Send Money by Xoom - Review of Global Money Transfer service
I recently sent money to India using Xoom Wire Transfer Service. I have tried other options of remittance or sending money, but this is the first time I tried Xoom. Before I write a review of my experience with Xoom, let me first mention some facts.
Planning to send money by Xoom? Here is a quick list of things you should know first.
- Using Xoom you can send money to most countries in the world by wire transfer method. The Wire transfer should not be confused with sending money by wire transfer directly by contacting your local Bank. (read below on how it works).
- Payment Method: You can pay Xoom by U.S. Bank Account, Paypal or a Credit card.
- Xoom Fees: There are charges involved if you want to send money by Xoom. If you send money directly from you U.S. savings or checking account, the charges are maximum $4.99 per transaction. Which is reasonable if you are getting a good foreign exchange rate and are sending a couple of hundred dollars. The charges for Paypal or Credit card are more - ranging from $9.99 to $74.99 depending on how much money you send. To find out more click on Xoom Fees and Charges.
- Xoom Money transfer limit: The maximum amount of money you can send is $3000 (or $2999 to be precise) in one transaction. So if you want to transfer a lot of money, this method is not for you.
- Xoom tracking : You can track your money transaction using a tracking number you get after you give your money transfer order. Click on Xoom Money Transfer Tracking to track your current money transfer transactions.
- I had chosen an option to directly credit my money into my Savings Bank Account in India. My money did reach safely.
- In about two or three days, I received an email from Xoom saying that they had send the money to their partners in India.
- After this email, it took a long time (additional 2 or 3 days) for the money to actually show up in my account. Later I found that a check was deposited in my account. So although Xoom maybe sending money fast by wire transfer from United States to your home country, the local processing can be time taking. So do not get misled by time estimates you will come across on Xoom's website.
- The Xoom tracking does not show details about local processing at your home country. That is after i received an email that my money was dispatched by Xoom, i had no idea what was going on until the money actually showed up.
- Since the amount of money i send was small, i did not bother to contact Xoom Customer Service, so no reviews regarding that.
Articles on Money Transfer Online Remittance to India |
| External Links |
| Western Union Money Transfer - A trusted way to send money where beneficiary collects cash from a Western Union location. |
| MoneyGram - International Money Transfer and Money Order. You send money, beneficiary collects cash from a chosen MoneyGram agent or location. |
| iKobo - Send Money Worldwide Money Transfer by ATM Card. Useful for those who have to send money frequently. Check foreign exchange rates on the homepage of iKobo. |
| Xoom Money Transfer - Online Remittance from United States to various other countries. Xoom Fees are around $8 per transaction. |
| Send Money to India |
| ICICI Remit to India Online Money Transfer to India. ICICI Exchange rates. |
| SBI Remittance Online Money Transfer to India. SBI exchange rates. |
| Remit2India Online Money Transfer to India. Remit2India exchange rates. |
| HDFC Quick Remit Remit Money to India online from U.S., U.K., Europe and Singapore. HDFC Quick Remit exchange rates. |
| CitiBank Online Remit Remit Money to India from US. |
| Disclaimer |
| I have been sending money to India for quite a few years. I have been involved in at least 50 money transfers to India and used 4 to 5 different methods of online remittance. Although I do make efforts to provide accurate information about services related to online remittance, none of the opinion, experience or reviews in this post should be used for making any decisions to remit money to India or any other country. It is easily possible that my experience or opinion about a particular remitting service is different from yours. It is your money that you want to remit. So please verify the information from your own authentic sources before making a choice for remitting your money. I do not accept any liability for incorrect or inaccurate information. Some of the links in the posts may be affiliate links, however the opinions and reviews presented in the post remain honest and unbiased. |
6 comments:
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Good Article. very well explained. Was till date only aware of western Union Money transfer.
I had a very similar experience.
The problem is that they set a lot of false expectations. They said that if you use your bank in US then we will transfer the money the same day. Once I finished the transaction they now inform me that there are some other regulations where I need to verify some information and it might take 2-4 days. If they had been more forth right on how it works I would have made a better decision. I would not go back to them in future and will not recommend to any of my friends.
BE CAREFUL! Don’t use this service. I have a big problem now with them. I tried to send money. In their website the don’t advert, that if you are going to send a great amount you will required to present documents and ID, but from the US! If you aren’t a US resident, you’re fu**. They don’t answer your claims. I have my money freezed in my local bank account, and the bank can’t do nothing because they don’t send the information that the money transfer had been cancelled. So, I’m stuck with this big garbish. DON’T USE ONLINE SERVICES TO SEND MONEY. USE THE NORMAL METHODS IN YOUR COUNTRY OR WILL SUFFER FROM THIS IRRESPONSABLE PEOPLE.
I've had a very bad experience with xoom. We sent $400 to a needy relative in India from US. For some reason, the person who was supposed to receive it was not able to visit the bank for a few days. When he did manage to go to the bank, he found out that the name of the receiving party was changed and someone else withdrew the $400. When we called customer service we were told that they got a message requesting the change from our email. We checked our outgoing emails and no email was sent from us. The customer service refused to help further in this matter. Apparently someone inside this shady company is committing the fraud. We had to send the money again using western union.
I've been using them for a year or two now maybe twice a month with no problem. About the long delay, it's a one time thing. If you read the fine print, it says they normally hold the first payment(might be bank account only...i forget) for a few days for verification. After that every transaction I've done has been ready to pick up in 15 minutes or so. Also canceled one transaction without problem. Of course I'm in the US sending money overseas. Never tried it while abroad
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