Why xoom is so expensive

We will uncover these now! These transfer fees are quite variable and relate mostly to how you fund your transfer and the payout method.

Xoom has an impressive range of ways to fund transfers as well as the way in which the transfers can be received. Their fee calculator opens a new tab — select your country does a pretty good job of focusing on fees attached to these. After clicking on the link above, start by simply selecting the country where you want to send the money to.

As you will see when you visit Xoom, you could be forgiven for thinking that their transfer fee is the only fee they charge. As with most money transfer companies, the exchange rate they give you is not always the best exchange rate. Typically they add a mark up to the rate which is an additional cost you should take into account. Luckily there are some alternative providers who focus on transparency and making international transfers as cheap as possible.

For example, one of the leaders in the market are Wise formerly TransferWise. They always convert money at the mid-market rate ie. They then charge just one, low transparent fee for your currency conversion which can make them a much cheaper alternative. See the Xoom Alternatives section below for more information. Other fees to consider involve the banks at each end of the transaction. In some instances they can charge their own fees.

This can differ based on the way that you decide to fund your transfer or the method in which you want your transfer paid out eg. These fees can be minimised or eliminated by Xoom but it is unclear to what extent Xoom has done this. Also consider other fees which may be indicated when using the fee calculator opens a new tab. Setting up your Xoom account for transfers, mobile top ups, and bill payments is pretty straight forward.

Make sure you double check this information before hitting send or contact Xoom ASAP if you think money was transferred to the wrong utility account. However transfers funded by bank accounts and sent to bank accounts usually take days which is normal and most of this time is taken up by the banks at either end.

The great thing about Xoom is they keep you updated with regular text messages and email notifications about the status of your transfer. Xoom is rated 4. Users loved the prompt service and the easy-to-use online and app UI. Xoom does have a complicated fee structure and the markup on the exchange rate makes it a relatively expensive service compared to leading competitors below. Xoom tries to process your transfers as soon as possible, and the hold up is generally caused by their transfer partners cash pick up points, home delivery services, or local banks.

Money can be received via MoneyGram through a direct online bank account or debit card deposit or picked up in cash at a MoneyGram location. When using a money transfer platform, transaction fees vary greatly depending on how you are sending the money, where you're sending it, and how it will be received. Online platforms aren't the only way to transfer money, however: if these fees are too expensive for you, check out some other low-cost ways to transfer money. Accessed Jan.

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PayPal Merchant Fees. Comparing Fees in the 3 Online Platforms. The Bottom Line. Key Takeaways PayPal, MoneyGram, and Xoom are the three leading money transfer services that can be used to send money to recipients in the United States and overseas. PayPal does not charge a fee if both sender and recipient have a PayPal account and the funds do not come from a debit card, credit card, or PayPal credit. Online platforms aren't the only way to transfer money and you can turn to other more affordable options.

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You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. Xoom Money Transfers is designed to send your money where it needs to be, fast. What it does offer next to pace is flexibility in payment methods and a long list of supported currencies. Xoom rating: 4.

Xoom has anchored itself in the US, Canada, Europe and the UK and as such, you can only send money from these 4 major currencies :. Where Xoom really excels is in its range of countries you can send money to and how you want your money to be received. With over locations to send money abroad, this almost unrivalled range is one of the key features that draw customers to Xoom. In the tables below, you can see all of the other countries you can send money to using both bank transfer and cash pickup, or cash pickup only or bank transfer only.

If you want to send money to the Dominican Republic , Philippines or Vietnam you have the most flexible options. You can send money to a bank, send cash for pick-up and you can also use Xoom's home delivery service. In some cases, additional sending limits may be placed by Xoom partners - this will be shown when you model your payments online or in the Xoom app. Here are the limits you need to know about based on your account level.

Xoom is a digital money transfer service that was founded in and acquired by PayPal in Crowning flexibility and speed as its key attributes, Xoom allows customers to send money to over countries around the world within minutes to a few days. Xoom also offers a wide range of payment and delivery options. It allows you to send money from your PayPal account, bank account, debit card or credit card.

The recipient can also collect the funds via bank transfer or, for some countries, a cash pickup or home delivery. On top of this, Xoom gives you an option to top up mobile phones and pay bills directly. All of this has made them into an incredibly popular way for people globally to transfer money to family and friends.

While they are cheaper than using your local bank, Xoom can be a more expensive option than other online money transfer services. Xoom is very safe and secure. It partners with other banks and retailers to deliver flexible payment methods across the world, such as Bank of America, Citibank and HSBC.

For more information click here. For cash pickups, Xoom has taken on companies such as Western Union who also offer this service. Western Union is hugely popular because of how established it is and their huge global network. Xoom offers the same flexibility and speed for a money transfer.

The only real difference is the price.