For visitors or those living in Buenos Aires it has become almost painful to get money from ATM machines. This is because the bank rate is considerably lower than the black market rate (or blue market as its referred to now).
Enter Xoom money wire service which allows those who have a U.S. bank account or another way to get money from the U.S. to receive a significantly better rate for their dollars. For those who don’t have a U.S. bank account but have a ank account in another country, try our money transfer service on Wander Argentina.com.
Those withdrawing money from ATM’s using a debit or credit card currently receive about 4.5 pesos to the dollar. Xoom users receive around upward of 7.5 pesos to the dollar. So, while the rate fluctuates, if you send US$200 to yourself today using Xoom you would receive over AR$1,520. At any bank or ATM machine in Argentina you would get about AR$1083 for the same amount — about a third less!
Doing the math it is clear why Xoom is worth the effort to use it.
Steps for Xoom Virgins
1. Sign up with Xoom here. Enroll with a U.S. address.
2. Chose a sending option, either from a U.S. bank account or debit card for delivery to an Argentine bank account or for cash pick-up. The debit card option is a little more expensive.
3. Fill out the information for the person receiving the money. If you are sending money to yourself, be sure that the name you put as the receiver matches exactly. Put the Argentine address that matches your documents, or your hotel if you are just passing through.
4. Chose the payment information. Before you do this step be sure you have a U.S. address registered on the account with your bank.
5. Check the details carefully, being sure there are no discrepancies and authorize the transfer.
Tips to Use Xoom Successfully
Some Xoom users in Argentina report having problems the first time. This is presumably due to stringent U.S. and international laws to prevent money laundering. Xoom goes to great lengths to ensure that the transactions are legal. If the transaction is delayed you will inevitably talk with customer service reps, who will come off like creepy bad dates with questions about how you earn your money and where you lived in 1998. The intrusive questions are normal when a transaction gets flagged.
Xoom also commonly requests scanned copies of the sender’s passport and bank account statement. As long as it is clear, you can send a snapshot of your identification or a scanned copy. Most banks provide an electronic pdf of your statement for download that you can send via email.
Once these steps are complete and the transaction is approved, it could take up to five days to clear.
To prevent any problems, start with a small amount first and be sure that all the information, names and addresses match perfectly.
Xoom User Tips
• Send a smaller amount for the first transaction, not thousands of dollars.
• It works better if a U.S. resident is sending you money, at least most students report no problems getting money from their parents.
• Those in Argentina with a U.S. bank account can send money to themselves, but be sure that the U.S. bank account is associated with a U.S. address. If not, call the bank and add a U.S. address to the bank account.
• If in Buenos Aires, the most reliable and convenient place to pick up the money for most is at More Money’s main location at Libertad 1057, downtown.
• Amounts over AR$10,000 may be harder to process. Again, it is better to send smaller amounts at first.
• If you get an email indicating the transaction is delayed be proactive in calling their customer service at 1-877-815-1531 to get it handled.
• When you go pick up your money, bring copies of the same documents that Xoom requested during the course of the possible odyssey with your order.
• There is a U.S.$2,999 transaction limit and a U.S.$ 6,000 a month limit.
• On the upper righthand side you can switch the Xoom page to English.
• By clicking our Xoom link you don’t pay any more but you do help out our site. Thanks!
• Remember if you don’t have a U.S. account but still want to recieve a better rate please see our online money transfer service for other currencies.
Buenos Aires More Money Pick_up Locations
More Money –Tribunales
Operating Hours: Mon-Fri. 9 a.m — 6 p.m.
Operating hours: Mon-Sat, 10 a.m. — 6 p.m.
Operating hours:Mon—Fri, 9.30a.m.— 6 p.m.
Virrey Olaguer y Feliu 2676
Operating hours: Mon—Fri, 9a.m.—6p.m., Sat: 9 a.m.—1p.m
Operating hours: Mon— Fri, 9 a.m. — 6 p.m.
Av Corrientes 1711
Operating hours:Mon—Fri: 9 a.m.—7 p.m., Sat. 9a.m.—3p.m.
Salta 1756, store 19 (inside the station)
Operating hours:Mon—Fri 10 a.m. —8 p.m., Saturday,Sunday,Holidays: 10 a.m. —6 p.m.
Rodriguez Peña 133
Operating hours: Mon. —Sat. 10a.m. -7 p.m.