Evolving technology and internet has made this world a small place where you can connect with people all across the globe. Apart from connecting people, it enables us to transact online. You can transfer money whenever and wherever you want, at the ease of being at home, 24/7 to your near and dear ones.
Xoom Corporation was formed in 2001, is based in San Francisco and has an office in Guatemala City, Guatemala. It is a subsidiary of PayPal.
Xoom provides services to transfer money online across 55 countries which include India, Belgium, Australia, Dominican Republic, Guatemala, Pakistan, Mexico, China, Philippines among others. It enables transfer of funds from US to other countries across the globe.
Funds can be transferred through the mobile app, desktop or mobile website. Apart from fund transfer, Xoom enables reloading mobile phones and paying utility bills.
Who can Transfer funds?
Transferring funds abroad will only be allowed if it is done for personal reasons. No transactions will be entertained if it is made by or on behalf of a company or non-human entity. However, you can make payments to service providers like payment of bill of a relative or friend.
Can I track the fund Transfer?
Yes, user can track the fund transfer. At the time of transferring funds online, a transaction number is generated which enables the customer to track money online and know when it will be received by the recipient. The customer gets a notification via email as soon as the transfer progresses to the recipient.
How will the recipient receive money?
The recipient can get money in any of the three ways i.e. bank deposit, cash pickup or home delivery. The user should ensure that the details regarding the recipient’s bank account or address sare correct as Xoom will not process transfer of funds with wrong information.
The recipient receives the money either in US currency or local currency.
In case the recipient does not receive money, Xoom has a money back policy and to refund the full amount to the User.
How to Send Money using Xoom?
Sign up or Login your Xoom account
A new user will have to sign up for a Xoom account( which is free) and if you are a registered user, just login to your Xoom account.
In this step, user will have to fill the following details:
- Select the country of recipient
- Amount to be transferred
- Mode of receiving money (bank deposit, cash pick up or home delivery)
- Your payment mode to Xoom, i.e. through bank account, credit card or debit card
User will have to provide details like recipients’ name, address, email id, phone number, bank name and account number.
In case you are a new user and have not updated your profile information, it might ask you to update your personal information with address.
User will have to fill in the payment details. They can pay from their bank account, debit card or credit card.
User should review the information submitted and confirm the transaction.
What is the Transaction Processing Fee?
The fees of transferring funds differ from country to country, the amount to be transferred and the currency of sender and recipient. However, if you transfer money from US bank account, the transaction fee is less when compared to bank account of other country. The customer (assuming he is paying through US bank account) has to pay a flat transaction fee of $4.99 for a transfer up to $2,999. In case he uses a debit card or credit card, the transaction fee will be a bit higher.
Is there a Limit on the Transfer of Funds?
Xoom has certain limits for transferring funds to the recipient. User can send:
- Up to $2999 USD every 24 hour
- Up to $6,000 USD per month (assuming 30 days in a month)
- Up to $9,999 USD in 180 days
However, you can send up to $25,000 USD in a month(30 days) and up to $60,000 USD in 180 days after having provided additional information to Xoom.
So, when an individual has to transfer money online, Xoom comes across as a reliable, safe and secure alternative which enables the user to transfer funds easily at any point in time. The wide coverage of countries across the globe and less transaction processing fee makes it an attractive option for individuals who wish to send money to their family or friends staying in different parts of the world.