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Attention Ikobo users
Thread poster: José Henrique Lamensdorf

José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 04:36
English to Portuguese
+ ...
Dec 20, 2008

This is a warning for Ikobo users, on a current (DEC 08) situation, that may be solved soon... or not.

Ikobo is a very good way of getting paid. Sender uses a bank account or credit card, receiver gets a Visa debit card via FedEx (costs USD 25 - lasts for one year or so), withdraws cash at Visa-enabled ATMs 4 minutes later, if the sender has been ascertained as OK. Low fees, and honest exchange rates in Brazil - which is rare.

My Ikobo card expired a little over one year ago, actually in Nov 07. Their web site says a new one would be sent automatically upon expiration. This never happened.

Last November, I got a series of e-mails from Ikobo. They would get rid of some banks, only one of them would remain, incidentally the one that had issued my (expired) card. They went offline for a few days, and their web site returned exactly as it was before.

Recently, a most cooperative client accepted to pay me via Ikobo. We agreed on him requesting me a new card, and paying the $ 25. He is smart with such things, and later response from Ikobo's customer service confirmed that he had done everything properly. So it was not his mistake.

The whole issue is about him being unable to request me a card. As we ascertained later, Ikobo's system is completely unaware that my card has expired long ago. So he was able to send me the money, and I got the e-mail messages telling me about it. But when I took my expired card to the proper ATM, it acknowledged the card, asked for my key code, accepted it, asked about the desired transaction, and only then had a "communication failure". Tried this twice on each of two different ATMs.

To make a long story sort, I was unable to withdraw the money, and my client was unable to request a new card to be FedEx'ed to me. He eventually got a refund, the money was back-charged to his account.

The point is: if you use Ikobo and your card is about to expire, DON'T! For the time being, their system won't be able to acknowledge that your card has expired, and therefore won't issue you a new one, hence your money will be stuck in a limbo there.

If anyone gets news that this problem has been solved, kindly post here.


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
Not an Ikobo user, but... Dec 21, 2008

I've been noticing ads for something called "Pagueseguro" and wonder if you or anyone has tried it. I know that it's difficult to use PayPal in Brazil unless you have a bank account in the USA or the UK, etc., so it might be a solution for people receiving payments in Brazil. Just curious...

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José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 04:36
English to Portuguese
+ ...
TOPIC STARTER
Xoom Dec 21, 2008

Amy,

I think I've seen that "Pagueseguro" or something that sounded like it. Last week a client (American - not Brazil-savvy, though married to a Brazilian) client asked me about http://www.intertransfers.com/ and http://www.moneytexpressusa.com/ . They seem to be some of our "doleiros" (Brazilian black market exchange brokers) who moved to Florida, because our Banco Central decided to tighten the strings on them.

Xoom does the same work, but out in the open. They accept funds from credit cards, US bank accounts, and PayPal. Funds sent through them from PayPal turn into a cash deposit (in local currency, of course) to a bank account on the next banking day. Yes, they require the receiver's CPF (BR tax ID#), address, everything, so it's sensible to report that income to the Receita Federal (BR - "IRS").

In spite of the additional fees, I suggest translators to receive payment on PayPal and thereafter handle both ends of the Xoom transfer. For security, as the transaction cannot be reversed, they have low limits, but once you convince them that you are sending funds to no one but yourself, they raise them. I haven't yet successfully got a client to pay me directly via Xoom.

Ikobo offers the best exchange rates and lowest fees I've seen. However they are geared for P2P transfers, not B2P nor B2B, so unless your client overseas is an individual, a firm's auditor will thell them not to use it. But now they have this "glitch" in their system...


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
Xoom Dec 21, 2008

I've heard about Xoom but have never tried it. I have a bank account in the USA and PayPal, so I usually take payments I receive from those accounts and put them into my local account here in Rio. It would be more convenient, though, to have that money transferred directly to my local account. In that case, though, I'd be paying two fees instead of one, so I'm not sure it it's worth it.

I'm also going to check out the Pagseguro site when I get a little free time (quem me dera!)


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
I checked out Xoom Dec 21, 2008

I actually signed up and sent myself some money. Unfortunately, though, I put down my real address (in Brazil), and so they charged me the higher rate, even though I have a bank account in the USA. It's a great service, because I don't have to run around the streets of Rio with reais stuffed in my bra, but I thought the fee was a bit "salgado."

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milinad  Identity Verified
Local time: 13:06
Member (2006)
German to English
be careful Dec 22, 2008

It looks like Ikobo service has stopped functioning so be careful before signing up and using it for money transfer. check the following URL

http://www.techcrunch.com/2008/11/07/online-money-transfer-service-ikobo-calls-it-quits/


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Luis E. Romero
Colombia
Local time: 02:36
Spanish to English
+ ...
Xoom Dec 22, 2008

Amy Duncan wrote:

I've heard about Xoom but have never tried it. I have a bank account in the USA and PayPal, so I usually take payments I receive from those accounts and put them into my local account here in Rio. It would be more convenient, though, to have that money transferred directly to my local account. In that case, though, I'd be paying two fees instead of one, so I'm not sure it it's worth it.

I'm also going to check out the Pagseguro site when I get a little free time (quem me dera!)



I've used Xoom to transfer money from the USA to a bank account in Colombia and it worked just fine. I would recommend Xoom.


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
Bad news Dec 22, 2008

Well, after I signed up with Xoom and tried to send myself money, I got an e-mail from them saying they didn't have enough information about me and that if I didn't send it by such-and-such a time they would cancel my transaction and my account. I sent everything they asked for and it still wasn't enough. They asked for a bank statement from my USA bank account, and asked me to upload it on their site. So I went over there only to discover that I can't upload it because I'm not a US resident!

Apparently the problem is that I am living in Brazil and want to send money from my USA accounts (BOA and PayPal) to my account here in Brazil. Apparently this is too difficult and complicated for them to figure out...unbelievable. I'll keep trying, but not for a whole lot longer...


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Luis E. Romero
Colombia
Local time: 02:36
Spanish to English
+ ...
Xoom Dec 22, 2008

Amy Duncan wrote:

Well, after I signed up with Xoom and tried to send myself money, I got an e-mail from them saying they didn't have enough information about me and that if I didn't send it by such-and-such a time they would cancel my transaction and my account. I sent everything they asked for and it still wasn't enough. They asked for a bank statement from my USA bank account, and asked me to upload it on their site. So I went over there only to discover that I can't upload it because I'm not a US resident!

Apparently the problem is that I am living in Brazil and want to send money from my USA accounts (BOA and PayPal) to my account here in Brazil. Apparently this is too difficult and complicated for them to figure out...unbelievable. I'll keep trying, but not for a whole lot longer...


My daughter lives in New York and she's transferred money from her bank account into my bank account with no problem using Xoom. I guess if you don't have an American bank account that might pose a problem. On the other hand, if you can convince a vendor to pay you using Xoom, it probably shouldn't be a problem since they are transferring money from their American bank account to your Brazilian bank account.


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
I have a USA bank account Dec 22, 2008

As I said in my previous post, I have a Bank of America account in the USA, so this really shouldn't be such a huge problem for Xoom to figure out. I think what's confusing them is that both the USA bank account and the Brazilian account are MINE, so I'm essentially sending money to myself.

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Luis E. Romero
Colombia
Local time: 02:36
Spanish to English
+ ...
Xoom Dec 22, 2008

Amy Duncan wrote:

As I said in my previous post, I have a Bank of America account in the USA, so this really shouldn't be such a huge problem for Xoom to figure out. I think what's confusing them is that both the USA bank account and the Brazilian account are MINE, so I'm essentially sending money to myself.


Good luck figuring it out!


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José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 04:36
English to Portuguese
+ ...
TOPIC STARTER
You got it right! Dec 22, 2008

Amy Duncan wrote:
As I said in my previous post, I have a Bank of America account in the USA, so this really shouldn't be such a huge problem for Xoom to figure out. I think what's confusing them is that both the USA bank account and the Brazilian account are MINE, so I'm essentially sending money to myself.


I use Xoom to transfer money from my PayPal account to my bank account in Brazil. This helped to raise my limit at Xoom, as there is no cause for concern about having to reverse a transaction.

Maybe you - Amy - are having trouble, because if you use Xoom to wipe your US bank account clean and anything goes wrong, they don't have a place to get the money back from, as Xoom cannot charge your bank account in Brazil. Apparently Banco Rendimento (Xoom's partner in Brazil) makes a cash deposit, DOC, TED, whatever irreversible funds transfer, to your account.

My PayPal account is backed by my verified* (Brazilian) MasterCard or Visa - don't remember which one now. Once I miscalculated Xoom's fees - which are added to the amount sent - and not deducted from the amount received - so my card was charged some USD 3.

*To verify the card, PayPal charges USD 1.95 and credits that to your account. When that transaction appears on your credit card statement, it includes a 4-digit code. Upon feeding back that code to PayPal, they'll know for sure you are the one getting billed for that charge, so the card is really yours.

Envision this situation: You sell something on eBay (PayPal owner), and the buyer pays you through PayPal. But then, as you are a "crook", you don't send'em the goods. They complain, provide evidence, and PayPal back-charges them the amount. However that money may be gone from PayPal... you might have used Xoom to send it to Brazil. Where are they going to get that money back?

In my case, they'll charge it to my card. But consider the possibility that by then your bank account may have been wiped clean, or even closed?

Maybe I haven't been strictly accurate, but this is roughly what is taken into account. So perhaps if you add a credit card to PayPal as a source of funds, and get it verified, it should work.


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
The plot thickens... Dec 22, 2008

Well, until recently I thought you had to have a bank account in the USA or the UK to open a PayPal account in Brazil, but apparently you did it just with a credit card, right? Or do you also have a bank account abroad?

Now, it seems to me that if Xoom were nervous about my wiping out my USA bank account, they would have suggested I add a credit card to my PayPal account...seems obvious to me. But so far the people who have answered my e-mails seem to have no idea what I'm talking about. I may have to call them. I don't like the idea that there's a pending payment in my PayPal account.

I do have a Brazilian credit card, so it wouldn't be a problem to add it to my PayPal account, but I want to make sure if that's what they want. I'm waiting for them to answer my last e-mail, in which I sent them my BOA bank statement. Wish all this were less complicated, but, hey....fazer o que?


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
Xoom's latest reply to me Dec 22, 2008

Dear Amy

In accordance with Xoom compliance policies we could not proceed with your transaction since we only accept PayPal business account.

Thank you for your understanding and sorry for any inconvenience caused to you.


Thank you,

Xoom Customer Service

???????????????????????????????????


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Amy Duncan  Identity Verified
Brazil
Local time: 04:36
Portuguese to English
+ ...
In case anyone's interested..... Dec 27, 2008

I resolved my Xoom problem by simply sending them an e-mail telling them to close my account. Then I opened a new account with my other e-mail and used an address in the USA (the same address I use for my USA bank account). This made it possible for me to add my USA bank account, which completely solved the problem. Then I was able to send money to myself from my USA account to my bank account in Brazil. Not sure if PayPal will work, but it doesn't really matter now.

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