Xoom Money Transfer Review

This Xoom money transfer review is intended to explain the pros and cons of using the company. We research and showcase their fee structure, the exchange rates and the quality of the service provided.

 Based on our editorial rankings, Xoom is not part of our list of best money transfer companies for May 2020We encourage you to have a look at this Xoom recommended alternatives.
Logo xoom logo
🏛️ Established 2001
🌎 International Clients No – USA and Canada only
💱 Currencies Offered 79
💷 Minimum Transfer No set minimum
📲 Trading via Online, but recipients can pick up cash through its partner network
🏢 Offices In USA and Guatemala. Thousands of certified agents located across the globe.
⚖️ Regulation ✓ Financial Crimes Enforcement Network (USA)
🤯 Fees Varies according to destination, method, and amount sent. For instance, a $200 bank transfer to Italy costs $2.99, but there are no fees if you move $1,000+. Transfers from credit/debit cards are costlier – $4.49 for a $200 transfer to Italy and $21.49 for $1,000.
Promotional Code None on MoneyTransferComparison but you can find $50 gift coupons on the internet
👨‍👩‍👧‍👦 Client Reviews 810 on Consumer Affairs, 818 on Reseller Ratings, and over 16,800 reviews on Trustpilot.
⭐ Client Rating 3.4/5 on Consumer Affairs, 8.9/10 on Reseller Ratings, and 9.4/10 on Trustpilot
Website www.xoom.com
🏆 Awards
Silver Distinction in Financial Services, Shorty Awards (2017)
👍 Advantages Offers 79 currencies

Clients can send cash to 131 countries

A money-back guarantee protects senders against botched transfers

Better rates than competitors on several routes

Attractive website, and strong mobile app

Transparent Rates and Fees

👎 Disadvantages High Absolute Fees per Transfer

Inapt for high-value transfers

Limited to only customers from North America

Complaints about excessive KYC for smaller transfers

Customer service lacks a live chat option


Company Information and Credibility

Company size:

Founded in 2001 in San Francisco, online payment processor PayPal now runs Xoom. Before then, they attracted two rounds of venture capital – an E-series round for $20 million in 2007 and an F-series round for $33 million in 2010. Backed by names like Sequoia Capital, they took Xoom public, attracting $100 million in investment capital in 2013.

Two years later, its founders sold it to PayPal for $1.1 billion in 2015. They now employ 300 workers between their California and Guatemala offices and generated $200 million in revenue last year.

Regulated By:

FinCEN (Financial Crimes Enforcement Network) oversees Xoom’s activities, as do regulators in all 50 states.


While it took 14 years to be acquired by PayPal, Xoom’s management team spent them wisely. Building trust through fee transparency and customer satisfaction, Xoom remains a vibrant money transfer business.

Client Feedback


Clients have reviewed Xoom thousands of times on the internet. Most feedback was left on Trustpilot, though some shared their thoughts on Consumer Affairs or Reseller Ratings.

They left 810 reviews on Consumer Affairs, 818 on Reseller Ratings, and a whopping 16,8000+ on Trustpilot.

The ratings were as follows:

  1. Consumer Affairs – 3.4/5 – the outlier result of the three sites, but its reliability is questionable given its small sample size.
  2. Reseller Ratings – 8.9/10 – most feedback is very positive, with a small minority of respondents who had a bad experience.
  3. Trustpilot – 9.4/10 – most of its 16,800 reviewers had a great or excellent experience with Xoom, further cementing its status as a legitimate money transfer company.

PositiveThose satisfied with Xoom had the following to say:

– Transfers were fast

– Service is consistent in its reliability

– The user interface was easy to navigate

– Fees were affordable and fair

NegativeThose dissatisfied with Xoom had the following to say:

– They were annoyed/concerned about disclosing personal information

– Fees were expensive compared to other services

– Transactions were cancelled, often without explanation


While some customers complained about their experience, most feedback on Xoom is uniformly positive. Nonetheless, with competitors offering ultra-low/no fee transfers, this is an area where Xoom can do better.

Exchange Rate & Fees


Xoom grew its business by being upfront about fees. When transferring money, you have the option of viewing what you’ll pay. By clicking the ‘Show Fees’ link beneath the currency exchange calculator, you’ll see what it costs for each method. In that sense, it’s similar to other popular services like TransferWise. But you might want to gravitate towards no fee services like FairFX           , OFX, WorldFirst or CurrenciesDirect.

Exchange Rates:

Xoom’s fee schedule varies for each currency pairing. In general, cards are charged 5% for transfers of $100, and around 3% for amounts $200 and up.

For most countries, bank transfers cost $4.99 for amounts up to $999 – there is no fee for $1,000 and up. However, for other countries (e.g. Mexico), the $4.99 fee remains in place no matter the size of the transfer.

Xoom publishes the exchange rate that it charges for each currency pairing beneath the exchange calculator. According to our analysis, there is a margin of 1.75%-3.7% for small transfers (e.g. $200), and  1.5-3% for transfers of more than $1,000.


There is no minimum transfer amount specified. However, there are maximum transfer limits on Xoom, and they can get complicated. The maximum you can send depends on three things: time frame, documentation, and your country of residency.

With minimum documentation, an American resident can send $2,999 per 24-hour period, $6,000 every 30 days, and $9,999 every 180 days. Under similar circumstances, a Canadian resident can ship $C999 per 24-hour period, $C5,000 every 30 days, and $C9,999 every 180 days.

However, if you supply documentation including (but not limited to) the following – utility bills, bank statements, driver’s license, passport, and PR/Green Card – you can send considerably more. Americans can transfer money abroad in the volumes of up to $100,000 and Canadians $80,000 per 180-day period if they have their documents in order.


Xoom may be a cost-effective way to send money in comparison to its competitors dealing with remittances from the USA, based on the Remittances Prices project by the World Bank. Xoom is often showing up among the cheapest options and rarely as the most expensive option for remittance transfers.

With that being said Xoom is still excessively expensive when it comes to transferring money abroad to a bank account in a country like the UK, Australia or the like. Regardless of high fees, the margins taken from a larger transfers of 1.5%-3% is twice or thrice of what companies specializing in bank-to-bank transfers (such as Currencies Direct) would take.

Here is a recent example from Feb 28, 2019, demonstrating an unreasonably high margin of transfer of funds from the USA to Australia:


The real rate  at the time was 1.4072 so that represents a margin of 3% by itself, not inclusive of fees.

Global Reach & Service


  • Dedicated Dealer: No
  • Offices: Corporate offices in the USA, Guatemala. Affiliated agents all over the globe.
  • Ways to approach: Phone, e-mail
  • Translations: Spanish, Filipino, French (Mon-Fri, 9 am- 6 pm CET)
  • Accepts clients: Canada, USA are only countries who can send, 131 countries can receive.
  • Currencies Handled: 79
  • Client reviews: 9.4/10, per Trustpilot.com


Concerning receivers, Xoom has impressive international reach. Dealing in 79 currencies and 131 nations, beneficiaries abroad are well-served by this service. However, only Canadians and Americans can send using this service, neglecting those in the UK, Australia, Europe, and elsewhere.

That said, Xoom focuses intently on its target market – migrants employed in Canada and the USA – and in that endeavor, they have done well. In addition to the numerous currencies it offers and the nations it serves, it provides customer service in key languages. Filipino overseas workers and those of Latin American origin have access to CSRs in their mother tongue, 24/7. Xoom also offers French-speaking CSRs but their hours are limited.

With thousands of glowing reviews online, they have done an exceptional job serving their clients. If/when they expand into Oceania, the UK, and Europe, we think they’ll do even better.

Additional Functionalities

Xoom does more than just money transfers. They offer two additional services – mobile reloads and online bill pay.

In 46 countries, including Argentina, Morocco, and Vietnam, you can send money to a loved one’s phone. This act will replenish their balance, allowing them to interact with you via voice or text.

In nine countries like Colombia and Mexico, you can pay off the utility bills of friends or family. All you need is an account number – within two days, the balance will be paid off.

Xoom also boasts one of the most popular money transfer apps in the world which is quite usable and friendly.


Xoom is a prominent name in the money transfer business for a very good reason.

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