Posted on: August 20, 2022 Posted by: Anurag Comments: 0
What Is Xoom?

Xoom is a web based cash switch service that allows you to ship funds throughout the U.S. and to nations around the globe shortly, simply, and affordably.

It’s also possible to use Xoom to pay the payments of household and pals who dwell overseas. What’s extra, Xoom offers the means to reload pay as you go cell phones situated internationally.

All this may be executed conveniently and at any time utilizing your smartphone, pill, or pc.

Acquired by PayPal in 2015, this worldwide cash switch service is headquartered in San Francisco. It presently has over 160 switch vacation spot nations together with Italy, Germany, France, Australia, the Philippines, India, Canada, the UK, Mexico, Argentina, and Brazil.  

Table of Contents

Key Takeaways

  • Xoom is a web based cash switch service and subsidiary of PayPal.
  • Use Xoom to ship cash to household and pals in over 160 nations.
  • You can also make transfers utilizing the Xoom app on a cellphone or at its web site.
  • You may fund your worldwide transfers with a checking account, PayPal stability, debit card, or bank card.
  • Charges for worldwide transfers depend upon the funding methodology, switch quantity, vacation spot nation, methodology of supply, and during which forex they’re delivered.

How Does Xoom Work?

Xoom companions with corporations around the globe to make protected, safe, and inexpensive worldwide cash transfers.

Relying on the nation to which you ship cash, the funds could be delivered by hand, picked up, or deposited immediately right into a checking account. They can be added to debit playing cards (in eligible markets).

You may fund and pay on your cash transfers utilizing a checking account, a PayPal account, a debit card, or a bank card.

The transaction payment you pay will range relying on the vacation spot nation, the forex trade charge, the sum of money that you just’re transferring, and your funding supply.

How A lot Can Be Despatched?

The quantities which you can ship additionally range in keeping with sure components, resembling the best way the cash is dealt with on the receiving finish, e.g., direct deposit to a checking account or a money pickup.

Usually, the minimal switch quantity is $10. In a 24-hour interval, the utmost switch quantity is $2,999. In a 30-day interval, it is $6,000. In a 180-day interval, the utmost switch quantity which you can ship is $9,999.

How Does a Switch Work?

  1. Join a free account or log in together with your PayPal account, in case you have one.
  2. Within the My Account tab, choose the nation to which you are sending funds.
  3. Enter the quantity.
  4. Choose how the cash needs to be paid out (money pickup, direct deposit to a financial institution, supply to a particular location).
  5. Select your funding/fee possibility: PayPal stability, checking account, debit card, or bank card.
  6. Enter the knowledge requested on your recipient.
  7. Pay on your Xoom cash switch.

Whereas most Xoom cash transfers arrive and can be found inside minutes, some can take a number of days, typically as a result of totally different monetary intermediaries concerned. You may get updates on your cash switch’s standing by e-mail and textual content. For those who desire, you too can test in your cash switch on the Observe Transactions web page on Xoom’s web site.

The place cash switch service suppliers are involved, you will have decisions. As an illustration, though Xoom is owned by PayPal, PayPal additionally gives on-line transfers. So does MoneyGram. All have totally different charges.

How A lot Does a Xoom Cash Switch Price?

Xoom’s cash switch transaction charges rely in your nation, the nation to which you are transferring cash, your funding supply, the payout forex, and the switch quantity.

You’ll pay the bottom charges for those who switch cash utilizing your PayPal account stability or a U.S. checking account. Nevertheless, a financial institution account-funded transaction can take a number of days as a result of it is a extra advanced transaction involving totally different monetary establishments.

For those who pay with a credit score or debit card, the charges are larger (however transaction processing is quicker).

Xoom gives an trade charge and payment calculator to assist clients decide the overall value of the switch in addition to the quantity their recipient will obtain (based mostly on forex trade charges).

Let’s say you need to ship $500 to a buddy in India. In response to Xoom’s calculator, it could value you $4.99 to ship the cash out of your PayPal or checking account for deposit right into a checking account in India. Alternatively, for those who needed to pay with a credit score or debit card, you’d pay $15.49.

Along with that transaction payment, Xoom will cost a forex conversion payment. This may range in keeping with the present trade charge associated to the vacation spot nation and the markup that Xoom applies.

The charges are decrease for some nations. For instance, for those who needed to ship $500 to a member of the family in Chad, it could value you a complete of $2.99, whether or not you paid with a credit score/debit card or immediately out of your account.

Xoom vs. PayPal

What is the distinction between the cash switch companies every of those corporations gives?

With PayPal, you may ship funds to household and pals throughout the U.S. and get funds from enterprise clients. PayPal would not supply a global cash switch possibility. Nevertheless, it would not must as a result of its subsidiary Xoom can be utilized for that. There is no transaction payment once you ship cash overseas with Xoom utilizing your PayPal account stability because the funding supply.

Xoom has a strong standing, because of its reliability, service assure, and relationship with PayPal. In contrast to PayPal, Xoom permits you to switch funds throughout the US in addition to internationally.

As well as, somebody who receives a cash switch by way of Xoom would not must have a Xoom account. With PayPal, they do.

Xoom would not supply enterprise cash transfers whereas PayPal has facilitated them for years.

Xoom was the sufferer of a large fraud scheme. In January 2015, the corporate introduced that $30.8 million was fraudulently transferred to abroad accounts via worker impersonation and fraudulent requests focusing on its finance division. No buyer cash transfers had been affected immediately. Since then, Xoom was acquired by PayPal. This new relationship improved its safety and it has reported no new fraudulent actions.

Benefits and Disadvantages


Xoom’s value for worldwide cash transfers is larger than some companies and decrease than others. It may be fee-free for those who use a PayPal account stability to fund your switch.

In response to Xoom’s web site, its switch service can also be extraordinarily safe. Xoom says it makes use of a 128-bit knowledge safety encryption to guard all info despatched between the client’s net browser and its web site.

The corporate is licensed and accredited by third-party privateness organizations and controlled by each state and federal U.S. authorities businesses.

Xoom additionally gives a money-back assure. If for any cause your cash is just not obtained by your recipient, it should refund your transaction in full.


Some critics complain that Xoom typically performs it too protected, leading to additional problem for the client and prolonged processing occasions.

The service has obtained quite a few complaints on the Client Affairs web site. For instance, some clients have reported that their cash was held for too lengthy, or that Xoom’s brokers requested too many unrelated questions. Some posts talked about that Xoom requested an excessive amount of extra proof or info, resembling financial institution statements.

After all, taking these extra measures (and refusing to simply accept money as a funding supply) assist forestall money-laundering schemes and terrorism financing.

Xoom Execs and Cons

Execs  Cons
Number of supply choices Transaction payment can run excessive
Switch to over 160 nations Change charge markup boosts value
Quick transfers typically in minutes Complaints about stringent necessities
Good customer support
Straightforward-to-use app and web site

What Is Xoom?

Xoom is a web based cash switch service that enables clients to switch cash throughout the U.S. and to worldwide locations. Utilizing Xoom, clients also can pay sure payments in numerous totally different nations. They’ll additionally reload pay as you go cell phones.

Is My Cash Protected With Xoom?

In response to Xoom, it really works with “trusted banks, money pickup places, and residential supply companies to assist guarantee safe cash transfers. We additionally encrypt fee knowledge to safeguard your monetary info, in addition to adjust to nationwide and native legal guidelines and rules to guard in opposition to fraudulent transactions.”

Does Xoom Cost a Payment for Worldwide Cash Transfers?

Sure. The transaction payment relies on the nation the place your funds are going, how a lot you are sending, what the funding supply is (a checking account, a PapPal account, a bank card, or a debit card), and the way the recipient will get hold of the cash. There may even be a value related to the forex conversion.

The Backside Line

For patrons seeking to ship cash to family and friends throughout the globe, Xoom could be an inexpensive different to different worldwide cash switch companies. The corporate additionally assures buyer security and gives a money-back assure.

Leave a Comment