Instances of people wondering if they should use CurrencyFair or Xoom for transferring funds overseas are not uncommon. Both companies specialize in transferring funds overseas, which is one reason they manage to provide better deals than most leading banks. However, should you favor one company over the other?
One way to find out which company does better in the Xoom vs. CurrencyFair comparison is to look at what their customers have to say. On Trustpilot, while the average score of Xoom stands at 8.6 out of 10, CurrencyFair rates noticeably better, at 9.6 out of 10. However, there is much more to this comparison and other factors require your consideration, as well.
The different sections of this comparison shed light on information you need to know in order to make an informed decision. Select Xoom or CurrencyFair only after reading about these categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
Given the varied fee structures followed by both companies, this section of the CurrencyFair vs. Xoom comparison requires careful consideration.
- Whether or not your transfer finds a match affects how much you pay as fees.
- Transfers that find matching customers attract 0.25% to 0.3% of the transfer amount, plus a flat €3 fee.
- With transfers that fail to find matching customers, CurrencyFair charges 0.4% to 0.6% of the transfer amount, plus €3.
- On average, transfers through CurrencyFair attract €3 plus around 0.4% of the transfer amount as fees.
- You pay additional fees when carrying out express deposits.
- Get more details about the fees CurrencyFair charges on this page.
- Factors that can have an effect on the fees you pay include the transfer amount, the payment method, and the destination country.
- Xoom does not charge transfer fees for some destination countries, provided the amount you transfer exceeds a preset limit.
- Making payments to Xoom via credit or debit cards is generally more expensive compared to making payments directly from bank accounts.
- The Xoom calculator lets you check how much you might have to pay as fees.
Ease of Use
If you are looking for multiple transfer methods, this section of the Xoom vs. CurrencyFair comparison favors the former. No matter which of the two you sign-up with, the registration process takes no more than a few minutes.
- CurrencyFair lets you transfer funds to overseas bank accounts.
- You can use its website in English, French, and German.
- You can register as an individual or a business.
- The company lets international customers pay via electronic bank transfers.
- CurrencyFair accepts payments in most prominent currencies as well as some exotic currencies. Some of these include U.S. dollars, Canadian dollars, Great Britain pounds, Australian dollars, Euros and Swiss francs.
- It lets you make express deposits in different European currencies if you use Visa or Mastercard debit cards.
- Australians can pay for their transfers via BPAY.
- You can use CurrencyFair apps with devices that run on iOS or Android.
- Transfer methods offered by Xoom are dependent on the destination country. Your options can include transferring funds to overseas bank accounts, sending money to cash pick-up centers, and topping off mobile phones.
- You can make payments to Xoom only in U.S. dollars.
- If you live in the U.S., you can use Xoom to pay bills that originate in a number of other countries.
- The company provides apps for Android and iOS.
Regular Overseas Payments
The decision to select CurrencyFair or Xoom is easy if you want to pre-schedule transfers. While CurrencyFair lets you do this easily, Xoom does not provide this service now.
- Learn how to apply the CurrencyFair Coupon and benefit by getting free transfers..
- Watch a video on how CurrencyFair works.
- Read more in the CurrencyFair Review.