Xoom Review

Xoom Review Summary

Xoom is a company that offers electronic funds transfer services. The company allows consumers to send money to other people, pay their bills, reload mobile phones, and more. In fact, consumers can send money to 131 countries! In addition, Xoom also helps consumers reload their mobile phones. Whether you're sending money to friends, family, or your coworkers, Xoom is an excellent choice. Xoom is an excellent choice for international transfers. Xoom is a regulated financial services provider and will put your transfer on hold if it exceeds its limit. If you have any questions, be sure to contact Xoom's customer support department. The service supports a wide range of currencies, and you can send money from anywhere in the world to anyone in the world.

Xoom review
Xoom Features

Xoom Year Established

2001

Xoom International Clients

Xoom accepts international clients.

Xoom Age requirement

18 years

Xoom Currencies Offered

4 online

Xoom Minimum Transfer

US$10.00

Xoom Transfer Fees

0$-40$

Xoom Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Xoom Employees

4422

Xoom Turnover

500000000

Xoom Regulation

Financial Conduct Authority (FCA)

Xoom Fees

Xoom transfer fees are 0$-40$.

Fees with Xoom may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Xoom, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Xoom Client Rating

Xoom has a rating of 3.

Number of Xoom customers

250000000

Xoom Website

www.xoom.com

Xoom Supported Languages

English, Spanish, French, German, Hungarian, Italian, Korean, Polish, Portuguese, Romanian, Russian, Chinese, Vietnamese, Dutch

Xoom Review

Xoom review
Pros and Cons of Transferring Money with Xoom

Most of the time money transfers with Xoom will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Xoom money prior to submitting an application to Xoom.

Can you easily afford the Xoom fees, are the exchange rate costs reasonable with Xoom?

Xoom review
Xoom Advantages

  • Xoom has been in business over 4 years
  • Xoom offers Neteller as a payment method
  • Xoom offers Skrill as a payment method
  • Xoom is availble in many international countries.
  • Xoom offers Cash pickups for money transfers.
  • Xoom offers phone support.
  • Xoom offers email support.
  • Xoom offers an Apple iOS mobile application.
  • Xoom offers an Android Google Play Store mobile app.

Xoom review
Xoom Disadvantages

  • Xoom does not offer Neteller as a payment method
  • Xoom does not offer Skrill as a payment method
  • Xoom does not offer a wide range of money transfer currency options.
  • Xoom does not offer a mobile wallet.
  • Xoom does not offer Home delivery for money transfers.
  • Xoom does not offer Money orders.
  • Xoom does not offer Livechat support.

What Is Xoom?

Xoom is a financial service company, that offers its clients money transfer services.

Xoom was founded in 2001 by Jennifer Wong and has offices in San Francisco, US.

Xoom provides money transfer services to its 250000000 customers who are from all over the world including 158 countries.

The San Francisco, US Xoom business was founded in 2001 to deliver money orders locally and internationally.

Do Xoom Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Xoom Trusted And Established?

Xoom is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Xoom was established in 2001 in San Francisco, US, and has been in operation for around 21 years Xoom have a head office in San Francisco, US.

Xoom review
How much does it cost to send a Xoom Transfer?

Xoom money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Xoom only charges 0$-40$, when compared to other money transfer service providers.

Xoom review
How much can I send with Xoom?

The maximum transfer amount with Xoom is up to 2999 USD/day, 6000 USD/month, 9999 USD/3 months (or its currency equivalent) online.

While Xoom charges a small percent of transfer fees, the brand offers reasonable exchange rates.

Xoom review
Xoom Money Transfer Terms and Conditions

When transferring money with Xoom, it is crucial to keep tabs on the following:

  1. Xoom Speediness. Often the need to money transfer may be urgent and time critical.
  2. Xoom Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Xoom Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Xoom Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Xoom Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Xoom customer service should respond to your queries quickly and work with you to resolve any issues that you have.

Xoom review
How Xoom Compares To Other Money Transfer Companies

NameXoomNetellerScotiabank
Usedby25000000050000025,000,000
Transfer Timesameday2-6 hourssameday
Min TransferUS$10.00nonenone
Max Transfer2999 USD/day, 6000 USD/month, 9999 USD/3 monthsup to 50000 USD/transaction 10000 USD
Payment MethodsBank transfer, debit/credit card, PayPal balanceonline banking account, debit, and credit cardBank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS Appyesyesyes
Android Appyesyesyes

Xoom review
Xoom Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Xoom or imposed by Xoom. Your Xoom money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Xoom account.

Xoom review
Xoom Fees & Exchange Rates

Several money transfer platforms like Xoom charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Xoom may charge for a currency exchange.

Xoom review
Xoom Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Xoom charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

Xoom review
Xoom Exchange Rate Margins

Exchange rate margins are how Xoom, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Xoom quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Xoom to see what their exchange rate margin is.

Xoom review
Xoom Methods to Transfer Funds

A Xoom fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Xoom enables users to transfer money using bank transfer, via none.

Xoom review
Xoom Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Xoom offers every available world currency to its customers. We list the major Xoom supported currencies below.

Xoom Money Transfer Currencies
NameCurrencies
EUR, GBP, USD, CAD
AED, AUD, BGN, BRL, CAD, CHF, CNY, COP, DKK, EUR, GBP, HUF, INR, JPY, MAD, MXN, MYR, NGN, NOK, PLN, RON, RUB, SEK, SGD, TND, TWD, USD, ZAR
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW
AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, AED, USD, HKD, RMB
AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, SGD, USD, ZAR, AZN, BGN, BHD, BND, CNY*, EGP, FJD, HUF, IDR, ILS, INR, KRW, KWD, LKR, MAD, MGA, MXN, MYR, OMR, PEN, PGK, PHP, PKR, RUB, SAR, SBD, SCR, TOP, THB, TRY, TWD, TZS, VND, VUV, WST, XOF, XPF
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AUD, EUR, BHD, USD, BDT, BGN, CAD, CZK, DKK, HKD, HUF, INR, IDR, ILS, JPY, KES, KWD, MXN, NPR, NZD, NGN, NOK, OMR, PKR, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, CHF, TBH, TRY, GBP, UAH
AUD, BHD, BRL, GBP, CAD, CLP, CNY, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, KES, KRW, KWD, MXN, NAD, NZD, NOK, OMR, PLN, QAR, RON, RUB, SAR, SGD, ZAR, SEK, CHF, XPF, TND, TRY, AED, USD

Xoom review
Xoom Transfer Options

Xoom offers the following transfer options:

Xoom Money Transfer Options Compared
NameTransfer Options
Bank deposit, cash pick-up , door-to-door delivery
Bank deposit
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
cash
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, debit card, credit card
Bank deposit, cash pick-up, mobile wallet deposit (varies from country)

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Xoom. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

Xoom review
Who Xoom Services Are Available To

Xoom offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Xoom Country Restrictions

Xoom does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Xoom is not allowed to legally operate in those regions or it is not economically viable for Xoom to provide money services in these regions.

Xoom review
Xoom International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Xoom money transfer is quick and simple with the modern Xoom online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Xoom website.

The Xoom website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

Xoom review
Xoom Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Xoom has a minimum transfer amount of US$10.00.

Xoom review
Xoom Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Xoom does not have a maximum transfer limit when the user is paying through phone. There is however, a 2999 USD/day, 6000 USD/month, 9999 USD/3 months limit per transaction for online transfers.

Xoom review
Xoom Money Transfer Fees and Charges

These are the fees charged by Xoom and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Xoom review
How Long Does It Take to Get a Xoom Money Transfer

Xoom money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Xoom, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Xoom.

Xoom review
Xoom PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Xoom is not a publically listed company. Xoom is a privately owned company.

Xoom review
Xoom Money Orders

The charges for issuing money orders with Xoom are 0$-40$.

Xoom review
Xoom Mobile Top Up

Xoom offers mobile top ups.Xoom mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Xoom COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Xoom directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Xoom Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Xoom. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Xoom money transfers are best for people looking for looking for a reliable fast money transfer service.

Xoom Guide for Fast Money Transfer Approval

For Xoom to be able to process your money transfer application as quickly as possible make sure you have everything Xoom need. If you and Xoom need to go back and forth it may delay the Xoom application process. Make sure every piece of information you give Xoom is accurate.

Please note that you must have at least a minimum of one active bank account for Xoom to process your money transfer.

Xoom Application Time

Application time refers to the amount of time you have to wait for your Xoom registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Xoom system.

Xoom Approval Time

It is the time it takes for Xoom money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Xoom Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Xoom money transfer has been approved the money should be in your account within four working days.

Xoom review
Things to Check Before a Xoom Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Xoom money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

Xoom review
Xoom Customer Support

Xoom support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Xoom customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Xoom money transfer you will want to speak to a Xoom representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

Xoom review
Does Xoom Offer Live Chat?

Customers can reach out to Xoom through live chat to resolve Xoom money transfer account issues or difficulties with their Xoom account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Xoom review
How does Xoom Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Xoom you will want to know how Xoom compares with other leading online money transfer companies. See how Xoom compares below.

  1. Visit Xoom alternative Neteller

    Used By: 500000
    Currencies Available: 28
    Transfer Fees: none
    Payment Methods: online banking account, debit, and credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: up to 50000 USD/transaction
    Year Founded: 1996

  2. Visit Xoom alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  3. Visit Xoom alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  4. Visit Xoom alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  5. Visit Xoom alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

  6. Visit Xoom alternative Currencies Direct

    Used By: 325,000
    Currencies Available: 22
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 25000 GBP
    Year Founded: 1995

  7. Visit Xoom alternative OFX

    Used By: 1000000
    Currencies Available: 54
    Transfer Fees: 15 AUD below 10k AUD
    Payment Methods: ETF, BPAY (Australia), Direct debits
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1000 USD
    Max Transfer: none
    Year Founded: 1998

  8. Visit Xoom alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  9. Visit Xoom alternative TransferGo

    Used By: 2,500,000
    Currencies Available: 39
    Transfer Fees: 0.5%-1.5%
    Payment Methods: Bank transfer, debit card, credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1.5 GBP
    Max Transfer: 1000000 GBP
    Year Founded: 2012

  10. Visit Xoom alternative Western Union

    Used By: 15000000
    Currencies Available: 38
    Transfer Fees: up to 3%
    Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: $1.00
    Max Transfer: $10,000.00 (varies)
    Year Founded: 1851

Xoom review
Xoom Website and Mobile Apps

Xoom has a website available online but it may be useful to manage your Xoom account from your mobile device like your tablet or phone.

Xoom offers an Android mobile application on the Google Play store.

Xoom offers an Apple IOS mobile application for iPhones and iPads allowing Xoom to users to check their Xoom accounts on their iOS mobile devices.

Xoom review
Xoom Deposit and withdrawal Methods

Xoom offers the following Money Transfer payment methods: Bank transfer, debit/credit card, PayPal balance. All of significant bank systems are all acknowledged with Xoom.

Xoom offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Xoom may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Xoom.

Xoom review
Is My Money Safe With Xoom?

Xoom is a reliable, secure, and trusted option for sending money overseas. Xoom are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Xoom customers.

Xoom review
Xoom Financial Regulation and Safety of Xoom Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Xoom that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Xoom is fully licenced as a money transfer company.

Xoom review
Xoom Payment Services Regulations and Xoom

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

For UK clients, check the money transfer company is registered with the Financial services register. Xoom is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Xoom Possess a responsibility of care to their clients.

Is Xoom Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Xoom are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Xoom and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Xoom Segregation of Client Funds

Xoom as part of their regulation are required to segregate client funds from Xoom company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Xoom regulatory requirements mean that Xoom Money Transfer funds and your funds should be totally separate. Xoom cannot use any money that is still legally yours to conduct Xoom daily business like paying Xoom suppliers and costs. Your funds should be kept by Xoom in a segregated bank account.

Xoom Regulation Checklist

  • Check whether Xoom has authorisation to offer consumer credit
  • Check the type of activities that Xoom are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Xoom list on their website and the regulator match.

Xoom Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it’s gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Xoom goes to great lengths to protect your Xoom account from fraudulent use. We explain some of Xoom anti-fraud features below:

  1. Xoom has SSL encryption that protects the customer’s private information.
  2. Xoom has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Xoom platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Xoom account, as you are instantly aware of every Xoom transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Xoom, the Xoom accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Xoom delivery instructions.

Xoom Monitors Your Account for Suspicious Transactions

Xoom has systems and controls in place to detect fraudulent activity and protect Xoom client accounts from misuse. If Xoom detect a questionable transaction on your Xoom account, Xoom will contact you to verify the transactions legitimacy to ensure your Xoom funds are safe.

How Does Xoom Make Money?

Xoom and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Xoom also earn money via foreign exchange rates.

Money transfer companies like Xoom and banks need to survive, so they make money on interest from accounts and money transfers.

Xoom Frequently Asked Questions

We list some of the most frequently asked Xoom questions below.

Is there a limit to how much I can transfer with Xoom?

You can transfer up to 2999 USD/day, 6000 USD/month, 9999 USD/3 months at a time.

When will I receive my Xoom transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Xoom transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number +441392694030.

How old do you have to be to sign up to a Xoom account

To signup to a Xoom account you will need to be at least 18 years old.

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Is Xoom a Scam?

Xoom have been in operation since 2001 and have over 250000000 customers and 4422 employees. Xoom is not a scam.

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Sending money online with Xoom

Sending money with Xoom is a single process once you have registered and verified your Xoom account and payment methods.

  1. Go to the Xoom website
  2. If you have a Xoom account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Xoom how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Xoom exchange rate and any fees.
  7. Pay for your Xoom transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Xoom money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Xoom account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Xoom money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Xoom allows for a deposit directly into your bank, credit union or other financial account.

Xoom Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Xoom allows you to pick up money in person at a Xoom agent location.

Xoom Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Xoom Does not support mobile wallets.

Xoom Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Xoom do not offer home delivery money transfers.

When was Xoom founded?

Xoom was founded in 2001.

Is Xoom Any Good?

Xoom have a rating of 3 and are financially regulated, Xoom can be considered a good money transfer company.

Is it easy to close my Xoom account?

It’s is easy to close you Xoom account. You will have to make sure any outstanding payments and fees due to Xoom are paid in full Before Xoom will fully close your account. Make sure when closing your account Xoom send you an official confirmation that your account is closed and no more monies are due to Xoom.

Does it take long to setup a Xoom account?

No, setting up a Xoom account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Xoom account in 1-3 days.

Where are Xoom based?

Xoom are based in San Francisco, US

Countries where Xoom is legal?

Xoom is legally allowed to operate in over 133 countries.

How do I track a Xoom Money Transfer

You can track a Xoom money order by calling Xoom or by tracking the order online. Call Xoom number on +441392694030. The Xoom automated phone system will take a few details and give you a status update. You can go online to the Xoom website and check the status of a money transfer at any time.

If you have a Xoom online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Xoom transaction, use the Xoom payment reference number on the Xoom website to check the status of the transfer.

Can I cancel my Xoom transfer?

The way that you cancel a Xoom transfer depends on how you created and sent the Xoom money transfer originally.

You may need to contact Xoom by phone on +441392694030, through their website at www.xoom.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by Xoom.

If you made the Xoom transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the ‘Transaction Details’ page. If you do not have a Xoom account, use the ‘Track a Transfer’ tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Xoom transfer on their website.