Alternatives To Xoom Money Transfer
What Better Options Might There Be Than Xoom?
Xoom Money Transfers was founded back in 2001, and since 2015 is now an international money transfer service operated by PayPal.
The company is only offered to US or Canadian residents at this stage, but is a popular transfer method for USD to INR and Canadian Dollars to Indian Rupees.
Xoom offers quick transfers and a handy app for transfer funds. Fees for using debit or credit cards can be fairly high though, and the foreign exchange rates that are offered can sometimes not be the best.
We’ve put together a list of Xoom alternatives and competitors that could be suitable to your needs.
Some Of The Best Alternatives To Xoom, And Why...
TransferWise & The Borderless Account
TransferWise is one of the biggest names in FX transfers at the moment, and you can now register an account in many more countries than just the US and Canada.
In most bank to bank transfers, TransferWise will charge you a small transfer fee, plus 0.5% of your total transfer amount. This makes TransferWise a great alternative to Xoom when sending small or even larger volumes of money overseas.
TransferWise also offers currency accounts which they call the Borderless Account, which allows you to hold and receive different currencies in the one place.
WorldFirst With Personal Service & Business Products
If you’re doing business overseas, or need more personal service, then WorldFirst could be a great option for you. WorldFirst will allocate you a personal account manager when you sign up for an account. This means that if you have any questions about your trades, or if you want insights into the FX market, then you can always pick up the phone and easily speak to someone.
Businesses and online sellers also have access to the WorldFirst World Account, which works similarly to the TransferWise Borderless account in that you can receive and hold money in different currencies. This isn’t available on personal accounts at this stage though.
WorldFirst doesn’t charge any fees and will set your FX rate depending on your personal circumstances.
WorldRemit With It's Vast Country List & Free Coupon
WorldRemit is another low-cost provider, who specializes in sending currency to and from countries that some other providers prefer not to deal with. If you’re sending USD to INR, or sending money to countries Africa or the Philippines, then WorldRemit could be a good option for you.
They do have lower maximum transfer amounts than some companies, but if you’re remitting money home to family, or sending money to friends overseas, then WorldRemit’s volume thresholds should usually be fine.
If you use the promo code “FREE” when you go to make your first transfer, then you won’t receive any fees on that transfer!
So How Do You Choose?
In the end, your decision should come down to your personal circumstances, and how you want to use your international money transfer service. Sometimes the cheapest option will be the best for you, but often you might have other needs such as the speed of transfer, personal service, forward contract, etc.
It’s always a good idea to shop around and make sure that you’re finding the right FX provider to match your needs.
We’ve put together a handy guide for helping to choose the right money transfer provider. You can check it out here: How To Choose The Best International Money Transfer Provider.