Unlock the full potential of Suncoast Credit Union international wire transfers with our comprehensive guide.
Founded in 2001, and acquired by PayPal in 2015, Xoom offers a quick and easy way to make international transfers online. But that doesn’t mean it’s the only way to do it.
If you’re looking around for alternative ways to send your money abroad, here are some options. For example, with Wise, you can send money abroad 6x cheaper compared to banks.
Take a look, and see which one’s right for you.
Although Xoom is owned by PayPal, PayPal is also in the international transfers business itself. It’s one of the oldest online payment services, and has amassed more than 200 million active users in the last 20+ years. If you and the person you’re sending money to are among the millions who already have a PayPal account, their services could be worth considering.
As you’d expect from such a major company, it services a large number of countries, however, PayPal’s fees have the potential to stack up when you’re sending money abroad - especially if you’re using PayPal for business payments.
Wise is a decade younger than Xoom. It was set up in 2011 and connects a network of local bank accounts in countries around the world. That way, the main cost of international transfers is eliminated, and its customers get the mid-market exchange rate, with no markup at all - it’s the same rate you’ll find on Google.
Wise only charges one, low percentage cost, which is always stated upfront before you hit send, so you know the exact value of your transfer and won’t have any nasty surprises. In fact, an independent researcher found that Wise is 6x cheaper than legacy US banks, including PayPal, if you’re spending abroad.
Sounds good, right? Find out how to make your first transfer with Wise.
💡 Did you know that Wise also offers a business account?
|Some key features of Wise Business include:
Remitly is a Seattle-based company that’s been going since 2011. You can send money from the US, and 20 other countries, to 150+ destinations - although the destinations you can transfer to depends on where you’re transferring from². You’ll need to go to the Remitly website and model your payment to check if your destination country is available³. You’ll also be able to see the payment and delivery options, and exchange rates available to you.
Established in 1998, OFX is among the more established money transfer services. The company is based in Sydney, and has over 1 million customers across the world. OFX allows you to make transfers to both individuals and businesses, and is best known for being one of a few transfer services that doesn’t charge transfer fees. However, the third-party bank or intermediary involved in your transfer may charge a fee, and OFX still adds a margin on top of the mid-market rate on transfers.⁶
Based in London, Skrill was set up in 2001, when it was known as Moneybookers10. As well as international transfers, Skrill offers a way to make and receive payments online, a bit like PayPal. It uses a system of ‘mobile wallets’ for its international transfers: you can send money from your wallet to the recipient’s, although they may need to sign up for Skrill to receive the funds.⁷ This system means you can bypass the need to get your recipient’s bank account details - their email address should suffice.
Money2India is an offshoot of one of India’s largest banks, ICICI Bank, and it does what its name suggests: it’s a way of sending money, from various places around the world including the US to India. They offer an efficient service, connected to a large number of Indian banks, and ‘lock-in’ your exchange rate when you set up your transfer.
WorldRemit is a global business that was founded in 2010. It facilitates international payments to over 100 countries by various methods, including bank account transfers, cash pick-ups, airtime top-ups and as mobile money - although it’s important to note that not all services are available in all locations. The company operates online, by app, and through a network of agents around the world.
As we’ve shown, there’s no shortage of Xoom competitors when it comes to making international transfers. However, each service’s fees are widely varied, so you should always make sure you’ve researched what your transfer will cost you. Don’t forget to check out an online currency converter to make a comparison against the mid-market rate.
All sources checked on 28 April 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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