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Kevin Joey Chen is a credit cards writer at finder.com. He's passionate about helping you get your finances in order and travel the world like a pro. He's taken an extended trip around Europe as a digital nomad, gaining firsthand experience with exchange rates, ideal (and not-so-ideal) credit and debit cards, foreign transactions and budgeting strategies. He earned his BA from UC Davis and has written across many niches at Finder, including cryptocurrency, personal loans, car insurance, real estate and money transfers.
Our experience transferring money with Xoom
Here’s what we found when we sent live transfers to Mexico and France through Xoom:
We paid low fees and received competitive rates within 2.4% of the mid-market rate on average, with rates updated multiple times a day.
Our transfer to France arrived ahead of schedule, while our funds were deposited into our recipient’s Mexican bank account within 24 hours.
Xoom’s easy-to-use website allowed us to sign up and initiate a transfer in just about 3.5 minutes.
How much does it cost to transfer money with Xoom?
The fees that apply to Xoom international money transfers vary depending on a range of factors, including how you pay for your transfer, where you’re sending your funds and the amount of money you send. While it’s possible to pay for your transaction using a credit card or debit card, you can enjoy lower fees when you pay using your US bank account.
Here’s an example of the different fees you might see if you sent $1,000 to Mexico or India:
Credit or debit card
Credit or debit card
There are some situations when transfer fees will be waived, such as if you send $1,000 or more to India and pay using your bank account. Use Xoom’s online Fees and Exchange Rate Calculator to see the fees that apply to your transfer destination and amount.
How are Xoom’s exchange rates?
Xoom makes money through transaction fees and by charging above the mid-market rate.
For example, if you are transferring money to Italy:
You’ll pay a transaction fee depending on which payment method you use ($4.99 through a bank account or $10.99 through a debit or credit card).
Your money may be converted at a rate of 1 USD = 0.93 EUR, instead of 1 USD = 0.96 EUR.
Send money where you need it across the world.
You can send money using your credit card, debit card or US bank account. At this time, Xoom does not offer the flexibility of rate locks, forward orders or recurring transfers.
Xoom offers three options when it comes to your recipient collecting the cash you send: cash pickup, bank deposit and home delivery. However, the method you choose may depend on where you are sending your funds.
Send money. With Xoom you can send money in seconds to 70 countries around the world anytime, anywhere. They offer minimal fees and competitive exchange rates.
Reload phones. Xoom allows you to reload the phones of friends and family members in 35 countries around the world.
Pay bills. Xoom’s bill paying service makes it easy to pay bills overseas from within the US.
Pros and cons of using Xoom
24/7 support. Phone and email support is available 24 hours a day, seven days a week if you need help with a transaction.
Competitive and affordable. Compare the exchange rates and fees charged by Xoom with those of other money transfer providers to determine how affordable this service is.
Safe and secure. Xoom uses 128-bit encryption to secure your funds, while its money-back guarantee provides extra peace of mind.
Track your transfers. Receive a text message when your money arrives. Xoom will also email you and your recipient to keep you both informed of the transfer’s progress. You can also log on to your account any time and track the transaction there. Or call customer service and receive an update from a live representative.
Money-back guarantee. Xoom offers a money-back guarantee to refund your transaction in full if the money you send doesn’t arrive to your recipient.
Not worldwide. You will need to look elsewhere if you want to send money to a country that Xoom does not currently service.
Requires government-issued ID. You’ll need to upload a government-issued ID — like a license or passport — and a recent bank statement to send money, which could deter those without either form of ID.
No live chat option. Though you can call or email Xoom for 24/7 customer support.
How does Xoom compare to other services?
The registration and transfer process
Before you can send funds with Xoom, you must register for a free account with your personal contact information. While you don’t need to enter a Social Security number at sign-up, Xoom requires you to upload a government-issued ID — like a license or passport — and a recent bank statement to send money, which could deter those without either form of ID.
The next step in the process is to enter details about your recipient, including their name, address and bank account details. You’ll also have to select whether you will pay via credit card, debit card or bank account and enter your payment details.
After reviewing the details of your transaction, including the exchange rate and fee that applies, you confirm and send the funds. Xoom will notify both you and your recipient of your transfer’s progress.
What you need to send money through Xoom
Amount to be sent and currency it will be converted to
A valid payment method — credit card, debit card or bank account
The recipient’s name, address and bank name and account number
Your phone number and address
Steps to send a money transfer with Xoom
Track your transfer
You can opt to receive text updates or email notifications. Alternatively, you can review the transfer status on the Xoom platform or by calling Xoom support. Most transfers are completed within a few minutes, but it may take up to four business days.
Cancel your transfer
Cancellations are easy and don’t require a fee. To cancel a request either log on to your Xoom account and go to the Track my transaction page, or call Xoom Customer Service toll free at 1-877-815-1531.
The maximum amount you can send in any single transaction with Xoom is $10,000.
No, neither you nor your recipient will need to open a new bank account as you can send and receive money with existing accounts. However, you will need to register for an account with Xoom in order to send money.
Xoom will send you an email notification when this occurs and you can also track your transaction through the Xoom website.
No, Xoom is only available for person-to-person remittance transfers.
Yes. While every Xoom transaction is capped at $10,000, you may be able to increase your 30-day and 180-day limits by providing additional information. Keep in mind that specific transfer limits may apply to certain countries.
Yes. Xoom offers a variety of scheduling options to allow you to set up future transfers and recurring transactions.
Our team analyzes money transfer providers offering services in the US — from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:
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