, but unfortunately do not know who they were from. Glad to hear that you got your as well.

      I think Sugar Bar in Palermo will be showing the elections. I’m not sure where else is, but I’ll see if I can find more info.

      • Kirstin McCarthy November 4, 2012 at 12:35 pm #

        Thanks, Dave. Sugar bar is our go to option right now, so good to have confirmation!

  11. Matt November 21, 2012 at 9:00 am #

    I just tried to use Xoom to send money to myself but like Kristen I had a run aroiund and it was cancelled. In my case the problem is I am not in a major city and of the 64 locations listed by Xoom in Argentina, none are here (Catamarca). I tried sending to a friend’s bank account, but no go. I imagine that they have a legit reason for discouraging this (possible money laundering!), but disappointed now that I’ve run out of dollars.

    Going to the ATM now is going to be extra painful.

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