Joining PayPal in 2015, Xoom has become a reliable choice for sending money to India. This PayPal subsidiary lets users send money easily and safely. It works on phones, tablets, or computers, meeting many international transfer needs.
Its easy-to-use interface and strong security make Xoom a top pick. It ensures safe transfers to India for many users.
Xoom’s big plus is its wide network of over 100,000 pick-up spots in India. This means money is usually ready in minutes for bank deposits or cash pickups. You can send money to big Indian banks like State Bank of India, ICICI, HDFC Bank, and Axis Bank.
Xoom also offers 24/7 protection and fraud checks. This makes it a great choice for secure and reliable international transfers.
How Xoom Money Transfer Works
Xoom makes sending money easy and safe. It works with both regular users and banks. You can start transfers on the Xoom app or website.
There are many ways to send money, like direct bank deposits or cash pickups. This makes sending money flexible and convenient.
You can use bank accounts, PayPal, or cards to fund transfers. This makes using the Xoom app easy and efficient. Transfers are usually quick, but sometimes take longer.
Xoom offers good rates and clear pricing. In 2017, they made big transfers cheaper. This shows their commitment to helping users.
In 2015, Xoom faced tough competition from new players. By 2022, Wise had become a big rival. Yet, Xoom is a solid choice for fast and secure transfers.
Xoom also protects your money 24/7. This is great for those who want to trust their financial info.
If you’re looking for other options, check out this essential guide. But Xoom’s features and security are hard to beat.
Xoom offers a lot, like quick mobile phone reloads. You don’t need a PayPal or Xoom account to send money. Its wide network for cash pickups and bank transfers makes it a top choice for sending money abroad.
Guide to Sending Money to India with Xoom
To send money to India with Xoom, start by creating an account with PayPal or logging in if you already have one. After logging in, follow these easy steps:
- Select India as the destination country.
- Enter the amount of money to be sent.
- Choose a payout method: bank deposit, cash pickup, or direct to a bank account using UPI ID.
- Review total costs inclusive of transaction fees and currency conversion rates for transparency.
Xoom ensures safe money transfers to India, with funds available in minutes at places like Muthoot Finance and Manappuram Finance. This makes it perfect for urgent needs.
It’s important to know the costs involved. Xoom charges a 5% transfer fee plus a fixed currency fee. This might be more than services like Wise, which charges $6.42 per transfer and is faster. For more on Xoom vs. Wise, see this guide. Always check all costs before deciding.
For a detailed look at sending money internationally, including MoneyGram, banks, and services like Xe.com and Panda Remit, check this guide. Each service has its own pros and cons, affecting your choice based on your needs.
| Service | Transfer Fee | Speed | Daily Limit |
|---|---|---|---|
| Xoom | 5% + fixed fee | Within minutes | Up to $50,000 |
| Wise | $6.42 | 1-2 business days | Varies |
| MoneyGram | $1.99 | Next business day | $10,000 |
| Xe.com | $2.99 + 0.3% | 1 business day | Varies |
Advantages and Disadvantages of Using Xoom
When you evaluate Xoom as a money transfer service, it’s key to look at both sides. Xoom is known for its strong security. It works with over 140 countries’ financial institutions, making transactions fast and safe, often in minutes for cash pickups. Its easy-to-use interface also lets you send money easily, without needing a bank account for the recipient.
But, a Xoom money transfer review might show some downsides. Its fees can be high, depending on how you fund the transfer and the amount. For example, fees for card-funded transfers can be steep, and rates can change based on the currency and amount. This can be a big deal, as other services might charge less.
Also, Xoom’s strict security checks can slow down transactions. This might be a problem if you need to send money quickly. Plus, Xoom only handles personal money transfers, not business ones. This is different from PayPal, which offers more services. It’s smart to compare services to find the best one for you.
