Xoom Singapore: What’s the price of a money transfer?

Xoom provides international payments all over the world, and is backed by PayPal. This helpful guide will take a look at the services available from Xoom Singapore, including how to send money with Xoom, and the rates and fees which will apply. It’s worth noting that Singapore residents can not use Xoom to send international payments. To access this service you should be based in the US, Canada or the European Economic Area (EEA).

If you’re looking to make an international payment don’t panic. We will also cover an alternative option - Wise - to help you find the right provider for your needs. Here’s a rundown of all you need to know about Xoom money transfer.

Xoom money transfer Singapore - how does it work?

Xoom global money transfer service is a PayPal company, allowing customers based in the US, Canada and Europe to make international payments all over the world. You can sign up to Xoom using your existing PayPal account, or set up an account using your email address and phone number if you’d prefer.

You’ll then be able to send money to dozens of different countries, and pay using a bank transfer, credit or debit card. It’s helpful to know that the fees may vary for different payment methods, so you’ll want to use the online fee calculator to check out your options. Payments are accepted in US and Canadian dollars for all Xoom customers - you could also pay using British pounds or euros if you happen to be based in Europe. ¹

After processing, your payment can be sent direct to your recipient’s bank account - and in some countries, you can also arrange for your recipient to collect the payment in cash at a local agent. ²

Xoom exchange rates and fees

If you’re based in the EEA, US or Canada, and you’re considering using Xoom for your international payments, you’ll need to know what it will cost you. Let’s take a look at the fees you pay with Xoom.

Calculating Xoom fees

To find out the costs of your specific transfer with Xoom, you can use the online fees and rates calculator.³ The costs are worked out based on sending US or Canadian dollars, euros or British pounds. Enter the amount you want to send, and click the ‘Show Fees’ button to get the range of options and fees available.

In the comparison table below we model a payment made from US dollars to Indian rupees. If you pay using a wire transfer, the costs of the transfer are rolled into the exchange rate used. However, it helps to know that there are extra fees to pay with a credit or debit card. In the transfer below, it would cost an additional USD30.49 to pay with a card. Your credit card issuer may also add their own fees, increasing the costs overall.

Xoom exchange rates

It’s not just the transaction fee you need to look at. The exchange rate offered by Xoom will also make a big difference to the overall costs of your payment. Here’s what you need to know.

The exchange rate available for your transfer will show on the Xoom rates and fees calculator when you enter your transfer details. You’ll also see the following message:

“In addition to the transaction fee, Xoom also makes money when it changes your send currency into a different currency.”

This means that Xoom is likely to add a markup to the exchange rate they use, rather than offering the mid-market exchange rate. The mid-market rate is the exchange rate you’ll find on Google - and the one that banks and currency service providers receive when they buy foreign currency themselves. However, many international payment providers do not pass on this exchange rate to their customers. Instead they add a markup or margin, which they then keep for themselves.

Find the mid-market rate using a simple Google search. You can then compare this to the rate offered by Xoom to see the markup added.

Wise - low cost international payments for Singapore residents

If you’re not able to use Xoom, or if you simply want to shop around to make sure you’re getting the best deal available, you should check out the costs using an alternative provider like Wise.

Wise is available to Singapore residents, and you’ll be able to make transfers all over the world. Instead of adding a markup to the exchange rate, Wise carry out international payments using the mid-market exchange rate, with a clear transparent fee. As the table below shows, this can work out to be better value overall, compared to alternative services.

You may save even more time and money by getting yourself a Wise borderless account. This multi-currency account lets you hold, send and receive dozens of different currencies - and you’ll be able to manage your money on the go with a helpful app. Currency conversion always uses the mid-market rate, so you know you’re getting the best exchange available, with just a low upfront fee to pay.

Here’s an example of the costs of using Xoom, compared to using the international payment service from Transferwise. Imagine you want to send USD1,000 to a family member in India. Here’s what it’ll cost you.

*Costs and exchange rates correct at the time of research 23 August 2019 4.15pm GMT+2

Which countries can I send money to with Xoom Singapore?

You can send money to a broad range of countries, including the major routes listed below. The full list of countries and currencies supported is available online on the Xoom website.⁴

Send money to:

• Australia
• China
• France
• Germany
• India
• Malaysia
• New Zealand
• Philippines
• United Kingdom
• United States

Xoom money transfer customer service - how to get in touch with the team?

You’ll be able to find answers to many common questions in the FAQ pages of the Xoom website. You can also use the email form available online to send a message to the Xoom money transfer customer service team.

If you’d rather talk to a member of the team, you can call the Xoom helpline. There isn’t a specific contact number for Singapore - instead you can call any of the global numbers listed, to receive help in English or a range of other languages. Try the numbers below, or check out the website for the full listing:⁵

• +44 13 1297 6784 (Xoom UK service team)
• +33 1 70 77 86 69 (Xoom France service team)
• +49 234 978 490 15 (Xoom Germany service team)

If you need to make an international payment, the good news is that there are many different services to choose from. Xoom might meet your needs - but it’s also well worth comparing other alternatives to find the best option for you. After all, nobody wants to pay more than they need to for an international transfer.

Check out the service available from Wise to see if you can save.

Sources used in the article: