6/9/2023 0 Comments Xoom paypal logoThis means your recipient receives less money and Xoom pockets the difference. For example, if the exchange rate from EUR to USD is 0.913, Xoom might offer to process the transfer at a slightly lower rate of 0.902. Xoom, like many, simply adds a mark up to the current market rate. Costĭespite offering a similar service, Xoom and TransferWise charge their customers differently. We’ll take a look at each of these categories to help you determine which money transfer service is better for you. When choosing an international money transfer provider, businesses are often concerned with the following: Fortunately, competitors like Transferwise and Xoom have swooped in with money transfer services that save companies time and money.īoth TransferWise and Xoom (owned by PayPal) offer a similar money transfer service, but there are subtle differences that give each of them an advantage over the other depending on the application. Historically, the international money transfer space was monopolized by banks which imposed high transaction fees and slow processing times on cross-border transactions. A major component of this is to make sure money transfers flow seamlessly–and cheaply–from one country to the next.
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