Are you looking for an easy and secure way to send money abroad? Then you must have heard of Xoom! Xoom is a digital platform that allows you to easily and securely send money to family and friends overseas. This Xoom review will cover all aspects of the platform, from how Xoom works to its fees and charges, and the security measures it takes to keep your money safe. We’ll also cover how to use Xoom, as well as some tips to help you get the most out of the service. Finally, we’ll discuss some alternatives to Xoom, so you can decide which platform is right for you. So let’s get started!
What is Xoom?
Xoom is a digital platform that allows users to quickly and securely send money to friends and family members overseas. It was founded in 2001, and is now the world’s leading money transfer platform. The platform is available in over 25 countries, and supports over 30 different currencies. Xoom makes it easy for users to send money to friends and family members overseas. The platform is also great for businesses that need to send payments to international vendors and partners.
Xoom is a secure platform, and all transfers are protected by 128-bit encryption. The platform also offers an array of features, including real-time tracking of transfers, the ability to schedule future transfers, and automated notifications when money is sent or received. Xoom also offers competitive exchange rates, so users can get the most bang for their buck.
How Xoom Works
Using Xoom is easy and straightforward. All you have to do is sign up for an account and enter your payment information. Once your account is set up, you can start sending money immediately. You can either send money directly to a bank account, or to a mobile wallet. The recipient can then withdraw the money from their bank account or mobile wallet.
To send money, you just need to enter the amount you want to send, the recipient’s name, and their payment information. Xoom also allows users to schedule future transfers, so you can set up a regular payment schedule. The platform also makes it easy to track your transfers in real-time.
Benefits of Using Xoom
Xoom offers a number of benefits for users. Here are some of the key benefits of using Xoom:
- Fast and secure transfers: Xoom offers fast and secure transfers, with 128-bit encryption to keep your payments safe.
- Low fees: Xoom charges low fees for transfers, so you can get more bang for your buck.
- Easy to use: Xoom is easy to use, so even first-time users can get up and running quickly.
- Automated notifications: Xoom sends automated notifications when money is sent or received, so you can stay on top of your transfers.
- Real-time tracking: Xoom makes it easy to track your transfers in real-time.
- Schedule transfers: Xoom allows users to schedule future transfers, so you can set up a regular payment schedule.
- Competitive exchange rates: Xoom offers competitive exchange rates, so you can get the most out of your money.
Xoom Fees and Charges
Xoom charges a fee for transfers. The fee varies depending on the amount you’re sending, the currency you’re sending in, and the payment method you’re using. Xoom also charges a small currency conversion fee. However, the fees are generally lower than other money transfer services.
Xoom also offers a “Xoom Plus” subscription, which gives users access to exclusive benefits and discounts. Xoom Plus subscribers can get up to 50% off fees for all transfers, as well as discounts on currency exchange fees.
Xoom Security and Safety
Xoom is a secure platform, and all transfers are protected by 128-bit encryption. The platform also uses advanced security measures to keep your payments safe. All payments are processed through secure servers, and all user data is stored securely. Xoom also offers fraud protection, so you can rest assured that your money is safe.
Xoom Pros & Cons
Pros:
- Fast and Secure: Xoom allows you to send money quickly and securely, with the added benefit of being able to track your payments in real-time.
- Low Fees: Xoom generally has lower fees than banks or traditional wire services for sending money overseas.
- Wide Range of Payment Options: You can use bank accounts, debit cards, credit cards (Visa/Mastercard) or PayPal for making a payment on their secure platform without any hassle at all!
- Multi-Currency Support & Exchange Rates : With Xoom’s multi-currency support feature you can transfer funds from more than 40 countries using local currency exchange rates rather than US dollars so that there are no extra costs involved due to conversion charges between currencies .
- 24/7 Customer Service : They have a dedicated customer service team available round the clock who will assist customers every step along the way – from transaction processing until delivery confirmation’
Cons
- High Fees: One of the biggest drawbacks of using Xoom to transfer money is that it can be quite expensive due to its high fees and exchange rates charged for international transfers.
- Delayed Transfers: Another potential con when using Xoom, is that some transfers may take up to four days or more before they are received, depending upon where the funds are being sent from and how quickly your recipient’s bank processes their deposits.
- Limited Countries Served: Although Xoom does offer services in over 70 countries worldwide, there are still many countries which cannot receive international payments via this service provider including those in Africa and Eastern Europe for instance.
- Security Risks : Since online money transfer involves sending personal information such as banking details online, there is always a risk of data theft or fraud while transferring money through any digital platform like xoom . This makes it essential to use only secure networks while making a transaction with Xoom .
- Restrictive Transfer Limits : In certain cases , users might not be able to send more than $3000 at once because of restrictions imposed by companies like xooms on their customers regarding currency exchange rate limits etc..
Xoom Customer Service
Xoom offers excellent customer service. The platform has a dedicated customer service team that is available 24/7 to answer any questions or concerns you may have. Xoom also has an extensive help center that provides answers to common questions.
How to Use Xoom
Using Xoom is easy and straightforward. All you have to do is sign up for an account and enter your payment information. Once your account is set up, you can start sending money immediately. You can either send money directly to a bank account, or to a mobile wallet. The recipient can then withdraw the money from their bank account or mobile wallet.
To send money, you just need to enter the amount you want to send, the recipient’s name, and their payment information. Xoom also allows users to schedule future transfers, so you can set up a regular payment schedule. The platform also makes it easy to track your transfers in real-time.
Tips for Using Xoom
Here are some tips to help you get the most out of Xoom:
- Compare fees: Xoom charges a fee for transfers, so it’s important to compare fees before you send money.
- Schedule transfers: Xoom allows you to schedule future transfers, so you can set up a regular payment schedule.
- Use Xoom Plus: Xoom Plus subscribers can get up to 50% off fees for all transfers, as well as discounts on currency exchange fees.
- Track transfers: Xoom makes it easy to track your transfers in real-time, so you can stay on top of your payments.
- Send small amounts: Xoom charges a fee for transfers, so it’s best to send small amounts at a time to save on fees.
Alternatives to Xoom
If Xoom isn’t the right platform for you, there are a number of other money transfer services that you can use. Some of the top alternatives to Xoom include Zelle, Wise, WorldRemit, and Remitly. Each of these platforms has its own set of features and benefits, so it’s important to compare them before you decide which one is right for you.
Conclusion
In conclusion, Xoom is a great platform for sending money abroad. It’s fast, secure, and easy to use. It also offers competitive exchange rates and low fees. Xoom also provides excellent customer service and advanced security measures to keep your money safe. If you’re looking for a secure and easy way to send money overseas, then Xoom is definitely worth considering.
