Xoom, a subsidiary of PayPal, allows you to send money internationally and have the money put straight into the recipient’s bank account
More than 70 countries benefit from their doorstep delivery and cash collection services.
In order to arrange transfers, you can use either their website or the Xoom money transfer app.
In addition to the pros and cons of using Xoom, you’ll find out how to withdraw funds, how much it will cost you, and whether or not Wise is a better alternative for you.
An Overview Of Xoom
Consumers in the United States and Canada can use Xoom Corporation (also known as Xoom, a PayPal Service) to send money, pay bills, and refill mobile phones in 131 different countries through Xoom’s services.
Xoom Corporation is a company that started in 2001 and has its headquarters in the San Francisco area of California.
According to a report published in June 2010 by the Inter-American Dialogue, out of a total of 79 remittance service providers surveyed, Xoom received some of the top marks for customer satisfaction.
Xoom was recognized as one of the 50 most promising venture-backed startups on the “Wall Street Journal’s” annual “Next Big Thing List” in both March 2011 and September 2012.
In a follow-up poll conducted in October 2012, the Inter-American Dialogue ranked Xoom first for fees charged and countries served among 51 remittance service providers serving the US to Latin American market.
Login Instructions For Xoom.
How Does Xoom Works?
If you already have a PayPal account, you can use Xoom to send and receive money without creating a new account.
You can use Xoom wherever you have access to PayPal or the Xoom website or app.
If you have access to your account online, you can make a payment by clicking the appropriate link. Giving the recipient’s name and bank account details are required for a direct transfer.
After confirming that the fees and exchange rate are acceptable, you may proceed with the transaction.
Make sure your chosen mode of payment is still acceptable. You can fund your Xoom account with the funds from your linked bank account, credit card, debit card, PayPal balance, or any of the other payment methods accepted by PayPal.
You may find out exactly when your payment is accepted by using a tracking app or visiting the website.
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Exactly How Does Xoom Cash Pickup Function?
Depending on the country you are sending money to, the recipient may have the option of picking up cash from a local agency.
When arranging payment, you’ll need to use the full name of the beneficiary as it appears on their government-issued identification.
If you send money through Xoom, the recipient can pick an agent near them and then simply present their ID to get their money.
Where Is Xoom Available?
Over 150 countries are supported by Xoom for international money transfers. Some of the places you can send money from being on this list.
- Australia
- Canada
- China
- France
- Germany
- Hong Kong
- India
- Ireland
- Italy
- Japan
- Mexico
- New Zealand
- Singapore
- South Africa
- United Kingdom
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Critique Of Xoom Money Transfer
With Xoom, you may send money to over 140 different countries and choose from a variety of different options. Airtime top-ups, cash pickups, and deposits into bank accounts are all examples.
Therefore, not all countries provide access to all services. If you want to make sure you’re receiving the greatest deal possible, you should look around before settling on Xoom.
Information About Xoom’s Transaction Fees And Daily Transfer Caps
Transaction Fees Charged by Xoom Are Determined by The Following Factors:
- The Nature of the Transaction
- The means of payment and the currency used
- Amount of the Transaction
- Where the money is going determines which currency the other party will receive.
Transfers paid for with credit cards may incur additional fees, so be aware of this possibility. You can review the applicable fees and exchange rates for your Xoom payment before committing to the transaction.
Further, the daily, monthly, and 180-day limits on your ability to send money using Xoom are all determined by your account type and the payment method you employ. All four are American citizens:
Bank Deposit Maximums
| ACCOUNT LEVEL | DAILY LIMIT | MONTHLY LIMIT | 6 MONTH LIMIT |
|---|---|---|---|
| 1 | 2,999 USD | 6,000 USD | 9,999 USD |
| 2 | 10,000 USD | 20,000 USD | 30,000 USD |
| 3 | 50,000 USD | 60,000 USD | 100,000 USD |
Cash Pickup Maximums
| ACCOUNT LEVEL | DAILY LIMIT | MONTHLY LIMIT | 6 MONTH LIMIT |
|---|---|---|---|
| 1 | 2,999 USD | 6,000 USD | 9,999 USD |
| 2 | 10,000 USD | 20,000 USD | 30,000 USD |
| 3 | 10,000 USD | 20,000 USD | 50,000 USD |
Time Required for Money Transfer via Xoom
According to Xoom, money is usually received within minutes. However, certain transactions may take several days to complete due to factors such as the type of payment, the eventual destination, and the verification procedures.
The Xoom website and companion mobile app both provide real-time access to your funds.
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Should I Use Xoom Without Worry?
Yes. Xoom is a subsidiary of PayPal, a major international money transfer company.
PayPal and Xoom are digital technology companies, therefore they use state-of-the-art security measures to keep your money safe. Besides the United States, PayPal enjoys a legal and regulatory status in a number of other nations as well.
| WAYS TO SEND MONEY | WAYS TO RECEIVE MONEY |
|---|---|
| Send money online using your credit or debit card | Direct deposit into your recipient’s bank account |
| Send money online using a bank transfer | Have your recipient collect the payment in local cash from an agent near to them |
| Send money using your PayPal account | Home delivery service — available in some countries |
| Send money using any payment method linked to your PayPal account | Send money for airtime top-up — available in some countries |
Feedback From A Xoom Customer
Xoom’s support staff is trilingual, and they can speak English, Spanish, and Filipino with you if you call them.
If you want, you may also send an email with your question. There is a comprehensive Frequently Asked Questions (FAQ) section on the site that may cover all of your concerns.
For an up-to-date snapshot of customers’ opinions on Xoom, I highly recommend perusing their comments on Trustpilot.
Trustpilot compiles and analyses real customer feedback from all across the world to generate a dynamic rating.
The current Trustpilot rating for Xoom is 3.6 out of 5, which places it in the middle of the pack. See the source link below for further information.
Transferring funds internationally has never been simpler, but Xoom’s pricing might be confusing due to costs embedded in the currency conversion rate.
Before making a final decision, you need to figure out how much the move will actually cost you.
Compare the fees associated with utilizing Wise against those of Xoom to see if you can save money.