Category Archives: Xoom.com

Money Transfer On-The-Go With The Xoom App

By Mohammed Waseem

Xoom Corporation is quite well known among the residents of the US who transfer money internationally. They have amazing offerings, great customer support and in some countries to some banks, they transfer money instantly within seconds. They recently acquired Bluekite for offering cross-border bill payment service. Now, they have come up with ‘on-the-go money transfer service’.

Xoom launched their mobile app in last July for enabling international money transfer through smartphones. The app is available for iOS as well as Android. The app allows Xoom customers to quickly send money to a recipient in one tap or one swipe. The technique is called ‘slide to send’ which allows a transaction to complete in seconds. The app also provides real-time transfer status, wherever the user is.

Xoom Mobile AppThe Xoom App also has features such as fee calculator, exchange rate calculator, customer service contact and so on. Once a user downloads the app and logs in, all the existing recipients that he/she has added would be displayed and money can be transferred right then. With this app, money can be sent to more than 30 countries worldwide, which is also the case for online money transfers. If the users do not want to download the app, they can still use the ‘on-the-go transfer service’. All they need to do is access Xoom Mobile Site from their mobile browser and login.

So, anyone in the US can use this app to send money to over 30 countries including Latin America, the Philippines, India, Australia and South Africa. If a user has not signed up for an account with Xoom yet, this form can be used to get an account with them and for setting up recipients after logging in.

The app is simple to use and very convenient to use. It is a great addition to Xoom’s products and offerings, as well as a step towards keeping up with the increasing demands and expectations of customers.

Two Options for Online Money Transfers

You no longer have to go to a money transfer office to schedule money transfers.  You can send money to friends and family from the comfort of your home with online money transfer services.

Many of the traditional money transfer services now offer the option of making a transfer over the phone or online at their website.  Other companies have been started in recent years that exist solely as online services.  Here are two of them to consider.

Western Union

Western union safe cash transfer
Western Union

Western Union has been doing regular electronic money transfers for years and has now expanded into online service via the internet.  You have several options when using their online service for payment.  If you need the money to arrive quickly, you can pay with a debit or credit card.  If it is not an emergency, you can use your bank account to transfer money.

You create an online profile with Western Union that you can go back to anytime you need to send money.  Then you choose your options based on what you need.  The receiver can get their money several ways:

  • In their bank account
  • At a Western Union agent near their location
  • Delivered to their home or office
  • In their mobile wallet

If you don’t feel comfortable sharing your bank information with Western Union, they also provide WU Pay.  With this option, you can set up a payment in your Western Union account and they will send a bill.  Then you go to your bank account’s online bill pay and pay the bill like you would any other.

With all of these options, you receive email confirmation to know that the money has been sent.

Xoom

Xoom is a newer money transfer company founded in 2001 and located in San Francisco.  They handle all transfers online and send money to the following countries:

  • The Philippines
  • Europe
  • Latin America
  • India
  • Canada
  • Australia
  • South Africa

You must sign up on their website before you can send money.  Once you create a profile, you will enter the recipient’s information, including their name and country, how much you want to send, and how you want them to receive the money.  You have three options on this: bank deposit, pick up in person, or delivery to their home.  The latter two options may not be available in all countries.

You will also need to know the recipient’s address and bank information (if depositing into their account) and contact phone number.  You will then enter your payment information where you have the option of paying from your bank account or with a credit card.  You will have a final chance to review the transaction before submitting.

It’s much easier to send money today with online money transfer services.  You have multiple options, which allow you to select the most affordable choice with the best features.  These are two of the best known companies, one that has expanded their services and one that only provides online services.

Send $2,999 to Guatemala for only $4.99 with Xoom

I received a news update today from Xoom.com, a money transfer service that I have used in the past and have been happy with. Xoom is now offering a special rate of only $4.99 to send up to $2,999 to Guatemala, provided that you fund the transfer from your bank account. The entire transaction can be done online.

For cash pickups, Xoom has 1,548 cash pickup locations in Guatemala, including GyT Continental, BanRural, Banco Industrial, Citi (formerly Banco Cuscatlan and Banco Uno), BAC-Credomatic and Banco de Antigua; or Elektra, Gallo Mas Gallo, Hiper Paiz, Maxi Bodega and Paiz stores.

If you want to transfer the money directly to your recipient’s bank account, Xoom offers bank deposits to the following major banks: Banrural, Banco Industrial, and Citi (formerly Banco Cuscatlan and Banco Uno).

If I needed to send money to Guatemala I’d definitely use Xoom.

Good Experience With Xoom.com

Xoom corporation logo

I recently found myself needing to send $750 to a friend named Adam in El Valle de Anton, which is a small town in Panama. I went to my bank (Bank of America) and inquired about sending a money transfer. They told me I had to come back early the next morning and it would cost $45.

Instead, I went home and logged on to Xoom.com, an online money transfer service based in San Francisco.

Checking the rates, I found that it would be $27.99 to send $750 to Panama using a debit card or credit card; and only $9.99 if I funded the transaction from my bank account!

So that’s what I did. I used my bank account to send the money. Until recently money sent to Panama via Xoom could only be picked up at a few selected banks in the capital city, which is 90 minutes away from El Valle. But now Xoom has partnered with the Super99 grocery store chain as well, so money transfers can be picked up at any Super99. And there are Super99 stores everywhere, including in Coronado, only 30 minutes away from El Valle.

The money transfer was completed quickly – within an hour or so. My friend Adam told me that it was easy to pick up the money. He said he didn’t know that money could be sent from the USA to Panama so cheaply, and that he would recommend Xoom to others as well.

Overall it was a quick and easy transaction, and inexpensive. If you need to send money to Latin America, I highly recommend Xoom.com.

Send Money Online With a Credit Card, Part 2 – Xoom and iKobo

Sending money

Part 1 – Western Union, MoneyGram, Paypal
Part 2 – Xoom and iKobo
Part 3 – Moneybookers and Amazon Payments

In Send Money Online With a Credit Card, Part 1, I covered three major money-transfer services: Western Union, MoneyGram and Paypal.

In Part 2 I will discuss some lesser known money transfer services.

4. Xoom.com by Credit Card

Recommended.

Based in San Francisco, Xoom.com does not have their own dedicated stores, rather they partner with various financial institutions who act as their agents (this is common of course; Western Union and MoneyGram do it too). For example in Panama, Xoom partners with Citi and the Super99 grocery store chain, among others. They have 42 pickup locations in Panama, which is pretty good.

Xoom seems to specialize in money transfers to Latin America and Europe, though they do have a scattering of agents in Asia and other places. As of this writing they have agents in 30 countries. That may be a far cry from Western Union’s 200+ countries, but Xoom still provides a good service.

The fees are reasonable and you can pay with a U.S.- based credit card or debit card, or with a U.S. bank account. To take the example I used previously of sending $500 to Panama, if you paid by U.S. bank account the fee would be $7.99. If you paid with a credit card or debit card it would be $19.99. They accept Visa, MasterCard or Discover.

I have used Xoom‘s services in the past and found them to be reliable.

Caution

If you haven’t read Part 1, here’s my standard warning about funding a money transfer with your credit card:

Be aware that in addition to the normal fees that the money transfer company charges, your credit card company may impose an extra fee. They might see a money transfer transaction as a cash advance, and charge you the cash advance APR (interest rate), which can be considerably higher than your card’s default APR. It’s best to check with your bank first and find out if there are any extra charges for funding a money transfer with your credit card.

5. iKobo.com by Credit Card

Not available.

I used to use iKobo.com all the time to send money to a web development contractor overseas. Their fee to send $500 to Panama is $21.25 (I use Panama as my example because I used to live there); if you fund the transaction from your bank account you can send up to $1,000 anywhere for only $8, which is a great deal.

However, when I visited the website just now I saw the following notice on their home page:

Important Notice: iKobo money transfer is temporarily suspended while we update our services. Money transfer services will soon be restored.

I don’t know what’s going on with them.

Next: MoneyBookers and Amazon Payments.

Xoom.com announces fast, low-cost money transfer service to UK

Xoom corporation logo

Xoom Corporation has issued a press release detailing a new high-speed money wiring service that will allow customers to send money to bank accounts in the UK.

According to the release, funds will be available in the recipient’s account in less than an hour. Transfer fees are only $4.99 US when sending up to $2,999 and funded from US banks, which is really quite extraordinary for a bank transfer.

“With the launch of our new service to the UK, our customers now have an even faster way to wire money to the UK—any time from the convenience of their desktops,” said Julian King, Senior Vice President of Marketing and Business Development for Xoom.com. “We look forward to providing this service to our loyal customer base who have come to trust our brand as the most cost-effective and convenient money transfer service in the industry.”

There are 17 UK banks participating in the service, which together account for 95% of UK banking. Among them are Santander (formerly Abbey and Alliance & Leicester), Bank of Scotland, Barclays, Clydesdale, Co-Operative Bank, Coutts, First Direct, Halifax, HSBC, Lloyds TSB, Natwest Bank, Northern Bank, Northern Rock, Royal Bank of Scotland, Smile, Ulster Bank and Yorkshire Bank.

The sender can also schedule a time for a future transfer, and can set up recurring transfers. This will be helpful to UK expats who need to make regular transfers into their UK accounts, for example to pay bills.

If you’ve used Xoom, let us know how well it worked for you, and how satisfied you were with it. Personally I have used their service to send money to Latin America, and have been quite happy with it.

Xoom Money Transfer Service

I want to tell you about another interesting money sending service that I recently discovered. It’s called Xoom.com, as in, money zooming all over the world.

They are an online-to-online money transfer service, and I’ve used their service several times to send money to relatives overseas. They are based in San Francisco, California. Their fees are very low. To send $500 within the United States, for example, costs only $13.99, but they can send money all over the world. The recipient does not need a bank account or internet service.

Is Xoom better than Moneygram? Maybe. I’m still deciding, but you should definitely try out Xoom and decide for yourself.