Competition in the world of international fund transfers is rife with specialist companies giving you quick and easy ways to send money to different parts of the world. Whether you pick CanadianForex or XOOM, there is a good chance of getting a better deal compared to what your bank has to offer. However, how do these companies fare when put head-to-head?
You can take the XOOM vs. CanadianForex comparison to Trustpilot to check what customers of these companies have to say. Not surprisingly, you will find largely positive reviews for both companies. While the average score for CanadianForex is 8.1 out of 10, Xoom achieves an average of 8.7 out of 10. However, there is more to this comparison than these scores…
Multiple aspects require your attention when deciding between Xoom or CanadianForex. This comparison is divided into sections accordingly:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Worldwide Fund Transfer Fees
If you compare the fees charged by CanadianForex or Xoom with how much your transfer will cost through most banks, you will notice significant savings.
- If the transfer amount exceeds predetermined thresholds, you do not have to pay any fees.
- When paying in U.S. dollars, the fee-free threshold stands at USD $5,000. Transfers below this amount attract USD $5 in fees.
- With payments made in Canadian dollars, you have to pay a CAD $15 fee if the transfer amount is below CAD $10,000.
- If you pay your for transfer in Great Britain pounds, a £7 fee applies for transfers below £3,000.
- Check the company’s fee structure for other currencies on this page.
- Factors that play a role in the fees this company charges include the transfer amount, the mode of payment, and the destination country.
- With transfers to some countries, the company does not charge any fees if the amount exceeds a predetermined limit and you pay via your bank account.
- Paying for your transfer using a debit or credit card usually attracts higher fees when compared to payments made using bank accounts.
- Use the Xoom calculator to check how much you will have to pay as fees in different scenarios.
Ease of Use
Whether you pick Xoom or CanadianForex, you can register online in minutes. Once the verification of your details is complete, you can start using your new account to transfer funds. One company scores over the other when it comes to transfer methods and website access in foreign languages.
- Access to the CanadianForex website is only in English.
- If you do not wish to transfer funds using the CanadianForex website, you can do so over the phone.
- International customers can make payments via electronic transfers from their bank accounts.
- Customers who reside in Canada can make payments using online bill payment services linked to their bank accounts. Paying via pre-authorized debits is also an option.
- You can use CanadianForex apps with iOS and Android devices.
- You get access to the Xoom website in English, Chinese, French, Portuguese, Spanish, and Vietnamese.
- Transfer methods can vary depending on the destination country. Your options include transferring funds to banks accounts, sending money to cash pick-up centers, getting transferred funds delivered to the recipient’s home, and topping off mobile phones.
- If you live in the U.S., Xoom lets you pay bills from different countries.
- Xoom provides apps for devices that run on Android and iOS.
Regular Overseas Payments
This section of the CanadianForex vs. Xoom comparison clearly favors one company over the other. While Xoom does not let you set up pre-scheduled transfers yet, doing so is easy if you use CanadianForex.
- Find out more about Xoom Competitors and Alternatives.
- Is CurrencyFair’s competition up to the task?
- Is there anyone better than TransferWise?