TransferWise

Launched in 2011, this tech startup has grown enormously to become one of the prominent players in the peer-to-peer international money transfers industry. With a concerted aim to provide cross-border payments without exorbitant banking fees, TransferWise has attracted favourable reviews thanks to its intuitive online process and its dedication to transparency in everything it does.

By capitalising on peer-to-peer technology, TransferWise has been able to avoid high fees and charges while offering exceptional exchange rates. A massive amount of outside investment shows the confidence the industry has in the TransferWise operation.

 

Xoom

Xoom is a digital international money transfers service that is part of the PayPal organisation, enabling customers in the US to send money abroad to almost 70 countries. Unlike some other comparable companies, both parties do not need to be signed up with Xoom – and it also offers mobile phone top-up and utility bill payment services as well.

Originally set up in 2001, Xoom was acquired by PayPal in 2015 to consolidate their customer base with Xoom’s extensive American reach.

 

Wise
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
Xoom
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 2011
?
Est. 2001
Wise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.
Xoom
Fee: ? $4.99 to $10.99
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FinCEN
General Notes N/a
Country Notes N/a

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

Xoom Features

  • Up to $10,000 in a single transaction
  • Send money to 72 different countries
  • App available on Android and iOS
  • Website viewable in English, Spanish, Portuguese, Chinese and Vietnamese
  • A+ rating and accredited with the Better Business Bureau (BBB)
  • Email and text message updates available
  • $20 referral bonus when recommending a friend
  • Fee-free when sending $1,000 or more
  • Majority of money transfers processed within two business days

The pros and cons of using TransferWise

pros

Make transferring on the go simple, with their new Wise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

cons

Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Wise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

The pros and cons of using Xoom

pros

Actively reply to any issues or queries on Trustpilot

Apps on iOS and Android can be used to transfer money on-the-go

Transferred money delivered via bank account, reload airtime, cash or can be used to pay utility bills

Same-day delivery available in many countries

$10,000 daily maximum limit

cons

Higher markups on exchange rates than a lot of competitors

Minimum fee of $4.99 for credit cards

No live chat feature for customers

cons

Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Wise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

cons

Higher markups on exchange rates than a lot of competitors

Minimum fee of $4.99 for credit cards

No live chat feature for customers

Wise
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
Xoom
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

Price Comparison

TransferWise’s commitment to transparency means that customers know exactly what to expect every step of the way and any fees or charges are included right from the start. So there are no nasty surprises further along the line. Fees are calculated on a case-by-case basis but these are explained fully on the easy-to-use TransferWise website.

Xoom operates with a mid-market rate and any charges and fees incurred will be fairly competitive. One aspect that differs from TransferWise is that the transaction fee is added to the amount that is to be transferred – no matter whether the money is to be paid by bank account, credit or debit card. The entire process is transparent but exchange rates are not always as favourable as with other international money transfer companies.

 

International Presence

With seven offices across the world, TransferWise takes its aim of being a market leader in international money transfers seriously. Although there are no dedicated local dealers, which is a slight downside for anyone wishing to send money abroad in large quantities, it does support over 300 currency routes across the world.

Although concentrated in sending money from the US, Xoom is able to send money abroad to over 70 countries – and is looking to expand on that number all the time. Central Asia, South America and Europe are well covered by Xoom, but it has not been able to reach very far into Africa as of yet. Xoom’s head office is still in San Francisco but there is also another location in Guatemala.

 

Ease of Use

TransferWise’s automated process is very simple to use and represents one of the big attractions for many of its customers. That, coupled with a customer support service that is second to none, means that TransferWise is one of most progressive and forward-thinking international payments startups. The lack of dedicated dealers is an obvious negative but the online platform – including an award-winning app – more than makes up for that.

As part of the PayPal digital family, Xoom is perhaps expected to be easy to operate as a user – and the simple online service is very straightforward when deployed on a computer or mobile phone. The ability to top up phones in other countries is big positive when it comes to reaching out to the developing world – as is the utility bill payment function that Xoom also provides. A money-back guarantee on any transfers that don’t arrive on time is a confidence booster but reviews have been largely positive anyway. The 24-hours-a-day customer support team can also deal with any issues that may arise.

Compare Other Currency Rates

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Other International Money Transfer Quotes

OFX (US)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info
Amount Received
GBP £8,168.48
USD $236.91
saved vs. banks

Venstar

Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
More InfoLess Info
FXcompared Rating
Amount Received
GBP £8,172.60
USD $241.91
saved vs. banks

Average US Bank

Est. 1900

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info
Amount Received
GBP £7,964.89
No saving vs. banks

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