The best alternative companies to Xoom for sending a money transfer
Pros
- Offers phone reloading and bill pay
- Fast transfers
- More than 14 years of experience
- Money-back guarantee if your transfer doesn’t work out
Cons
- Small international network compared with competition
Because Xoom is a Paypal product it comes with features such as phone reloading and billpay from the US. But if you’re looking for a currency or country that is not offered, you may need to find an alternative service. Read on to find options with wider networks.
1. OFX
OFX offers transfers and exchanges into 55 different currencies. If you’re a larger business looking to pay for exports or just need to transfer a larger sum to an account overseas, this service may be ideal.
Pros
- 24-hour customer support
- Available in 195 countries and 55 currencies
- Offers scheduled and recurring transfers
- iOS and Android apps available for mobile transfer and tracking
Cons
- No cash payment or pickup. OFX only delivers funds through bank deposit.
2. World First
World First is an online money transfer company founded in the UK in 2004. Since then, it’s transferred more than $56 billion worldwide, servicing over 75,000 customers regularly. Its wide array of services keeps people coming back transfer after transfer.
Pros
- Competitive exchange rates
- Offers spot contracts, forward contracts and hedging options
- Provides weekly updates on market exchange rates
- Rate lock available for continuing transactions
- High maximum transfer
- No fees for transfers of $10,000 or more
- Customer support available
Cons
- Minimum amount of $500
3. HIFX
HiFX is a service designed to help you transfer your funds to a bank in a foreign currency. If you’re working far from home, HiFX is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer your money to foreign companies in their currency, it’s especially ideal for business accounts.
Pros
- One of the most trusted money transfer names in the UK
- Competitive exchange rates save you money in the long run
- Quick turnaround means transfer is complete in 1 to 4 days
Cons
- Rate comparison tool not available until after you’ve registered with the site
4. TransferWise
TransferWise is a money transfer site designed to help you save money on exchanges through a peer-to-peer system. Its unique system allows you to exchange your funds with those of another seeking to convert their money to your currency. It’s basically trading money with another person, but it doesn’t cross borders.
Pros
- Maximum 1% fee
- $3 minimum fee
- Minimum transfer of $1
- Maximum transfer of $36,000,000
- Apps for both iOS and Android
- Uses mid-market exchange rate with no hidden fees
Cons
- Transfers to bank accounts. No cash pickup option.
5. World Remit
WorldRemit provides a variety of transfer options in more than 120 countries worldwide, including online, bank-to-bank and cash transfers. Fees vary by country you’re sending funds to and the global exchange rate at the time of your transfer. WorldRemit is ideal for small businesses, offering transfers from $1 to $2,000.
Pros
- Flexible payment options
- Easy three-step transfer process
- Transfers to mobile wallet accounts
- Cash pickup available
- Mobile airtime account transfers
Cons
- The higher your transfer, the greater the transfer fees
6. Travelex
Around since 1976, Travelex is an international money transfer service in 177 countries worldwide. Through its simple online process, you can transfer money to someone on the other side of the world within a couple of days. Its minimum transfer amount for overseas is $500, and it keeps you up to date on exchange rates, so you can know exactly how much money your recipients will receive in their accounts.
Pros
- Flat fee of $5 for any transaction under $5,000
- No fee for transfers of $5,000 or more
- Exchange to more than 45 different currencies
- Home delivery available
Cons
- Exchange rates not always the most competitive
- No cash payments or cash pickups allowed
7. TorFX
TorFX is a strict money exchange and transfer company that focuses on getting your funds where they need to go quickly. Unlike other services, it requires that funds to be cleared by individuals who hold TorFX accounts. The money must be sent in advance before the transaction can be performed. TorFX cares about its customers, with clarity and friendly service two of its highest priorities.
Pros
- Competitive exchange rates
- Free market news
- Fixed exchange rate protection
- Can save you 5% on bank exchange rates
- No bank charges or commissions
- Consult with currency experts
Cons
- Potential risks of exchange include market volatility
- Can only send between the United States and Australia
- Users report technical and administrative problems that delay transfers
8. Currencies Direct
Currencies Direct is an international money transfer service dedicated to helping its customers save more when transferring money internationally. With 39 currencies to choose from (and others that can be discussed with the company itself), it is more flexible than other money transfer services. So long as there’s a bank account available, Currencies Direct will transfer and exchange your funds at a low flat rate.
Pros
- No fees for 90% of its transactions
- Worldwide service
- Competitive exchange rates
- Low minimum transfer of $100
- Supports large transactions at a seemingly unlimited max
- Monitors exchange rates for your ideal transfer
Cons
- No cash pickup option
- Does not support all currencies (though you can contact them if yours isn’t listed)
9. Western Union
Around for more than 160 years, Western Union continues to make it easy for you to transfer money in the United States and overseas. In more than 200 countries and territories across the globe and with more than 500,000 agent locations worldwide, money pickups are a breeze.
Pros
- Low minimum transfer of $1
- Send money in minutes
- Transfer to a wide range of countries
- Competitive live exchange rates updated regularly
- Multiple transfer options
- Trusted provider
Cons
- Can be more expensive than other transfer companies
10. Ria
In business for more than 30 years, RIA is a global monetary transfer network with more than 240,000 agent locations in 130 countries. It is the third-largest international money transfer provider in the world. Offering a wide variety of payment options and transfer services, RIA knows how to keep its customers happy with a simple transfer process.
Pros
- Wide variety of transfer options
- Good rates and minimal fees
- Online price calculator simplifies money conversion
- Expert advice
Cons
- Maximum daily transfer cap of $2,999.99
11. Moneygram
The second-largest international money transfer service in the world, MoneyGram is a big contender for money transfer. Its services transfer and exchange currencies in over 200 countries and territories around the world to more than 350,000 agent locations worldwide. If you’re not confident about transferring money online, an employee can walk you through the process at of the 40,000 locations here in the States.
Pros
- Extensive global network of 350,000 agent locations
- Large pool of services available for sending, receiving or financing
- Secure and reliable
- Fast transfers, with same-day service in many locations
Cons
- Maximum online transfer amount of $2,999
- Fees vary depending on payment type and transfer destination
- Transfers must be made in US dollars from the US (no exchanges before transfer)
- Local exchange rates vary by transfer destination
12. Sharemoney
Sharemoney is a part of the Omnex group, a company that’s specialized in money transfers for over 25 years. Its constantly expanding service range and offer door-to-door and cash pickup options on top of the usual transfer techniques.
Pros
- Low transfer fees
- Exchange rate calculator helps you see just how much money you’ll get for your dollar
- Fast and easy service
- Door-to-door delivery in as short as 48 hours
- Discounts available on Facebook
Cons
- Doesn’t transfer to every country
- Exact location must be specified for cash pickup
- Daily transfer limits of $9,999
13. Walmart
Known for its retailing business, Walmart offers money transfer services to over 190 countries thanks to a partnership with MoneyGram. Funds can be picked up at any Walmart in the US or Puerto Rico or sent to any one of MoneyGram’s 336,000 agents around the world.
Pros
- Widespread network of agents gets your money where it needs to go
- Transfer to more than 190 countries
- Efficient transfers in as little as 10 minutes
Cons
- Cash pickups only
14. Currency Online
Founded in 1986, Currency Online was one of the first to offer online money transfer services. HiFX became its parent company in 2008, and it continues to offer low competitive rates by cutting the usual banking fees out of the picture.
Pros
- Exchanges more than 25 different currencies
- Multiple services like spot contracts and market orders
- Quick turnaround in 1 to 4 days
- 24-hour customer service
- No minimum transfer
Cons
- No cash pickup
- Not available in the US, Quebec (Canada) or Japan
- Threshold fee charged for some amounts
15. Paypal
You likely know PalPal’s digital service for online purchases, but you may not know that it supports wireless overseas transfers. Its popularity around the world makes it possible to transfer up to 20 currencies across more than 200 countries. While PayPal is like a digital banking service, its rates are competitive compared with most banks and financial institutions, making it a good choice to avoid headaches.
Pros
- Minimum rate of $0.02
- Available in 203 countries
- Offers recurring payments
- Excellent for smaller transfers
- Multiple digital safeguards in place to protect against fraud and hacking
Cons
- Fees are proportionate to the amount transferred. The larger the transfer, the more money they take.
- Fees vary by location of transfer and method, with better deals for using a PayPal credit card or account
Who else has a money-back guarantee?
Other services with a money back guarantee if your money transfer does not work out:
Compare minimum and maximum transfer limits
| Provider | Minimum transfer amount | Maximum transfer amount |
|---|---|---|
| OFX | $150 | No limit |
| HiFX | $50 | No limit |
| World First | $250 | No limit |
| WorldRemit | $0 | No limit |
| Travelex International Payments | $500 | No limit |
| TorFX | $200 | No limit |
| Currency Online | $0 | No limit |
| Western Union | $1 | $50,000.00 |
| TransferWise | $1 | $36,000.00 |
| Xoom | $1 | $2999.99 |
| MoneyGram | $250 | $2999.99 |
| RIA | $1 | $2999.99 |
