Compare Xoom Money Transfer exchange rate fees with our calculator.
What is Xoom Money Transfer?
Xoom is an international money transfer company which was established in 2001 in San Francisco. It was later acquired in July 2015 as a subsidiary of PayPal. Through the Xoom money transfer platform, customers can make transfers to their accounts using credit cards, debits cards, or bank accounts and their recipients can receive funds through the door to door deliveries, cash pick up, and direct deposits.
Xoom Services and Coverage
Xoom is one of the best money transfer service providers for sending money from Canada, the United States, the UK, Eurozone, and non- Euro Zone countries to more than 130 countries. Some of the countries you can send money to include: South Africa, Australia, Singapore, New Zealand, Mexico, Canada, Japan, China, Italy, France, Ireland, Germany, India, Hong Kong, and the United Kingdom.
How Xoom money transfer works
Before you start to make any payments, you will be required to sign up for your account with Xoom. You can either initiate your money transfer transactions through the Xoom website or app. To make a payment with Xoom, you must follow the process highlighted below.
- Start by connecting a mode of payment to your Xoom account, which can be a debit card, credit card or linked bank account
- Log into your Xoom account so that you can click on the make payment option. After that, you must provide the details of your recipient, including a bank account, especially if you wish to make a direct deposit.
- Confirm the exchange rate and fees available by using the online calculator provided before you make your payment.
- After that, you can monitor your payment through the website or app to confirm if it has been completed.
Xoom Money Transfer Speed
The time it takes for your recipient to receive funds depends on various factors such as:
- The amount you are sending
- The currencies and countries involved in your transfer
- The means of payment you use in your transfer
- The method that the recipient opts to use in receiving money
- The additional security checks required.
In many cases, recipients will receive funds immediately. However, when you make large transfers above $10,000, they tend to take longer to be processed.
Xoom Money Transfer Transaction Fees
The transaction fees charged by Xoom depend on the recipient’s country, type of transaction, the amount transferred, and mode of transfer. Xoom provides a transfer fee calculator so that customers can know the amount they will be charged for making transfers using this platform. However, making money transfer from your bank account ranges from 0 to $4.99. On the other hand, if you opt to use a debit or credit card to fund your transactions, the fees will increase as the amount transferred increases. For instance, if you transfer $1,000 to your account, you will be charged $24.99, but if you pay $10,000, you will be charged $75.99.
Xoom Money Transfer limits
Xoom provides three levels concerning the maximum transfer limits.
All customers start with level one, which has the following limits.
- $ 2,999 for every transaction and within 24 hours
- $6,000 for every 30 days
- $9,999 for every 180 days.
Level 2- customers must provide documents indicating their major source of income, social security number and occupation. Once they are verified, they will be entitled to the following limits
- $10,000 for every transaction and within 24 hours
- $15,000 for every 30 days
- $25,000 for every 180 days.
Level 3- customers will be required to provide a copy of their passport, last two bank statements, and the last two pay slips. Additionally, customers must reveal the details showing their relationships with the recipient and reasons for making money transfers to them. Once they are authorized, they will be entitled to the following limits
- $10,000 for every transaction under 24 hours
- $25,000 for every 30 days
- $60,000 for every 180 days.
Xoom Money Transfer Security and Regulation
Xoom is licensed in the US under strict rules such as the Check Cashing Registration Act, Currency Transmissions Act, Sale of Checks Act and Money Transmission Services Act. When it comes to the federal level, Xoom is licensed as a legal money transfer service provider by the Financial Crimes Enforcement Network.
Xoom takes the security of its customers seriously. As a result, Xoom uses a 128-bit data encryption mechanism, which makes sure that customer data and transactions are private and secured. Additionally, Xoom maintains physical and electronic servers protected by a high-grade firewall. Moreover, Xoom is certified by the Better Business Bureau and VeriSign Secure.
Xoom Money Transfer Advantages
- Offer 24/7 customer support through email and phone
- Xoom is highly affordable and competitive
- Secure and safe to use.
- The 100% money-back guaranteed offers peace of mind.
Xoom Money Transfer Disadvantages
- Xoom does not offer a live chat option. Therefore, you can either email or call to raise your issue with the Xoom customer support team
- Xoom does not cover all countries all over the world.
Will Xoom Money Transfers take off in Europe?
With its launch in Europe, a CompareTransfer integration is thinkable for the PayPal Service. At the CompareTransfer comparison, we can not support you yet in making your decision with Xoom Money Transfers. We are unable to integrate the API into our price comparison, to feature the live exchange rates of Xoom in comparison with over 10 alternative providers.
A missing CompareTransfer integration is among the biggest problems for Xoom Money Transfers.
Are the exchange rates and fees of Xoom to high?
There is a lack of information from the side of Xoom Money Transfers. For the review, it would be required to open the website of Xoom and compare the tariffs in our comparison.
It’s incredibly hard to get in touch base with the Xoom Marketing Team.
Over multiple years, we have tried to integrate Xoom and did not achieve a result. (The same goes with Western Union)