Xoom is no longer accepting Paypal: My business opportunity

The Latin American community has been really frustrated to see that Xoom will no longer accept payments via Paypal

most users were using this medium to realize the money from Paypal accounts with false personal information

my partner has a Paypal account, our idea is to continue offering a conversion service Paypal cash (bank, money exchange agents, etc.), but what would be the best, safe and economical to do so?

thanks

info aditional: http://blog.xoom.com/

read carefully paypal's TOS, if big players like xoom are droping them there msut be reason

Might be due to laws in Latin America. Paypal have really ramped up the Anti-Money Laundering.

Why don't use 2checkout.com instead paypal? As far as I know they accept paypal

Using your paypal account like that is against Paypal TOS's. Will be shut down quite quickly

I Plimus prefer to 2CO, and is free

I am in Colombia, I have no Paypal account "full", so asking here in the alternative forum could receive money via Paypal, Xoom has now broken his treatment


Thanks for the answers

Why don't use 2checkout.com instead paypal? As far as I know they accept paypal

2CheckOut.com is a good alternative.

2CO is the problem with paying a bill that would also be complicated and receiving money in Colombia for Colombia actually think it's best Plimus or am I wrong?

"most users were using this medium to realize the money from Paypal accounts with false personal information"

Ramon: Ask your bank here in Colombia if they can help you get a bank account with their correspondent bank in the USA. If so, use that banks mailing address (i.e. your name, c/o XYZ Bank, and their mailing address) and have PayPal deposit your $ into the bank account in the USA.

To do this, you will probably need to get a Taxpayer Identification Number, (ITIN) from the Internal Revenue Service in the USA.

There are *huge* issues, for Overseas Americans now, all around the world, to open and/or maintain a bank account in the U.S.A., so what I suggested above may not be easy for you. GL

I sent emails to some 200 banks, none to open account in Colombia USA 11S, with the exception of Citibank and HSBC, but I asked for personal contact with them, and as my English is obviously not very good ...

Again, I suggest, next week, that you go to your bank here in Colombia and ask them to help you open a bank account, with their "Correspondent" bank in the USA.

I can assure you, that if that bank is in South Florida, or many other places in the USA, many or all of the bank employees will be able to communicate with you, in extremely fluent Spanish. Sending emails to banks as you did, probably will not result in you being able to open a bank account in the USA. MANY (hundreds, probably thousands) United States Citizens, all around the world, who do not have a Physical Address in the U.S.A., have had their bank accounts closed, by their bank in the U.S.A., usually without the bank giving them a reason. If you are not a U.S. Citizen, it will be more difficult for you, but, probably not impossible.

Which of Colombian banks can have a correspondent in the USA? I have a savings account Davivienda

For me it would be difficult even to open an account at a bank in Colombia, since I still have no residence in Colombia (call waiting 3 years to apply for an eternity)

Here is the list, I do not forget any:
Banco Caja Social
Banco de Comercio Exterior de Colombia
Banco de Crédito
Banco Granahorrar (BBVA)
Banco Santander
Colpatria
Conavi
Davivienda
Banco Popular
HSBC

"Which of Colombian banks can have a correspondent in the USA? I have a savings account Davivienda

For me it would be difficult even to open an account at a bank in Colombia, since I still have no residence in Colombia (call waiting 3 years to apply for an eternity)"

I believe Bancolombia and Banco de Bogota are the largest banks in Colombia. Probably they have a Correspondent Bank in the USA. Davivienda is very large and they may have a Correspondent Bank in the USA. Since you have an account in Davivienda, I suggest you start there.

Do you have a Colombian Cedula? If not, how did you open a bank account here? What country are you a citizen of?

Hi, thanks for the reply.

Indeed Davivienda and Bancolombia are some of the largest banks in Colombia.

I do not know if Davivienda has a correspondent in USA, I will ask a bank agent, but are quite inefficient international issues.

I have a Colombian cedula, but it is temporary, is what gave me by marriage and labor issues and a visa stamp in my passport (stamps for work activity, independent worker and marriage)

With regard to my nationality, I am Spanish, but I've been living 3 years in Colombia, unfortunately no entity considers it important to my Spanish nationality, even Paypal request to me change my "Spanish Paypal" account to "Colombia Paypal" with all the limitations that implies (Paypal stupid policy, because then you travel around the world have to change its Paypal)

I don't understand why Xoom would do this, Paypal is THE main money transfer site online, this is too bad for Xoom.

all banks that would like to do transactions in USD have coreposndent accounts in US

hello, it is curious, but I asked my bank if they admitted Davivienda Xoom transfers, and the agent did not know existed that service ...

I don't understand why Xoom would do this, Paypal is THE main money transfer site online, this is too bad for Xoom.

Xoom explains the reasons for the breakdown on his blog
http://blog.xoom.com/2010/03/why-xoom-ended-use-of-paypal-as-payment.html