What is Xoom PayPal? Is My Money Safe With Xoom? Xoom, PayPal’s international money transfer service, today announced that it has launched a new cross-border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa debit cards in 25 countries. Launched in collaboration with Visa, the new feature will offer remittance receivers easy, secure and real-time2 access to funds, which are sent directly to a recipient’s eligible Visa debit card.
Xoom’s Debit Card Deposit feature first launched in 2020 for U.S. domestic money transfers, and the new cross-border3 expansion increases the ability for international recipients to easily and quickly access funds sent from friends and family in the U.S. Wire transfers are a common method of sending bank remittances, however, these can take up to five business days or longer, especially cross-border.
With the Xoom Debit Card Deposit functionality, recipients have access to use those funds typically within minutes however they need, such as paying bills or buying groceries, through their eligible debit card.
What is Xoom PayPal?
Xoom is an online money transfer service that lets you send funds within the U.S. and to countries around the world quickly, easily, and affordably.
You can also use Xoom to pay the bills of family and friends who live abroad. What’s more, Xoom provides the means to reload prepaid mobile phones located internationally.
Xoom. “Send money abroad with Xoom, a PayPal service.”
All this can be done conveniently and at any time using your smartphone, tablet, or computer.
Acquired by PayPal in 2015, this international money transfer service is headquartered in San Francisco. It currently has over 160 transfer destination countries including Italy, Germany, France, Australia, the Philippines, India, Canada, the United Kingdom, Mexico, Argentina, and Brazil.
How Does Xoom Work?
Xoom partners with companies around the world to make safe, secure, and affordable international money transfers.
Depending on the country to which you send money, the funds can be delivered by hand, picked up, or deposited directly into a bank account. They can also be added to debit cards (in eligible markets).
You can fund and pay for your money transfers using a bank account, a PayPal account, a debit card, or a credit card.
The transaction fee you pay will vary depending on the destination country, the currency exchange rate, the amount of money that you’re transferring, and your funding source.
How Much Can Be Sent?
The amounts that you can send also vary according to certain factors, such as the way the money is handled on the receiving end, e.g., direct deposit to a bank account or a cash pickup.
Generally, the minimum transfer amount is $10. In a 24-hour period, the maximum transfer amount is $2,999. In a 30-day period, it’s $6,000. In a 180-day period, the maximum transfer amount that you can send is $9,999.
How Much Does a Xoom Money Transfer Cost?
Xoom’s money transfer transaction fees depend on your country, the country to which you’re transferring money, your funding source, the payout currency, and the transfer amount.
You’ll pay the lowest fees if you transfer money using your PayPal account balance or a U.S. bank account. However, a bank account-funded transaction can take several days because it’s a more complex transaction involving different financial institutions.
If you pay with a credit or debit card, the fees are higher (but transaction processing is faster).
Xoom offers an exchange rate and fee calculator to help customers determine the total price of the transfer as well as the amount their recipient will receive (based on currency exchange rates).
Let’s say you want to send $500 to a friend in India. According to Xoom’s calculator, it would cost you $4.99 to send the money from your PayPal or bank account for deposit into a bank account in India. Alternatively, if you wanted to pay with a credit or debit card, you would pay $15.49.
In addition to that transaction fee, Xoom will charge a currency conversion fee. This will vary according to the current exchange rate related to the destination country and the markup that Xoom applies.
The fees are lower for some countries. For example, if you wanted to send $500 to a family member in Chad, it would cost you a total of $2.99, whether you paid with a credit/debit card or directly from your account.
Is My Money Safe With Xoom?
According to Xoom, it works with “trusted banks, cash pickup locations, and home delivery services to help ensure secure money transfers. We also encrypt payment data to safeguard your financial information, as well as comply with national and local laws and regulations to protect against fraudulent transactions.”
Does Xoom Charge a Fee for International Money Transfers?
Yes. The transaction fee depends on the country where your funds are going, how much you’re sending, what the funding source is (a bank account, a PapPal account, a credit card, or a debit card), and how the recipient will obtain the money. There will also be a cost associated with the currency conversion.
What are the costs?
Xoom is free to download, but does charge fees to send money. These fees vary depending on where you’re sending it and how much you plan to send. It also depends on how you’re funding your money transfer.
If you plan to use Xoom to pay a bill, you’ll be shown the fee before completing your transaction. You can generally expect to pay a fee that begins at $4.99 for most money transfers. You can use Xoom’s fee calculator to estimate fees before sending money.
Using your bank account to fund your transfer is usually the cheapest option. You can expect to pay higher fees when using a credit card. You should also be aware that your credit card issuer may charge a cash advance fee for this kind of transaction, meaning you’ll pay even more in fees if you use a card. Xoom will show you the fees before completing a money transfer.
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