Xoom is an online service for sending money across borders. It’s owned by PayPal and works in over 160 countries. This makes it a great choice for people living abroad or sending money to family members overseas.
This money transfer review will look at Xoom’s main features, costs, and what users think. We’ll see if Xoom is good for sending money internationally. This will help you decide if it’s right for you.
Overview of Xoom and Its Features
Xoom is a big name in sending money across borders, handling almost $10 billion in transfers each year. It helps over 250 million people send money to more than 130 countries. You can send money in many ways, like to bank accounts, debit cards, or even home delivery.
How fast your money gets there depends on how you send it and where it’s going. Money sent via PayPal Xoom or a card gets there quickly. But, bank transfers might take a few days. You can also use Xoom to pay bills and top up prepaid phones in different countries.
Xoom has a great mobile app for Android and Apple devices. It supports many languages and lets you track your money. The app makes sending money to people you often send to easy. Fees are from $4.99 to $9.99, but Xoom offers good exchange rates and low costs.
To keep your money safe, Xoom asks for your ID and proof of income. You can send up to $2,999 a day in the US. Limits vary based on where you are and how you send the money. Xoom follows strict anti-fraud rules and works with PayPal for secure transactions.
If you’re looking for other ways to send money abroad, there are many options to compare.
Check out other money transfer services.
Review of Xoom for Foreign Exchange and Transferring Money Internationally
Xoom is a great choice for managing foreign exchange and sending money abroad. The Xoom review shows that fees vary based on how you pay. For instance, sending $500 to India from a bank account costs $4.09. But, using a credit card can make it $15.49. This highlights the need to pick the right payment method.
Speed is key when sending money, and Xoom delivers fast. Most transfers are done in minutes. You can send money to big banks in places like Mexico, India, and the Dominican Republic. Plus, there are over 100,000 cash pickup spots in India.
But, there are some downsides. Some users have faced late transfers and poor customer service. Also, 15% of negative reviews mention trouble with verification. And, hidden markups in exchange rates can affect the amount received.
It’s smart to compare Xoom with other services, like Wise. Wise might offer better rates and lower fees. Reviews show mixed feelings, with an average rating of 2.65 stars. Many users have experienced delays longer than expected.
Pros and Cons of Using Xoom
Xoom, a PayPal service, has many advantages worth noting. It offers a wide range of delivery options and fast money transfers, often in minutes. Being linked to PayPal adds to its money transfer safety, making users trust it more. It also offers a money-back guarantee for failed transfers, making it appealing.
But, there are downsides to consider. Xoom charges higher fees than many others, including for credit card payments. Customer complaints often mention strict security checks that can delay transactions. Some users also face issues with held transfers due to too many proof requirements.
Service reviews show mixed feelings. Xoom has a TrustPilot score of 1.9 out of 5, while Wise scores 4.6 out of 5. This shows Xoom is fast and secure but may not always meet user expectations.
Comparing transfer services, we see different fee structures. Wise offers clear mid-market rates, while Xoom’s costs can be hidden. Both are quick, but Wise is clearer about prices. Choosing Xoom means balancing its safety with the cost savings of other services.
Alternatives to Xoom for Transfers and FX
Looking for alternatives to Xoom for international money transfers? Several platforms offer great options. Wise is a top choice, praised for its clear fees and good exchange rates. It’s cheaper than banks, with fees around 0.43% for bank account funding.
Currencies Direct is great for big transactions. They often have low or no fees, which is perfect for businesses. This can save a lot of money on the final amount received. For those who send money often, Currencies Direct can help save on fees.
Remitly is another good option, supporting over 100 currencies and serving more than 170 countries. They have a wide network for cash pickups, with about 470,000 locations. They also offer different payment methods, like bank transfers and mobile wallets. It’s important to compare these alternatives based on speed, fees, and your financial goals.
