Xoom Corporation is a leading digital money (online) transfer system or remittances provider, alternative to Western Union (WU) and MoneyGram (MGI), first entered 2001 at San Francisco, California, United States. The international money transfer service allows to sending money online to families and friends in the 33 countries. The xoom offers a fast, affordable and convenient way to securely send money, pay bills and reload phones through a mobile app, as well as a desktop and mobile site. Xoom sends money for cash pickup, home delivery or bank deposit to 33 countries. On July 1, 2015, Paypal announced that it is acquiring Xoom corporation. PayPal will spend $25 a share in cash to acquire the publicly traded Xoom, or about $1.09 billion.
How Does Xoom Work?
Customers can transfer money to friends and family by completing the following five steps on Xoom.com:
Once they have a Xoom account, customers can log on and quickly send money to friends and family from their mobile phone, tablet or computer. Xoom launched its mobile site in November 2011; today, 45% of all Xoom transactions are sent through mobile devices.
When you transfer money through Xoom, your recipient can receive the transfer in either local currency or U.S. dollars.
How Much Does It Cost?
Xoom’s service fees vary depending on your country, the country to which you are transferring money, your funding source, the payout currency and the overall transfer amount. You’ll pay the lowest fees if you transfer money through a U.S. bank account; however the transaction may take up to four business days for Xoom to receive funds from your bank. If you pay with a credit or debit card, the fees are slightly higher, but transaction processing is faster.
The Xoom service claims to offers lower prices on international money transfers than Western Union and MoneyGram. Xoom makes its money from transaction fees, as well as the foreign exchange fees charged when the money is received in a currency other than U.S. dollars and offers a fees and exchange rates calculator to help customers figure out the total price of the transfer as well as the amount their recipient will receive (based on exchange rates.). According to Xoom’s website, its transfer service is also extremely secure. Xoom says it uses a 128-bit data security encryption to protect all information sent between the customer’s web browser and its website.
Xoom also offers a money-back guarantee. If for any reason your money is not received by your recipient, it will refund your transaction in full. For customers looking to send money to friends and family across the globe, Xoom can be an affordable alternative to other international money transfer services.
With the Xoom bank deposit service, consumers can send money directly to bank accounts in Argentina, Australia, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, France, Germany, Guatemala, Honduras, India, Ireland, Italy, Jamaica, Mexico, Netherlands, Nicaragua, Pakistan, Panama, Peru, Philippines, Poland, Sri Lanka, Spain, United Kingdom, Uruguay, Vietnam.
Xoom offers cash pickup service to the following countries:
Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Peru, Philippines, Uruguay and Vietnam
Home delivery services are offered to the Dominican Republic, Philippines and Vietnam.
Consumers pay for Xoom money transfers using funds from their U.S. bank account, credit card, or debit card. The money transfers are paid out in either U.S. dollars or in local currency.
Banking, Money Transfer and Retail Partners
Xoom provides money transfer services to banks, money transfer companies, and retailers, banks in the following countries and regions.
All banks in the following countries including those listed in Asia
All banks in the following countries including those listed in Europe & North America