Sponsored by: Xoom, a PayPal Service
We often get asked why Xoom, PayPal’s digital remittance service, ranks high in comparison to other money transfer options in the market. In this blog, we are going to cover 10 reasons why Xoom is a great option to send money to India. Read on to find out why #3 is our favorite.
Reason #1 – Fees
First and foremost, if you send $1000 and above to India, and fund the transaction with a bank account or your balance with PayPal, you don’t pay a Xoom transaction fee. And there is a fee for transfer amounts less than $1,000, which is competitive as compared to what banks charge for cross-border money transfers. For example, it could cost you up to $50 for outgoing international money transfers from many major US banks.
In addition, Xoom money transfer service has a straightforward fee structure. Here’s an example of the Xoom fees to send money for bank deposit or cash pickup from the United States to India when funding with your balance with PayPal or bank account:
- $499 or under $2.99
- $999 or under $4.99
- $1000 and above $0.00
Reason #2 – Secure Transactions
Xoom is a PayPal service, so you can have confidence that your recipients in India will receive their money. The service leverages proprietary compliance and anti-fraud policies and procedures mandated by applicable laws and regulations that help ensure your transactions are secure. The Xoom platform is TrustArc compliant and uses 128-bit data security encryption which means the information sent remains private, confidential, and secure.
Reason #3 – Exchange Rates and Speed
Exchange Rates: The Xoom exchange rate is based on the mid-market rate, meaning their currency conversion rate is the same as the ones provided by Google, XE, or any other online currency converter. You can see the fee and exchange rate prior to sending money by using the Xoom fee and exchange rate calculator. The calculator shows how much the transfer will cost and how much the recipient will receive in INR.
Speed: It is impossible to overstate the importance of speed in today’s digital world. The speed of money transfer is very important. No one likes to wait for their money. Whether you are sending money for emergency purposes or otherwise. Traditional money transfer companies take anywhere between 2-5 business days to facilitate their transfers to a bank account. An international money transfer through Xoom is completed typically within a few hours.
Most money transfer companies charge a premium for a faster speed of delivery and take around 3-5 days for a regular money transfer. For example, if you are sending $2500 from the US to India, it can take up to 3-5 days through other sending options. If you are sending the same amount through Xoom, it takes typically 2 hours to complete the transaction, and you can still pay a competitive exchange rate.
Some companies may offer a higher exchange rate if you are willing to wait for a few days. However, if you want your recipient to receive the money fast, a premium fee can be levied which will typically offset any margin on the exchange rate. This is why reason #3 is our favorite. The user gets the best combination of fast delivery and our great exchange rates.
Reason #4 Payment and Payout Methods
With Xoom, you can pay for your money transfer to India via multiple payment methods such as bank account, credit or debit card, or PayPal. Different payment and payout methods attract different fees*. So, be sure to compare before sending your money.
*For example, when sending $2,000 USD to India, there is no Xoom transaction fee if you use your balance with PayPal or bank account to fund, and a fee of $60.49 USD if you use your debit or credit card to fund a transaction.
Your recipient can also choose multiple payout methods; they can choose to receive the money in their bank accounts or use cash pickup services. And if your recipient is in a remote location, Xoom has also partnered with major companies around the world to provide convenient, secure, and affordable money transfers
Reason #5 PayPal
PayPal is a leader in the payments industry, known for its convenience, secure transactions, and speed. Xoom is PayPal’s digital remittance service for domestic and cross-border payments. So, if you choose to fund your money transfer using your balance with PayPal, you get the same convenience, secure transactions, and speed.
Reason #6 – Mobile Friendly
Staying true to their Silicon Valley roots, Xoom has one of the most intuitive and user-friendly UI/UX among digital remittance services. The Xoom mobile app has high ratings on both the Apple App Store (4.8 Stars) and Google Play Store (4.0 stars). It was also featured in our top international money transfer apps.
The Xoom app allows users to send money to India easily from anywhere and anytime. It can be used without any sign-up fee allowing additional features such as transaction tracking and fees and exchange rate calculator.
Reason #7 High-value transfers
One of the main limitations for many tech-savvy new money transfer companies is the limit on the transfer amount. This is where Xoom ranks among the highest. For bank deposits from the United States to India, you can send up to $50,000 within 24 hours and up to $100,000 within 180 days, making Xoom one of the fastest and secure ways to transfer a large amount of money to India.
Reason #8 Customer Care
Xoom offers multiple ways to reach its customer support team, and is rated highly for Customer Satisfaction and resolution on Trustpilot and CompareRemit’s verified user reviews.
You can contact Xoom’s customer support via email, call them on their toll-free number, or tweet them @Xoom. For English and Spanish speakers, the email support is available 24 hours. Users can also make a telephone call directly, depending on the availability of the location.
Reason #9 Convenience
With Xoom, you can send money online from anywhere through an Internet-enabled computer or a smartphone. No more waiting in line or driving to a money transfer agent location or a bank.
Reason #10 Easy-to-use
Sending money with Xoom is simple. You can quickly send money to India in 4 simple steps:
- Choose your recipient’s country and the amount you’d like to send
- Enter your recipient’s information
- Select your funding method
- And your money is on its way!
There you have it! 10 reasons why Xoom is a great option to send money fast to India. Try Xoom today.