Secure, flexible options to send $10 to $1 million online or in cash.
Low fees and a competitive exchange rate will save you money when sending funds overseas — but which provider is best depends on how much you’re sending and where you’re sending it.
What is Xoom?
Xoom is a PayPal service that offers secure money transfers in 67 countries, as well as international bill paying services and mobile top-ups in 30. Xoom can move as little as $10 at competitive rates. But if you’re looking for a currency or country it doesn’t cover, you may need to look elsewhere.
- Send same-day transfers of $10 to $2,999 worldwide.
- Get help with transfers 24/7 online or by phone.
- Protect your money with 128-bit encryption and a money-back guarantee.
- Online tracking and 24/7 support.
- Transfers come with both a variable fee and spread on the exchange rate.
- Service network covers 67 countries only.
Like Xoom, XE offers bank-to-bank transfers to more than 35 countries worldwide, but it does so with no fees. And its exchange rates are more competitive than Xoom’s, though you must sign up for a XE account to see the exact rate that applies to your transfer.
With no transfer limits, XE could be the stronger competitor.
- Third-largest money transfer provider in the world, offering safety and security.
- Competitive rates and no fees on your transfer, period.
- Turnaround can require up to three business days.
- Exchange rates not available until you sign up for an account.
TransferWise is a strong competitor, offering peer-to-peer money transfers at the mid-market rate. Like Xoom, fees vary by transfer — from 0.5% to 1.5% of your transaction amount. Individuals can send up to $49,999 daily, while businesses can be approved to send up to $200,000 daily and a whopping $1 million a year.
Still, TransferWise’s advantages come with a drawback: Your recipient may wait up to five days to receive your money.
- Easily sign up to start transferring money in minutes.
- Transfer from $1 to $199,999 or more, depending on your account.
- Get a strong mid-market exchange rate with no hidden fees.
- Bank-to-bank transfers only, with no option for cash pickup.
- Two-step process can result in up to five days’ turnaround.
- Social Security number required.
Xoom and WorldRemit offer similar fee structures that depend on how much you’re sending — and to where. And they each accept low transfers with maximums in the $2,000 to $3,000 range for fast turnaround.
But WorldRemit services more that 140 countries and typically offers stronger exchange rates that extend to cash pickups at more than 30,000 agents worldwide. And you can sign up in about five minutes flat.
- Easy site takes you from signup to transfer in minutes.
- Offers bank-to-bank transfers, cash pickups and mobile top-ups.
- Pay by bank account, credit card or debit card.
- Moves your money to more than 140 countries around the globe.
- Because fees are a percentage of your transaction, you’ll pay more for higher transfers.
- Not available to residents of Louisiana or New York.
- Requires government-issued ID after your first transfer.
Like Xoom, Travelex provides quick, easy online money transfers to more than 50 countries at rates that can beat your local bank. In fact, it’s so confident about its rates, it promises to beat a more affordable deal you find online within 30 minutes of your transfer.
But if you aren’t planning to send at least $500 — Travelex’s minimum — Xoom might be your better choice.
- Flat $5 fee for transfers of up to $5,000 and no fee on larger amounts.
- Competitive rates in more than 45 currencies — or it matches a better deal.
- Schedule recurring payments, or lock in rates with forward contracts and limit orders.
- High $500 minimum transfer.
- No cash pickups — even at official Travelex storefronts.
- With Travelex as the middleman, it’s not your fastest option.
TorFX prides itself on helping you get the best possible rate for your international transfer, backing it up with a best-rate guarantee. It also offers tools to lock in today’s rate for future orders or pounce when the market hits a better rate, as well as market updates and analysis to further navigate the market.
But it’s not as speedy as Xoom, requiring two or more days for processing before your recipient sees their money. And you’ll need to send at least $150 to take advantage of its services.
- Rates can be up to 5% stronger than your bank’s.
- Supports more than 60 currencies with no fee.
- Offers expert guidance and market news.
- Bank-to-bank transfers only.
- High $150 minimum transfer.
- Not the friendliest site for details.
An international money specialist, Currencies Direct supports transfers of any amount with no hidden fees and same-day delivery for select currencies. It advertises transfers in some 60 currencies — far more than Xoom — and it’s open to discussing minor or exotic currencies, possibly making it a more flexible provider. Market orders, forward contracts, rate alerts and other tools can mean an even better deal.
- Competitive rates and no fees on most transfers.
- Supports large, seemingly unlimited transactions.
- Monitors exchange rates for your ideal transfer.
- Bank-to-bank wire transfers only.
Around for more than 160 years, Western Union continues to make it easy for you to transfer money across the US and around the world. Available in 200 countries and territories across the globe and with more than 500,000 agent locations worldwide, it makes cash pickups available in minutes.
But exchange rates are likely weaker than you’ll find with Xoom — as high as 5% or more above the mid-market rate. Add in high fees and turnaround that depend heavily on where you’re sending your money, and you might want to look elsewhere altogether.
- Trusted provider that’s been in the business since 1871.
- Sends money for pickup in minutes at more than 500,000 agent locations.
- Multiple transfer options by credit or debit card, bank account, cash pickup — even mobile minutes in select countries.
- Weak exchange rates that can be more than 5% higher than the mid-market rate.
- Expect to pay higher fees than many other money specialists.
In business for more than 30 years, Ria is a global money specialist with more than 240,000 agent locations in 130 countries. Similar to Xoom, Ria can get your money overseas in minutes. But as the third-largest international money transfer provider in the world, it also offers convenient cash pickups worldwide and even home delivery in select countries.
This is one provider you’ll want to compare against Xoom for your specific transfer.
- Wide network of 240,000 agents in more than 130 countries.
- Sends money worldwide for cash pickup in minutes.
- Rates are stronger than most US banks.
- Payment by debit card, credit card or bank account.
- A $3,000 daily limit could deter larger amounts.
- Fees vary by payment and destination.
- Doesn’t offer forward contracts or limit orders for future payments.
The second-largest international money transfer service in the world, MoneyGram is a big-name contender. Send money to more than 200 countries and territories with cash pickups available at more than 350,000 agent locations worldwide.
Like Xoom, MoneyGram can get your money to its destination in minutes. And rates, fees and turnaround depends largely on where you’re sending it. But a larger network and higher maximum might provide more flexibility.
- Extensive network of 350,000 agent locations in 200+ countries.
- Online or in-person transfers for cash pickup, bank deposit or mobile wallet delivery.
- Fast transfers, with same-day service to many locations.
- Fees vary by payment type — with higher costs for credit or debit card.
- Rates can be 5% or more above the mid-market rate, depending on your destination.
Like Xoom, OFX charges a spread on the exchange rate — but here it’s an average 0.4% above the mid-market rate, making for a more affordable transfer. OFX also charges no fees on transfers to a wider network of 195 countries and 55 currencies.
But if you’re looking for same-day transfers, stick with Xoom: OFX requires at least two business days from send to receipt.
- No-max transfers to 195 countries and in 55 major and exotic currencies.
- Competitive rates and no transfer fees.
- Balance savings and convenience with forward contracts and limit orders.
- Bank-to-bank transfers only — no cash pickups.
- New accounts require verification by phone.
Sharemoney offers fast, safe and easy transfers with real-time tracking and flexible payment options. Like Xoom, it charges multiple fees on each transfer — a transaction fee plus a small percentage of the amount you’re sending. It also limits transfers to $2,999 about every two weeks and $9,999 every six months. But fees start at a low $2.99, with rates that can be lower than its competitors, depending on the destination.
Its focus, however, is narrower than Xoom’s: South America, Asia and the Caribbean, primarily. So is its availability in 36 of 50 US states only.
- Send as little as $1 in as little as 15 minutes, with cash pickup and home delivery in select countries.
- Online calculator helps you see just how much money you’ll get for your dollar.
- Simple, clear tracking provides notifications to ensure your money arrives safely.
- Largely limited to South America, the Caribbean and select Asian countries.
- Available in 36 of 50 US states only.
- Low transfer limits mean it’s not ideal for large regular payments.
You might only know Walmart for its ubiquitous big-box stores, but this retail giant also offers convenient cash pickups at any of its locations in the US and Puerto Rico and in more than 190 countries, thanks to a partnership with MoneyGram.
A reach of 350,000 agents worldwide might give it an advantage over Xoom, but it doesn’t offer bank deposits. And Walmart’s rates and fees could be higher than Xoom’s, depending on your destination.
- Widespread network of stores and agents.
- Sends cash for convenient pickup worldwide in minutes.
- Supports nearly 200 countries.
- Rates and fees vary widely by destination.
- Limits transfers to cash pickups only.
13. Currency Online
Founded in 1986, Currency Online was one of the first to offer online money transfer services. It continues to offer low competitive rates today by cutting your typical banking fees out of the picture.
But Xoom has a huge advantage over this provider: Currency Online doesn’t offer services in the United States.
- Easy online transfers with fast turnaround.
- Supports more than 25 currencies.
- Competitive rates and low fee.
- Not available in the US, Japan or specific areas in Canada.
- Deposits transfers into bank accounts only.
This digital giant isn’t just for online purchases: PayPal also supports wireless overseas transfers to more than 200 countries in 20 currencies. PayPal is like a digital banking service, offering a variety of transaction types at rates that beat most banks and financial institutions.
PayPal owns Xoom, so it’s no surprise that fee structures are similar among them. But for money transfers outside the commercial realm, Xoom may offer slightly better rates and lower fees with faster delivery.
- Sign up and send money in under 5 minutes.
- Safe, secure transfers to more than 203 countries.
- Cost-effective solution for smaller amounts.
- Due to proportionate fees, the larger your transfer, the more money in PayPal’s pocket.
- Weak exchange that starts at 2.5% above the mid-market rate.
Who else has a money-back guarantee?
Other services offer a money-back guarantee if your money transfer doesn’t work out as expected:
Compare minimum and maximum transfer limits
|Travelex International Payments||$500||No limit|
|Currency Online||$0||No limit|