If you need to send money abroad, you might be considering using an online money transfer service like Xoom or Remitly. Both companies offer fast and convenient options to transfer funds to loved ones or businesses overseas. But which one is better? In this blog post, we'll compare Xoom vs. Remitly to help you make an informed decision.
Fees and Exchange Rates
When it comes to international money transfers, fees and exchange rates are critical. Xoom charges a fee that varies depending on where the money is being sent and the amount, but it generally ranges from $0 to $5.99. Remitly, on the other hand, charges a fee of $0 to $3.99, but the fees can go up if you need your money to be delivered quickly.
Both Xoom and Remitly also make money off the exchange rate. Xoom's exchange rate is around 1.4% above the mid-market rate, while Remitly's is around 0.5% to 1% above the mid-market rate, depending on the currency pair. Overall, Remitly tends to have better exchange rates than Xoom.
Transfer Speed
Xoom and Remitly both offer fast transfer speeds. With Xoom, you can choose to send money for cash pick-up, which can be available within minutes after the transfer is initiated. You can also do bank deposits or home delivery, which can take one to three days. Remitly, on the other hand, allows you to send money via bank transfers, cash pick-up, and home delivery. Speeds depend on the transfer method you choose, the destination country, currency, and the payment method. In general, Remitly is faster than Xoom when it comes to bank transfers and cash pick-ups.
User Experience
Both Xoom and Remitly have user-friendly websites and mobile apps that allow you to send money quickly and easily. Xoom's website is intuitive and straightforward to navigate, while Remitly provides a more streamlined and modern user experience. Both platforms have received positive feedback in their respective app stores, but Xoom has a slightly higher user rating.
Conclusion
Both Xoom and Remitly are reliable and efficient services that can help you transfer funds abroad. However, depending on your specific needs and destination country, one service may be better than the other. If you want lower fees, Remitly is the better choice. If you value speed and convenience, Xoom might be the way to go.
We hope this comparison has helped you decide which international money transfer service to use. Whichever you choose, make sure you compare fees and exchange rates carefully to get the best deal possible.
References
- "Compare International Money Transfers," Finder.com, Accessed on September 8, 2021, https://www.finder.com/money-transfer
- "Xoom - Transfer Money & Send Money Online to Safe Banks," Xoom.com, Accessed on September 8, 2021, https://www.xoom.com/
- "Remitly: Send Money & Track International Payments," Remitly.com, Accessed on September 8, 2021, https://www.remitly.com/