Xoom is a PayPal owned money transfer company that allows you to send money to 150 countries around the world. The minimum amount of money you can transfer is $10 and the maximum is at $10,000. While Xoom offers easy transactions through their mobile app it does come with a few drawbacks.
Xoom regularly charges a higher fee on international transactions compared to competitors like Lycaremit.
The total cost of a transaction through Xoom varies depending on the following factors-
- Mode of payment- While a bank transfer attracts the lowest amount of cost, credit card transactions will cost you more. Additional charges may be levied on your credit card.
- Location- Exchange rates may vary depending on the country you are sending money to.
- Amount- costs may vary depending on the amount of money you want to transfer.
You can send money via Xoom by three modes-
- Bank account transfer
- Credit or debit card
- PayPal balance
Although it should be noted that credit card and debit card transactions cost much more than a bank transfer. Lycaremit is a much cheaper option for international money transfers. Here is a quick comparison at the rates-
(From Xoom and Lycaremit website- free cost estimator)