While there are several international fund transfer companies to choose from, people often end up looking for Xoom vs. TransferWise comparisons. This is not without reason, given that both are prominent players in the field. In addition, both companies offer better deals in comparison to the big banks.
Finding out what customers have of these companies have to say about their services can give you some insight into whether you should select TransferWise or Xoom. On Trustpilot, where thousands of users leave reviews, Xoom scores 8.7 out of 10. TransferWise however, does better, at 9.6.
To help you select Xoom or TransferWise, this comparison is divided into multiple sections, highlighting the similarities and differences of these companies.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
If transfer fees charged by your local bank seem on the higher side, consider using TransferWise or Xoom.
- The amount you transfer, the method of payment, and the destination country can have an effect on the fees Xoom charges.
- Transfers to some countries do not attract any fees, provided you pay using your bank account and the transfer amount exceeds a predetermined threshold.
- Payments made using bank accounts tend to attract lower fees when compared to making payments via debit or credit cards.
- The online calculator provided by Xoom gives you easy means to check how much your transfer might cost.
Ease of Use
Both companies do well in this section of the Xoom vs. TransferWise comparison. Either way, registering online takes just a few minutes. After the company you sign up with verifies your credentials, you can start transferring funds.
- You can use the TransferWise website in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- To quicken the registration process, TransferWise lets you sign up using your Google or Facebook account.
- You can sign up with TransferWise as an individual, a business, or an online seller.
- You can pay using a debit card, a credit card, or an electronic bank transfer.
- Get free bank account details in multiple currencies by signing up for the Borderless account.
- A Mastercard linked to the Borderless account gives residents of various countries easy access to their money.
- Use your Borderless account to set up direct debits in GBP and EUR.
- TransferWise provides apps for devices that run on iOS and Android.
- In addition to English, access to the Xoom website comes in French, Spanish, Portuguese, Chinese, and Vietnamese.
- Depending on the destination country, you can transfer funds to a bank account, you can send money to a cash pick-up center, and you can top off mobile phones.
- Residents of the U.S. can pay bills originating from different countries.
- You can use Xoom apps with devices that run on iOS and Android.
Regular Overseas Payments
Whether you use TransferWise or Xoom, setting up scheduled transfers is not possible yet. If this is an important feature, you can consider using TorFX, HiFX, Currencies Direct, OFX, or World First instead.
- Read about TransferWise features and their pro’s and con’s.
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