If you focus on the spread or transaction fee in isolation, it is easy to become lost in marketing gimmicks. Rather, for the purpose of our Xoom review, let’s consider the overall cost. Yes, there is a transaction fee of £1.99.īut for the moment, don’t pay too much attention to the details. Does the Xoom exchange rate include a spread?Ī. In any case, the total cost of a transfer for you, the customer, is the combination of the two the spread + transaction fee. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

Banks and other money transfer services will buy foreign currency at a price very close to the mid-market rate. Let’s begin with how the foreign exchange market works. What are Xoom fees and exchange rates? It will take a few minutes to explore the foreign exchange market, so we can properly consider this question. In addition to single-transfer limits, the following aggregate-transfer limits apply: The maximum transfer limit is £10,000, however, this will vary depending on the receiving country. Xoom has a minimum transfer value of £1, which is excellent news if you only need to transfer a small amount. The downside to this network is that there may be additional charges incurred by the recipient, of which Xoom has little control of. For the most part, the service facilitates its transfers using the SWIFT network, which allows it to deliver funds to all corners of the globe. Xoom supports the transfer of funds to approximately 30 countries. Xoom has established local offices in the following countries: Xoom company is headquartered at the following address: Since Xoom was acquired by PayPal, the division has been supported by group CEO, Dan Schulman.

Brent Williams is VP of Payments, who works alongside Michel Kattan as Marketing Director. Jasmine Lee is Chief Financial Officer, and Julian King is General Manager. Xoom’s operations are overseen by John Kunze, who is Vice President of Global Consumer Products. This allowed Xoom to handle international remittances of behalf of PayPal’s customers, while PayPal focuses on domestic payments. Then in 2015, after only two years of being traded on the NASDAQ, Xoom was acquired by PayPal for $1.09 billion. Operating from their office in San Francisco, the service completed almost $2 billion worth of payments by the end of 2011.Īfter relying solely on venture capital for many years, Xoom was listed as a publicly-traded company in 2013. Using its close ties with PayPay (the two companies shared common investors at the time), Xoom was able to grow its business by being better, cheaper and faster than its competitors. Xoom was founded in 2001 by Kevin Hartz, as a way for immigrants to send money abroad. So, what is Xoom money transfer all about? Let’s begin our Xoom review with some general information about the service. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.11 Xoom review: Final thoughts What is Xoom Money Transfer? compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.

Xoom currency rates