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Owned and operated by PayPal, this service is designed to add ease to sending money internationally and domestically. Xoom partners with financial institutions across the world to provide easy access to cash transfers. Locations range from North America to Asia, South America to Africa. Xoom started as a simple cash management application in 2001 and had continued to add options for those looking to send and receive money.
According to the Xoom website, there are three main ways to send money. The method depends on which approach you are taking. It also depends on the technology and resources to which the sender and recipient have access. The options include:
Need cash now? Check out how you can transfer money from your credit card to your bank account.
One of the reasons for Xoom’s popularity is the different methods of transfers available. While PayPal is not available in all countries, Xoom extends that reach. You can approach transfers in several ways.
You can use Xoom to transfer funds directly into a recipient’s bank account, provided you have the necessary information relating to their banking credentials. The company uses several security measures to protect financial information.
By using the PayPal application, you can send a Xoom transfer to anyone who also has the PayPal app. In many ways, this works just like a bank transfer where the funds get transferred from one account to another. Once the funds show up on the app, the recipient can then transfer them to a bank account or use the money via their PayPal account.
A unique approach, Xoom partners with financial institutions across the world. You can send a transfer from one country and have it either picked up or delivered to the doorstep of the recipient. This relies on their country (and region) having access to Xoom services.
Want more information on cash pick-ups? Check out how to get a cash pick-up with a money transfer.
You must have a PayPal account to complete the process. To set one up, and have it eligible for bank transfers, you need proof of identity and your banking information. For those receiving money, the same standards apply.
The process is fairly straightforward. Provided your region can use Xoom, you simply create an online account. It can take a couple of days for the verification process to complete. If you are using in-person methods, you will need to prove your identity. You will receive paperwork to complete where you detail the information on the recipient. From there, you can track the sent money up until it is received. Xoom insures the transfer; and, if it isn’t received, offers full refunds.
This is the most straightforward way to send money. It requires both parties to have a PayPal acc. Once in the app, you choose how much to send and the PayPal address where Xoom can send the money. It is the most efficient method since the site relies on its own infrastructure to work.
In the same way as a bank deposit, you must provide information on the recipient, including the location for pick-up (or delivery). Because this transfer type deals with cash-handling, it takes more time than the strictly digital approaches.
Made a mistake on an e-transfer? Check out if you can cancel an e-transfer after it’s been deposited.
You can pay in one of three ways:
The specifics depend on the country in which you live. For Canada, the details are as follows:
Transferable Amounts | Transfer Limit: $10,000 |
Transfer Channels | – Application- Website- In-Person Transfer |
Types of Transfers | – Bank deposit- Cash pick-up |
Payment Options | – Visa- Debit- Bank Account |
Service Coverage | 130 countries |
Bank deposit | 2 – 3 business days (if sent before 4:00 p.m. Pacific Time) |
App | 2 – 3 business days (if sent before 4:00 p.m. Pacific Time) |
Cash pick-up | Almost immediately, though speed depends on the recipient being present. |
The fee to send money depends on several factors. These include your method of payment, currency type, and the size of the transaction. It also depends on the country the recipient lives in. There is a well-established Fee Calculator to ensure that there are no surprises.
This company is highly credible, especially considering that they are backed by the repute of PayPal. It is well-reviewed and uses a detailed verification process to limit risk. The site is thoroughly encrypted and offers a safe way to make transfers. Additionally, Xoom offers a refund on transfers if they are not received (a situation which is uncommon). Since Xoom deals with trusted financial institutions across the world, the business adds another level of security. Plus, as a financial company, its practices are regulated by government bodies to prevent the risk of fraud.
For the good, the bad, and the ugly of Canadian banking fees, check this out.
When choosing a money transfer service, it’s important to weigh the pros and cons and make your decision based on your unique needs.
Do you know what a wire transfer is? Check out this article to learn more.
There are a lot of benefits to using Xoom for both domestic and international transfers. It makes sending money between your bank accounts, to family, and to those with whom you do business very simple. By including multiple security features and high-level encryptions, your funds and information stay safe.
The company enables you to send both small and large payments in a reasonably cost-effective way. Plus, with a money-back guarantee and a well-reputed company backing their interests, it is one of the most trusted money transfer approaches currently on the market.
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