The market is full of options for international money transfers. Remitly and Xoom are two top choices. Finding the best app means understanding the differences between Remitly and Xoom. Both offer unique benefits for users worldwide.
When picking a service, consider fees, exchange rates, and speed. Remitly has lower fees and better rates, making it cheaper. Xoom, backed by PayPal, is faster, often sending money in minutes. Remitly sends to 170 countries, while Xoom goes to 161.
Both services are secure and trusted by users. Remitly scores 8.9/10 for trust and reliability. Western Union and MoneyGram score a bit lower. This info helps you compare services wisely.
If you want even better rates and fees, Wise is a top pick. It handles $70 billion in transfers yearly. This guide will dive into fees, rates, speed, security, and user experience of Remitly and Xoom.
Overview of Remitly and Xoom
Remitly and Xoom are leaders in the money transfer field, each with unique features. Remitly started in Seattle in 2011 and now helps over 3 million people send money. It offers transfers from 17 countries to 57 places. Xoom, a PayPal service, reaches nearly 160 countries, making it easy to send money with PayPal.
Remitly is known for its easy use and low fees. For example, sending to Argentina from the US costs as little as $0.49. It also offers fast Express delivery in under an hour. You can pay with debit cards, credit cards, or bank transfers, and get money in many ways like bank deposits or home delivery.
Xoom is great for its wide reach and ease with PayPal. It supports many ways to send money, including bank deposits and mobile wallet deposits. But, sending money to Argentina can cost between $2.99 and $30, depending on the details.
Both companies focus on keeping your money safe and making you happy. Remitly uses top security like two-factor authentication and 256-bit encryption. It has a high trust score with 90% of reviews being 4 or 5 stars on Trustpilot. Xoom also uses strong security measures and has a good reputation with over 21,000 reviews.
Choosing between Remitly and Xoom depends on what you need. Check out our transfer guide for more details. Here’s a quick comparison of Remitly and Xoom:
| Feature | Remitly | Xoom |
|---|---|---|
| Transaction Fees (US to Argentina) | $0.49 | $2.99 – $30 |
| Delivery Speed | Express: Under 1 hour | Instant to 2-4 Days |
| Global Reach | From 17 countries to 57 destinations | Nearly 160 countries |
| Payment Options | Debit/Credit Card, Bank Transfer, Apple Pay, Google Pay | PayPal Balance, Bank Account, Debit/Credit Card |
| Security Features | 256-bit Encryption, Two-Factor Authentication, SSL | 128-bit Encryption, Two-Factor Authentication, SSL |
Remitly vs Xoom: Fees and Exchange Rates
Remitly and Xoom have different ways of handling international money transfers. Remitly offers Economy transfers with little to no fees, mainly for small amounts. This makes it easy to see the costs, depending on how you send, where you send it, and how much you send.
Xoom, on the other hand, might seem cheaper at first but has higher exchange rates. It’s important to look at both fees and rates to get the best deal.
The costs of Remitly vs Xoom show in their service models. Xoom charges a fixed $4.99 fee for bank deposits via PayPal or bank account. Debit card transactions have fees from 2.9% to 3.3%. Remitly, though, offers flexibility with its Express transfer option, which is a bit pricier but fast.
Wise is also worth mentioning for its clear fees and mid-market exchange rates. This often means better value for users.
| Provider | Fee Structure | Exchange Rate Markups | Typical Transfer Time |
|---|---|---|---|
| Remitly | 0.5% to 2% for transfers | Mild to moderate markups | Instant to 3-5 days |
| Xoom | $4.99 fixed fee + 2.9% to 3.3% for card payments | Higher markups | Minutes to 3-5 days |
| Wise | 0.25% to 1% of transfer | Low, near mid-market rates | Minutes to 1-5 days |
| Paysend | 0.5% to 2% for card payments | Moderate markups | 3-5 days |
Wise is cheaper than Remitly and Xoom because of its clear fees and good exchange rates. It’s key to compare fees and look at both clear and hidden costs to get the most value from international money transfers.
Remitly is better for cash pickups, while Xoom is great for sending money to over 130 countries. It’s important to consider more than just the upfront fees. Look at exchange rate markups too, as Wise and OFX often offer better deals.
Speed, Security, and Customer Experience
Remitly and Xoom are top choices for fast money transfers. Remitly’s Express service can send money in hours, perfect for urgent needs. Its Economy service is slower but cheaper for non-urgent transfers. Xoom, on the other hand, is super fast, often sending money in minutes.
Security is key in money transfers. Remitly uses SSL technology and two-factor authentication to keep data safe. Xoom relies on PayPal’s strong security, giving users confidence in their transactions. Both services are safe and reliable.
Customer happiness depends on speed, security, and ease of use. Remitly and Xoom both get good user ratings. Remitly focuses on making transfers easy with a simple interface and various options. Xoom offers many payment methods, making it convenient for more people.
For those looking for fast, secure, and easy money transfers, Remitly and Xoom are great choices. Remitly shines in security and user experience. Xoom is the fastest, backed by PayPal’s reliability. Users can choose based on their needs.
