If you're looking to send money internationally, you've likely come across TransferWise and Xoom as possible options. Both companies offer quick and convenient ways to transfer funds abroad, but how do they compare against each other? In this post, we'll provide an unbiased comparison of TransferWise vs. Xoom to help you decide which option suits your needs.
TransferWise
TransferWise is a UK-based online money transfer service that was founded in 2011. It allows customers to send money to more than 80 countries around the world using real-time exchange rates, meaning you'll always get the best possible rate for your transfer. TransferWise's fees are low, transparent, and calculated upfront, typically ranging between 0.5% and 2% of the transfer amount.
Xoom
Xoom is a PayPal company that offers money transfer services to more than 130 countries around the world. It offers both bank transfer and cash pickup options, although the latter is only available in certain countries. Like TransferWise, Xoom's fees are low and transparent, and the exchange rates used are real-time.
Side-by-side comparison
To help you compare TransferWise and Xoom side-by-side, we've created a table with some key features and fees of both services.
| Feature | TransferWise | Xoom |
|---|---|---|
| Supported countries | 80+ | 130+ |
| Payment methods | Bank transfer, debit card, credit card | Bank transfer, debit card, credit card |
| Exchange rates | Real-time | Real-time |
| Fees | Varies between 0.5% and 2% of the transfer amount | Varies depending on the country and payment method |
| Delivery options | Bank transfer or mobile wallet | Bank transfer or cash pickup |
| Customer support | Available 24/7 | Available 24/7 |
Which one is better?
Both TransferWise and Xoom offer excellent money transfer services, but the right service for you ultimately depends on your specific needs. TransferWise is a great option if you're looking for low fees and real-time exchange rates. On the other hand, Xoom is a better choice if you're looking for a wider range of countries and delivery options.
Some other factors that may influence your decision include the payment method you prefer, the transfer speed you need, and whether you need the option to pick up cash in-person.
Conclusion
In summary, both TransferWise and Xoom offer competitive money transfer services that are worth considering. Each service has its own strengths and weaknesses, so it's important to determine your specific requirements before making a final decision.
We hope this comparison has been helpful in your decision-making process. If you have any questions or comments, feel free to share them in the comments below.
References
- TransferWise. (n.d.). About us. Retrieved August 24, 2022, from https://transferwise.com/us/about-us
- Xoom. (n.d.). About us. Retrieved August 24, 2022, from https://www.xoom.com/about-us