Take a look at the simple, convenient payments available with Wise, to see if you could save. The choice can feel overwhelming - but doing some research in advance is the best way to make sure you get a good deal on your international transfer. There are many providers out there who can help you send money overseas. It’s easy to see what you’re paying for your transfer. Wise uses a low transparent transfer charge, and the real mid-market exchange rate. However, because the Xoom exchange rate used includes a markup, your recipient will get less in the end compared to making the same payment with Wise. With Xoom there is no upfront fee in this example, as long as you pay for your transfer using your linked bank account or an existing PayPal balance. *Fees and exchange rates correct at time of research, 7th December 2020 No transfer fee if you pay with your PayPal balance or linked bank account In this case, the transfer will be delivered directly into your recipient’s bank account in GBP. Let’s finish with an example - sending USD1000 to a recipient in the UK. Here are the Xoom sending limits by level for senders in the US: Sender level It’s worth knowing that send limits also depend on the country you’re located in, and other factors including the limits imposed by the partners Xoom works with in different destination countries. Level 2 accounts require you to have your Social Security Number or passport verified, while level 3 account holders will need to provide extra paperwork such as a government issued photo ID, proof of address and a pay slip or bank statement. When you first open your account you’ll have a level 1 limit - to increase your limits you can simply add additional details and documents to your profile. Your limit will also depend on the sending level you hold. There is a limit to how much you can send with Xoom, which includes caps on payments per day, per month, and within a rolling 180 days. Other transaction fees Xoom chargesĪs well as the costs involved in sending money overseas which we have outlined above, Xoom also has a USD2.99 fee when you pay bills. You can send money online for convenience, and have the payment sent to your recipient’s bank account in 80+ currencies. All Wise transfers use the mid-market exchange rate with no markup, and charge a simple upfront fee so you can see the true cost of your payments more easily. It’s not at all unusual for remittance companies to mark up exchange rates like this, but it does make it tricky to see what you’re really paying for your transfer.įor a more transparent fee structure which can work out cheaper, check out Wise. The Xoom exchange rate is created by taking the mid-market exchange rate - the one you find on Google - and adding a markup or margin. Xoom will convert your payment if you’re sending money to someone overseas, and use their own exchange rate. “In addition to the transaction fee, Xoom also makes money when it changes your send currency into a different currency.” When you head over to the Xoom payment calculator to model your transfer you’ll see the following note: It’s also worth noting that there are additional charges added in the form of an exchange rate markup - more on this in a moment. You’ll be able to see the costs for your specific transfer using the calculator tool on the Xoom website - or just read on to see an example and comparison of Xoom’s fees. You’ll often find you pay more if you’re funding your payment with a card rather than a linked bank account - and your credit card issuer may also charge a cash advance fee for this service. There are also different fees depending on how your recipient will get the money in the end. The Xoom fees you pay depend on the country you’re sending money to and the currency chosen, as well as how you want to fund the payment. Xoom account holders can fund their overseas payments from an existing PayPal balance, a linked bank account, or a card. You can also pay bills and top up mobile phone plans. With Xoom you can send money to a bank account, have your recipient collect cash at an agent local to them, or in some countries, send a payment for home delivery.
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