Users Can Now Transfer $25,000 Internationally through Xoom
PayPal-owned Xoom just increased the limit for international money transfers. Users can now send up to $25,000 from the United States to over 50 countries, including Canada, India, the U.K., and the Philippines.
Xoom is a mobile app that allows users to send money from their checking account, credit card or debit card. The company uses “highly competitive exchange rates” to convert large deposits into the recipient’s currency. Xoom charges a fee to process the payment, with the fees varying based on payment method. Users can see a fee estimate and current conversion rate on the money transfer fees page, where it states, “In addition to the transaction fee, Xoom also makes money when it changes your U.S. dollars into a different currency.”
Xoom provides text and email updates for money transfers, as well as real-time tracking information online. They provide a money back guarantee in the event of an error, and have a 24-hour customer service center.
In terms of timing, Xoom transfers can happen as quickly as a few minutes, but may take a few days. This depends on the payment processing on both ends—the sender’s bank and the recipient’s bank. Time zone differences and hours of operation may also impact the transfer times.