WorldRemit vs Xoom

Which online money transfer service offers the best exchange rates, lowest fees and fastest transactions?

Last updated:

WorldRemit and Xoom both offer a convenient online transfer service, multiple payout methods and the ability to send funds to more than 100 countries around the world. But is one better than the other?

To find out, we’re comparing WorldRemit and Xoom on the basis of exchange rates, transaction fees and transfer times. Keep reading to learn who comes out on top.

The fees and rates used in this comparison are accurate as of 8 February 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 Within an hour CAD 3.99 0.756 USD
753
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Which has lower fees?

WorldRemit

You’ll be charged a fee when you send money overseas with WorldRemit, but the size of the fee is calculated based on:

  • Your transaction amount.
  • Where you’re sending money.
  • The transfer method you select.

Bank transfers are the most affordable option and attract a flat $3.99 fee per transaction in most cases. However, fees do vary depending on your transfer circumstances, so it’s a good idea to use WorldRemit’s online calculator to double-check the total cost of your transaction.

Xoom

Xoom also charges transaction fees but there are four factors that affect the fee amount:

  • How you pay for the transfer.
  • The transaction amount.
  • Where you send the money.
  • The currency being transferred.

If you send a large transfer and pay using your bank account, in some cases your transfer will be fee-free. For example, if you want to send a $1,000 transfer from the Canada to India, the following fees apply:

  • If sending a bank transfer: $0 if you pay with your bank account.
  • If you pay with a debit or credit card: $21.49

Trophy icon
Winner: Tie

While WorldRemit’s fees are often marginally lower, the fact that Xoom offers fee-free transfers on large transactions to certain destinations (when you pay with your bank account) means this one is a tie.

WorldRemit and Xoom both offer online calculators where you can work out the cost of a specific transfer, including not just the fee but also the exchange rate, so use these tools to help you decide which is cheaper.

Let’s crunch the numbers: Sending $200 and $1,000 to the Philippines

To give you a better idea of how Worldremit and Xoom stack up against one another, let’s take a look at a couple of examples. In this imaginary scenario, we’ll be sending funds from Canada to a bank account in the Philippines.

Sending CAD$200 to the Philippines
Worldremit Xoom
Transfer fee $6.99 $0
Cost of transaction $206.99 $200
Exchange rate 1 CAD = 38.99 PHP 1 CAD = 38.87 PHP
Transfer speed Economy: 3-5 business days

Express: Within minutes

Within minutes
Total Philippine pesos received PHP 7,798.00 PHP 7,773.20
Receiver gets PHP 24.80 ( < $1) PHP 24.80 ( < $1)
Sending CAD$1,000 to the Philippines
Worldremit Xoom
Transfer fee $6.99 $0
Cost of transaction $1,006.99 $1,000
Exchange rate 1 CAD = 38.99 PHP 1 CAD = 39.06 PHP
Transfer speed Within minutes Within minutes
Total Philippine pesos received PHP 38,992 PHP 39,060
Receiver gets PHP 68 less (around $1.75) PHP 68 more (around $1.75)

Which offers better exchange rates?

WorldRemit

The margin is the difference between the mid-market exchange rate listed on Google and the exchange rate a money transfer provider offers to you. The lower the margin, the closer your quote will be to the mid-market rate, the more money your recipient will get. WorldRemit’s margin differs across all currencies but typically sits in the 0.7-2% range. For example, if you wanted to send a transfer from Canada to France:

  • If the mid-market rate is 1 CAD = 0.670 EUR
  • WorldRemit’s rate might be 1 CAD = 0.663 EUR

Xoom

Xoom’s margins are generally within a similar range to those offered by WorldRemit. Using the same example:

  • If the mid-market rate is 1 CAD = 0.670 EUR
  • Xoom’s rate might be 1 CAD = 0.661 EUR

Trophy icon
Winner: Tie

It’s impossible to nominate a winner in this category. While Xoom edges ahead on rates for some currencies, WorldRemit offers a slightly better deal on others.

Which is faster?

WorldRemit

WorldRemit offers a variety of transfer options, so transaction times vary depending on the option you select. Instant bank transfers are available to selected banks, but you’ll need to wait 1-3 working days in other cases. Cash pick-up transfers are available to collect instantly, while WorldRemit lists mobile money and airtime transfers as “instant or near-instant”. Home delivery transactions can take anywhere between 1 and 7 days.

Xoom

Xoom’s transfer times vary depending on:

  • Where you send money.
  • The type of transfer you select.
  • Your payment method.

Xoom claims that the money you send is available for your recipient within minutes in most cases, but can take up to a few days.

Trophy icon
Winner: WorldRemit

With its wide range of speedy payment options, WorldRemit wins this category.

WorldRemit vs Xoom: How they work

Payment methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
WorldRemit
  • Bank transfer
  • Credit card
  • Debit card
  • Android Pay
  • Apple Pay
  • Minimum: $0
  • Maximum: $40,000
  • Bank transfer
  • Mobile wallet
  • Cash pick-up
  • Airtime top-up
  • Door-to-door delivery
Within an hour 145+ countries
Xoom
  • Bank transfer
  • Credit card
  • Debit card
  • USD$10 minimum
  • Maximum varies by country and account verification level
  • Bank transfer
  • Cash pick-up
  • Home delivery
Within minutes – a few days 130+ countries

WorldRemit

To send an overseas transfer with WorldRemit, you’ll need to sign up for a free account before entering the currency and amount you want to send. You’ll then be asked to enter your recipient’s details and what type of transfer you want to send: bank deposit, mobile wallet deposit, cash pick-up, airtime top-up or door-to-door delivery, as well as who you’ll be sending it to. Accepted payment methods include bank account transfer, credit card, debit card, Android Pay and Apple Pay.

Xoom

If you want to send a transfer with Xoom, and you’ve got a US or Canadian bank account, you’ll need to sign up for an account online or by downloading the Xoom app. When you initiate a transfer request you’ll be asked to provide:

  • The currency and amount you want to send.
  • Your recipient’s details.
  • How your recipient will access the money you send (Xoom offers bank deposits, cash pick-up transfers and home deliveries).

You can pay for your transaction using a credit card, debit card or bank transfer.

Bottom line

This was a very closely-fought battle and it was difficult to split the two contenders across all categories. WorldRemit comes out on top, but that doesn’t necessarily mean it will offer the best value for money for your transfer – exchange rates and fees vary based on a wide range of factors, so get a quote from both providers to be certain which one is right for your needs.

Ultimately, make sure you compare several international money transfer services to find the best deal.

Looking for more options?

Use the comparison calculator below to see how WorldRemit and Xoom’s fees, exchange rates and transfer times stack up against the features of a range of other money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.756 USD
7,563
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.756 USD
7,556
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.759 USD
7,525
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.756 USD
7,563
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.756 USD
7,561
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.756 USD
7,563
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You must be logged in to post a comment.

Go to site