Xoom money transfer review: Fees, limits and more | Finder

Xoom is an external money transportation service that sits under the PayPal umbrella. If you already use PayPal, Xoom is a commodious next step. Although the fees and change rates are worse than many competitors, the convenience of sending money from your PayPal balance may be worth it for some users. It provides PayPal account holders with easy and convenient ways to send money overseas, including bank transfers, cash cartridge options and even door to door rescue. Added to this, Xoom has a money-back guarantee if your money doesn ’ t reach its address .

Why should I consider Xoom?

  • Money-back guarantee. Xoom offers a money-back guarantee to refund your transaction in full if the money you send doesn’t arrive at your recipient.
  • Multiple transfer options. You can choose between sending funds via a bank transfer, sending cash for pickup or having cash delivered directly to your recipient’s door.
  • Transfer tracking. You’ll receive a text message when your money arrives. Xoom will also email you and your recipient to keep you both informed of the transfer’s progress. You can also log into your account to track your transaction, or call customers service and receive an update from a live representative.
  • 24/7 support. Phone and email support is available 24 hours a day, seven days a week if you need help with a transaction.

What to be aware of

  • Requires government-issued ID. You’ll need to upload a government-issued ID, like a license or passport, and a recent bank statement to send money for the first time.
  • Transfer limits. Xoom has limits in place for how much you can send. It operates on three different levels, with customers required to provide additional information if they want to send larger amounts.
  • Exchange rate markup and fees. Xoom adds markup on the mid-market rate and charges additional fees.

How much are Xoom’s fees?

Xoom ’ sulfur fees depend on what type of transfer you are making and how you plan to pay for your transfer. here ’ s a roundup of some of the factors that could impact how much you have to pay :

  • Payment. Paying by bank transfer is the cheapest option while paying by credit card will have higher fees. Additional cash advance fees may also be charged to your credit card.
  • Recipient’s location. Where you are sending funds will also affect the fees you are charged.
  • Amount. Different fees are charged based on how much you’re sending.
  • Delivery. To send cash, fees are generally higher, while receiving money to a bank account is often less expensive.

here ’ s an exercise of Xoom fees you might see while sending $ 1,000 to Mexico or India, accurate of as March 1, 2022 .

Destination Payment method Fee
Mexico PayPal balance or bank account $0
Mexico Credit or debit card $3.99
India PayPal balance or bank account $0
India Credit or debit card $30.49

You can use Xoom ’ s Fees and Exchange Rate Calculator to see the fees that apply to your remove destination and total.

How are Xoom’s exchange rates?

The change rate offered by Xoom may change depending on the sum of money you ’ rhenium mail. here are the rates when we checked on March 1, 2022 for sending USD to INR through Xoom :

Sending amount Xoom rate Mid-market rate Markup
$10 – $50 73.4456 75.59 2.92%
$51 – $1,989 74.1940 75.59 1.88%
$1,990 – $1,999 74.2701 75.59 1.78%
$2,000 – $9,999 74.6432 75.59 1.27%
$10,000+ 74.8678 75.59 0.96%

As we have done above, it is best to compare the display rate on Xoom with the stream mid-market rate to work out the size of the allowance charged. You can besides then use the interbank pace as a benchmark for comparing rates of other money transfer providers .

What are the ways I can send money abroad with Xoom?

Xoom has three ways you can send money abroad, including cash pickup options which means your beneficiary could receive their funds about instantaneously .

  • Bank deposit. You can send money to bank accounts in more than 150 countries and territories worldwide.
  • Cash pickup. Send your funds as a cash pickup at thousands of partner locations around the world.
  • Doorstep delivery. Xoom also allows you to have cash delivered directly to your recipient’s door.

How to send money transfer with Xoom

Before you can send funds with Xoom, you must register for a free account with your personal contact information. While you don ’ t need to enter a Social Security number at sign-up, Xoom does require you to upload a government-issued ID, like a license or recommendation, and a holocene bank instruction if you want to send higher amounts .

  • It is rid to sign up for a Xoom report. You can do this either on-line or via its app.

  • Choose the country you are sending to, enter the sum you want to send and choose your requital method .

  • The next measure is to enter your recipient ’ sulfur data, including wide name, address and bank score details .

  • Verify all the details of the transplant and consider comparing the rate against other money transmit companies .

  • If you are satisfied with the pace, then confirm the remove to send the money .

What are Xoom’s payment options?

Xoom transfers can be paid for in a few unlike ways when sending from the United States, including :

  • Bank account transfer
  • Credit or debit card
  • PayPal balance

Each payment method acting may have different fees depending on your sending destination, but overall paying with a bank explanation or PayPal poise tends to be the cheapest option .

source : https://www.peterswar.net
Category : Finance

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