Xoom Exchange Rate -Paypal has quite a number of subsidiary online money transfer service providers and Xoom is also one of them. Xoom was originally founded in 2001 before being acquired by Paypal in 2015. It’s an online money transfer platform that allows users to send money, pay bills, and reload mobile phones.
Xoom works best for paying bills because of its transfer limits which are measured daily, monthly, and per 180 days period. Its transfer services are known to be fast and transparent depending on the destination of your transfer. it offers not just bank transfers but also cash pick-ups.
Xoom works in 159 different countries and allows the payment of utility bills in 10 different countries. You can pay or transfer money using your bank account, debit, or credit cards. Xoom as any other online money transfer services provider has a desktop site and more, it has a mobile app, one that works on IOS and Android devices.
Xoom also functions in five different languages including Spain, English, Italian, German, French. While this online money transfer service provider is known for its nice, fast, and outstanding service delivery it’s the exchange rate and fees are quite high.
Xoom Fees and Exchange rate
The only issue that i have heard Xoom’s users raving about Xoom is its charges and the lack of transparency in the Xoom exchange rate. Its maximum daily amount is $2,999 daily, $6000 monthly, and $9,999 per 180 days period. Although these limits can be increased if you provide Xoom with I.Ds like passport, bank statement, identity cards, and so on.
Studying those transfer limits for such high exchange rates and fees, it doesn’t just add up especially when compared to other online money transfer platforms.
Xoom generates revenue from the services it renders by charging fees above the mid-market rate. Its charges are based on a number of factors like;
- Exchange rate.
- Where you are sending from.
- The type of currency you are paying and transferring in.
- The currency the receiver is going to receive the money in.
- The destination of your transfer: Transferring to Nigeria from the U.S costs $4.99 and costs $2.99 to India.
- Mode of transfer: Doing bank transfers is cheaper, unlike debit or credit cards which can be more than $10 dollars depending on the destination. Doing card transfers will incur additional charges from the card issuer.
- Because Xoom generates revenue from its fees, its exchange rate is always a little bit higher than the normal exchange rate.
- The amount of money you are sending.
- Additional fees such as processing fees, intermediary fees, or landing fees might also be charged.
How to Reduce Xoom Fees
Xoom offers services that must be paid for, so you can’t avoid their high charges but you can effectively calculate and reduce them.
- Study and target the exchange rate. This way you could predict that the Xoom exchange rate won’t be that high and the fees might be less.
- Avoid credit card additional charges. Use bank transfers or cash pick-ups, card issuers always have a share in any transfer you do via their cards.
- Compare Xoom’s fees and exchange rate with other online money transfer platforms. Check out which one will be better for you and avoid nagging later after using Xoom’s services and finding out their charges were high.
- Regularly observe Xoom’s exchange rate to know when it is the best time to make transfers.
- Check out Xoom alternatives, platforms that could do the same thing Xoom does at lower fees.
Xoom is fast, user-friendly, safe and their customer support is always willing to help. But its fees and exchange rate is displeasing.