Xoom XOOM , a newer alternative to Western Union WU and MoneyGram MGI , first entered the money transfer scene in Backed by Sequoia Capital, New Enterprise Associates, SVB Capital and Fidelity Ventures, the international transfer service allows customers to send money online to 31 countries across the globe — including Italy, Germany, France, Australia, the Philippines, India, Canada, the United Kingdom, Mexico, Argentina and Brazil. Xoom, which is headquartered in San Francisco, enables customers to send this money using their mobile phone, tablet or computer.

Customers can transfer money to friends and family by completing the following five steps on Xoom. Once they have a Xoom account, customers can log on and quickly send money to friends and family from their mobile phone, tablet or computer. When you transfer money through Xoom, your recipient can receive the transfer in either local currency or U.

If you pay with a credit or debit card , the fees are slightly higher, but transaction processing is faster. Xoom offers a fees and exchange rates calculator to help customers figure out the total price of the transfer as well as the amount their recipient will receive based on exchange rates.

The fees are much lower for some countries. The major advantage to Xoom is price: The service claims to offer lower prices on international money transfers than Western Union and MoneyGram. Xoom makes its money from transaction fees, as well as the foreign exchange fees charged when the money is received in a currency other than U. The company is certified and accredited by third-party privacy organizations and regulated by both state and federal U.

See 5 Money Transfer Technologies And Their Risks. Xoom also offers a money-back guarantee. If for any reason your money is not received by your recipient, it will refund your transaction in full.

So what about the cons? Some critics complain that Xoom often plays it too safe, resulting in extra hassle for the customer and lengthy processing times.

Of course, taking these additional measures and refusing to accept cash as a funding source are good ways to to avoid money-laundering schemes and terrorism financing. Despite all its security measures, Xoom itself was recently the victim of a massive fraud scheme.

Comparison of Dollar to Rupee Exchange Rates | Entry India

For customers looking to send money to friends and family across the globe, Xoom can be an affordable alternative to other international money transfer services. The company also assures customer safety and offers a money-back guarantee. For more, see Find The Top Money Transfer Services. Dictionary Term Of The Day. A measure of what it costs an investment company to operate a mutual fund. Latest Videos PeerStreet Offers New Way to Bet on Housing New to Buying Bitcoin?

Xoom Vs. Western Union: Which Should You Choose? | Investopedia

This Mistake Could Cost You Guides Stock Basics Economics Basics Options Basics Exam Prep Series 7 Exam CFA Level 1 Series 65 Exam. Sophisticated content for financial advisors around investment strategies, industry trends, and advisor education. How Do Xoom Money Transfers Work?

By Amy Bell February 6, — 4: How Does It Work? Sign up for a free account. Customers can choose to pay from their checking account or debit or credit card. Xoom does not accept cash as a funding source.

Review the details and confirm the transfer.

How Much Does It Cost? Pros and Cons The major advantage to Xoom is price: The Bottom Line For customers looking to send money to friends and family across the globe, Xoom can be an affordable alternative to other international money transfer services. That depends on where you need to send the money, among other things.

How to decide between the classic service and the new kid on the block.

Learn about the different fees associated with leading transfer services PayPal, MoneyGram and Xoom and the types of services that each company provides. Need to send money in a hurry? Here's a list of the major players in the money transfer business.

Compare rates, times and other details before deciding. When you need to send funds to friends or family in Metro Manila or elsewhere in the Philippines, these four services make it fast and simple. Cuba, a country cut off from American business opportunities for decades, has become a land of potential opportunity now that President Barack Obama has normalized relations between the two Understand why it may be difficult to send large sums of money internationally.

Learn about the top five ways to send large sums of money abroad. Find out the top five companies owned by PayPal Holdings Inc. Mobile apps by many financial tech firms are increasingly gaining high revenues from international remittances. Learn about transfer pricing, its role in intra-business calculations, and how the U. Learn how balance transfers and cash advances differ, how these transactions can both benefit and hurt your finances, and Learn the best situation in which to do a balance transfer, enabling you to pay off your credit card debt more quickly while XOOM , WU , MGI.

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