How the money will be received (bank account deposit, mobile wallet, cash pickup etc.)<\/li><\/ul>There are some situations when transfer fees will be waived. For instance, when we checked, you could send $1,000 to India with zero fees when paying with your PayPal balance or by bank transfer.<\/p>
You can check fees, exchange rates and payment options for your transfer using the calculator feature on Xoom\u2019s website.<\/p>
Xoom exchange rate<\/h3>
Like most transfer services, Xoom makes money by charging transfer fees and by deducting a small fee worth a percentage of the midmarket exchange rate (this fee is often referred to as a \u201cmargin\u201d or \u201cspread\u201d).<\/p>
The midmarket rate<\/strong> is the value of one currency when converted to another currency. Think of it as the \u201ctrue\u201d exchange rate between 2 currencies before any fees or other deductions from banks or transfer services. The lower the margin applied by your transfer service, the higher the exchange rate and the more your recipient will receive.<\/p>Along with the markup, it should be noted that when paying with a credit or debit card, the fee you\u2019ll be charged will be proportional to the amount of money you\u2019re sending. So the more money you send, the higher the fee you\u2019ll have to pay. When we checked, sending $5,000 to India through Xoom and paying with a credit card will cost you $106.49 in fees.<\/p>Example: Using Xoom to send $500 from Canada around the globe<\/h4>
As of March 25, 2022, here are the exchange rates and transfer fees for sending $500 from Canada to bank accounts in various destination countries using Xoom.<\/p>
These were Xoom\u2019s exchange rates for sending $500 to various countries when we check on March 26, 2022. Bear in mind that exchange rates change all the time, so the rate you will get could be different.<\/p>
| India<\/td> | INR<\/td> | 61.1190<\/td> | 60.4550<\/td> | 1.09%<\/td> | $0-$10.99<\/td><\/tr> |
| Philippines<\/td> | PHP<\/td> | 41.7742<\/td> | 40.7015<\/td> | 2.57%<\/td> | $0-$10.99<\/td><\/tr> |
| China<\/td> | CNY<\/td> | 5.1015<\/td> | 4.9354<\/td> | 3.26%<\/td> | $4.99-$10.99<\/td><\/tr> |
| United Kingdom<\/td> | GBP<\/td> | 0.6075<\/td> | 0.5945<\/td> | 2.14%<\/td> | $2.99-$10.99<\/td><\/tr> |
| Mexico<\/td> | MXN<\/td> | 16.0551<\/td> | 15.7130<\/td> | 2.13%<\/td> | $0-$10.99<\/td><\/tr> |
| European Union<\/td> | EUR<\/td> | 0.7307<\/td> | 0.7152<\/td> | 2.12%<\/td> | $2.99-$10.99<\/td><\/tr><\/tbody><\/table><\/div><\/article>Xoom money transfer: Step by step<\/h3>To send a Xoom money transfer, you need to create a free account. To do so, you\u2019ll need to enter basic details like your contact information. To qualify for higher transfer limits, you have to upload a scanned copy of valid government-issued ID such as a driver\u2019s license or passport and a recent bank statement. This is for security purposes.<\/p> Once you\u2019ve created an account, sending a Xoom money transfer is simple. Follow these steps:<\/p> - Login to Xoom with your Xoom or PayPal email and password. Select Send Money<\/strong>. You will also see options to reload mobile prepaid phones or pay bills.<\/li>
- Select your destination country, or select Change<\/strong> to choose a different country from the one that appears. Input the transfer amount (make sure the sending currency is correct). The exchange rate will appear. Select Show Xoom fees for this transaction<\/strong> to view payment methods and fees.<\/li>
- Choose a receiving option, then enter your recipient\u2019s information.<\/li>
- Enter your information (name, phone etc.)<\/li>
- Enter your payment information.<\/li>
- Review the details of your transfer. If everything looks correct, submit the transaction.<\/li><\/ol>
Xoom money transfer speed<\/h3>The biggest factors affecting the speed of your Xoom money transfer are the destination country and how funds are received.<\/p> Most transfers arrive within minutes<\/strong>, although some can take up to 4 business days<\/strong>. Sending money for cash pickup is often quicker than directly depositing funds into bank accounts.<\/p>Countries may have different transfer limits. This can affect your options including the speed of your transfer. For example, you can\u2019t send more than 50,000 INR for cash pickup to India. To send more, you\u2019ll have to transfer directly to a bank account, which may take longer.<\/p><\/div> Most transfers arrive within![\"Clock](\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2018\/09\/imt-transfer-speed-icon.png\") <\/p> Minutes<\/strong><\/p><\/div><\/div><\/article><\/div><\/div>What currencies can you send with Xoom?<\/h3>Xoom supports transfers to more than 160 countries and territories worldwide. Some of the popular currencies that Xoom supports include:<\/p> - Philippine peso (PHP)<\/li>
- Indian rupee (INR)<\/li>
- Chinese renminbi (CNY)<\/li>
- Hong Kong dollar (HKD)<\/li><\/ul><\/div>
- Bangladeshi taka (BDT)<\/li>
- Vietnamese dong (VND)<\/li>
- Singapore dollar (SGD)<\/li>
- Euro (EUR)<\/li><\/ul><\/div>
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