Xoom is a digital money transfer service that allows users to send money to friends and family in over 130 countries. The company has been in business since 2001 and is headquartered in San Francisco, California. Xoom is a subsidiary of PayPal. In this article, I’ll share an in-depth review of Xoom Money Transfer service.
Xoom Money Transfer: How it Works
Xoom offers two services:
An online money transfer service, where customers can send money to friends and family in 26 countries using a credit card or bank account.
With the online service, customers can send money from their bank account or credit card to a recipient’s bank account, cash pickup location, or mobile wallet.
With the mobile app, customers can send money from their phone or tablet to a recipient’s bank account, cash pickup location, or mobile wallet.
To use either service, customers must first create a free Xoom account. They will then need to enter the amount of money they want to send, the recipient’s information, and their payment method.
Once the transaction is complete, the money will be deposited into the recipient’s account within minutes.
Xoom Fees and Exchange Rates
Xoom charges a fee for each money transfer. The fee depends on the amount of money being sent, the country the money is being sent to, and the payment method used.
Xoom also charges an exchange rate fee. The exchange rate is the rate at which one currency is converted into another.
Xoom Money Transfer: Rates
Xoom Money Transfer offers an exchange rate of €1 = $1.12 when sending money from Europe to the US, which is a reasonable rate for international transfers (especially compared to bank rates).
Xoom Money Transfer: Fees
Fees for Xoom Money Transfer are calculated in percentage terms, with a minimum fee of €3.99 and a maximum fee of €89.99. For example, if you send €1,000 from Europe to the US, you’ll pay €10 in fees. However, the company will occasionally offer promotions in which they waive all transfer fees.
How much Time does Xoom Takes to Send Money
The time frame for Xoom Money Transfer to complete its international money transfers is similar to that of other companies, at around one to three business days. The exact time it takes will depend on the country you’re sending money to, as well as the specific service you’ve chosen.
Modes of payment on Xoom
Xoom Money Transfer lets you send money internationally using your credit or debit card, or via a bank account transfer. You can also send money from a PayPal account to a Xoom account.
If you want to send money from your phone or tablet, you can use the Xoom app or the Xoom Transfer app.
How good is Xoom Customer service
If you have any questions about using Xoom Money Transfer, you can contact customer service via phone, email, or online chat.
What are the Limits on Xoom Money Transfer
It is important to remember that Xoom only allows for a certain amount of money to be transferred at a time. These limits are higher than what is allowed by other money transfer services and in most cases, you will not have any issues transferring the amount of money you need.
However, these limits can be a problem if you need to transfer a large amount of money at once. For example, Xoom only allows you to send $2,999 per transaction if you are sending money from the United States to Mexico.
If you need to send more than this amount, you will have to split your transaction into multiple transfers. This can be a bit of a hassle, but it is still much easier than using a traditional bank transfer.
Fees are always a concern when it comes to money transfer services. However, Xoom has some of the lowest fees in the industry. In fact, Xoom is often one of the cheapest ways to send money internationally.
For example, the fee for sending $100 from the United States to Mexico is only $4.99. This is much cheaper than what you would pay with a traditional bank transfer.
Xoom also has no hidden fees.
Why Would Anyone Choose to Use Xoom for Sending Money?
Xoom is one of the most popular money transfer services available in the US. Xoom makes it easy for you to send money overseas to more than 130 countries. All you need is your recipient’s name, email address and bank account number and you can send them money in minutes. Xoom also offers a mobile app for iPhone and Android which makes it even easier to send money on the go.
How to Send Money with Xoom
Sending money with Xoom is simple. All you need is the recipient’s name, email address, and country.
Once you have that information, just log in to your account and enter the amount you want to send. Then, select your payment method and confirm your transaction.
Xoom offers a variety of payment methods, including bank account transfers, debit and credit cards, and PayPal.
Xoom also offers a mobile app for iOS and Android devices. The app makes it easy to send money on the go.
Xoom charges fees for sending money. The amount you pay depends on how you’re sending the money and where it’s going.
Xoom typically charges a flat fee for bank account transfers. For example, sending $1,000 to Mexico from a U.S. bank account costs $4.99.
If you’re using a debit or credit card to send money, Xoom charges a percentage of the transaction. For example, sending $1,000 to Mexico with a debit card costs $10.99.
Xoom also charges currency exchange fees. These fees vary depending on the currency you’re sending and receiving.
How to Receive Money with Xoom
1. Sign up for a free Xoom account using your email address, Facebook account, or Google account.
2. Enter the amount of money you want to receive and select your country.
3. Choose how you want to receive your money. You can either have it deposited into your bank account, picked up in cash at an agent location, or delivered to your home.
4. Enter your recipient’s information and choose how you want to pay for the transfer. You can use your bank account, debit card, or credit card.
5. Review the transaction and confirm the payment.
Is Xoom safe to send money?
Yes, Xoom is a safe and secure way to send money.
What are the rates for sending money with Xoom?
The rates for sending money with Xoom vary depending on the amount of money being sent and the country it is being sent to. For example, if you are sending $1000 to India, the fee would be $22.99 plus an exchange rate of 70.54 Indian Rupees to 1 US Dollar.
How much money can I send with Xoom?
You can send up to $2,999.99 in a single transaction with Xoom.
What are the different ways I can send money abroad with Xoom?
Xoom offers a variety of ways to send money abroad, including bank transfer, credit or debit card, and PayPal.
How do I send money with the Xoom Money Transfer app?
To send money with the Xoom Money Transfer app, you will need to create an account and add a funding source. Once you have done this, you can enter the amount of money you want to send, the recipient’s information, and a delivery method.
Remitly v/s Western Union v/s Xoom – Which is better?
Remitly is the better option when sending money internationally. It has lower fees than Western Union and Xoom, and also offers faster transfer speeds.
There is no clear winner between Remitly and Xoom. Both have their pros and cons, and it really depends on the individual needs of the sender. However, in general, Remitly tends to be slightly cheaper and faster than Xoom, while Xoom offers more flexibility in terms of payment methods and pickup locations.