Remitly Vs Xoom : Comparison | Which Is Best ? - Remitbee

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Looking for a way to send money overseas? Find out which is the better option for you.

Trademark Disclaimer: Remitly* is a trademark of Remitly Inc and/or Remitly Global Inc. with whom RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. Xoom is a trademark of PayPal Inc and/or PayPal Global Inc. with whom RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

Remitly Overview

Remitly is an American online money transfer service. The company allows users in Australia, the United States, Canada, the United Kingdom, and the Eurozone to send money to more than 40 countries internationally.Due to their online and mobile platform, their service is more efficient, faster, and less expensive than many competitors. Remitly allows users to send money using their smartphone, tablet, or online through the Remitly website.

Xoom Overview

Owned by PayPal, Xoom is a leading money transfer service. Providing a vast network of delivery options, customers can send money to over 130 countries across the globe. Recipients have many options for getting their funds, and Xoom even offers services to help people pay utility bills in 10 countries. Although the company may provide a wide array of services, Xoom is not always transparent about its markup on exchange rates. Their fees and additional charges may result in higher prices in comparison to other competitors.

Available payment methods

Remitly

When you send money online with Remitly, you can fund the transfer using:

• Bank transfer
• Credit card
• Debit card
• e-Transfer

The limit that users can send per day is $999 CAD. The limit can be waived if the customer provides additional information to Remitly, such as the reason for the transfer or proof of how the transfer is being funded. Remitly does not have a service that allows recurring transactions.The recipient can get the money through a deposit into a digital wallet, a deposit into a bank account, or by picking up cash at a nearby partner money transfer facility. If a transfer is urgent, customers can choose the “Express” option for an instant transfer of funds.

Xoom

Transactions can be funded using a bank account, credit card, or debit card. Users cannot pay for the transfers using their PayPal account balance but will be able to pay using bank accounts, credit cards, and debit cards linked to their PayPal accounts. Xoom offers a wide variety of receiving methods, including:

• Deposit into a bank account
• Cash pickup at a variety of partner banks and locations
• Delivery of cash to the recipient’s door

With a basic Xoom profile, the daily limit for transfers is $2,999 per day. Verified accounts (requiring extra identifying information) will increase the daily transfer limit. Full verification allows customers to send up to $50,000 from the United States. Some of the verifying documents that Xoom requests include Social Security numbers, driver’s licenses, and proof of addresses. Another unique feature that Xoom offers is that customers can send money by reloading someone’s prepaid cell phone and transferring money to another country to pay bills.

Fees

Remitly’s fees

Remitly is an American online money transfer service. The company allows users in Australia, the United States, Canada, the United Kingdom, and the Eurozone to send money to more than 40 countries internationally.Due to their online and mobile platform, their service is more efficient, faster, and less expensive than many competitors. Remitly allows users to send money using their smartphone, tablet, or online through the Remitly website.

Xoom’s fees

Owned by PayPal, Xoom is a leading money transfer service. Providing a vast network of delivery options, customers can send money to over 130 countries across the globe. Recipients have many options for getting their funds, and Xoom even offers services to help people pay utility bills in 10 countries. Although the company may provide a wide array of services, Xoom is not always transparent about its markup on exchange rates. Their fees and additional charges may result in higher prices in comparison to other competitors.

Exchange rates

Remitly’s rates

Remitly’s exchange rates often match up with other online money transfer services. However, their rates may be dependant on the type of transfer the customer wishes to proceed with (economy or express). Remitly’s rates typically come in between 0.5% and 2% worse than general market rates. The slightly lower rates and fees are how the company makes a profit with their services.

Xoom’s rates

Xoom’s exchange rates can be relatively low. They are usually below the mid-market exchange rate with marks ups between 1 and 3 percent - making Xoom a costly option. Many competing online transfer services charge less than a 1% markup.

Security

Remitly’s security

Remitly is well-known for its security and trustworthy online money transfer services. The company is a licensed money transmitter and is a registered Money Services Business with the United States Department of the Treasury. Remitly also permitted to operate throughout Canada, as well as the United Kingdom and Ireland.Remitly takes great precautions and has excellent security measures to protect customer information and money. These actions include but are not limited to: verifying accounts, requiring customers to prove their identity with proper documents, using manual and automated fraud detection techniques, and ensuring that all transactions are protected by strong online security measures, including 256-bit SSL encryption with a 2048-bit signature.The company is well-known and used by millions of customers each year. Their popularity and financial strength have allowed Remitly to attract well-known investors throughout the globe - including TomorrowVentures, Jeff Bezos, Trilogy Equity Partnership, QED, and DJF.

Xoom’s security

Xoom itself may not be a company that is extremely well known, but it is owned by PayPal - one of the most recognized and trusted names in the industry. This entails that Xoom is also safe and secure. Xoom has successfully and safely processed over billions of dollars in customer transfers. All transactions and customer data are secured with the strongest encryption and security measures. Furthermore, their practice and services are monitored and regulated by multiple financial agencies on an international level.

Ease of use

Remitly Ease of Use

Remitly is entirely online. This allows for customers to send money from anywhere in the world and anytime during the day - as long as they have a connection to the internet. Transfers can be done in around 5 steps from the customer’s smartphone!

Xoom Ease of Use

Xoom has both digital access and physical locations. Their website and mobile app make their services extremely accessible. They also offer transfers to top-up prepaid cellphones and pill payments in select countries, on top of their main service of transferring funds between individuals.

Conclusion

Overall, Remitly is a better choice due to its better rates, lower fees, and transparency. Xoom may be more expensive, but they are also extremely secure and owned by one of the most trusted financial services in the world. Regardless of the decision that a customer decides to make, there are other options to consider when it comes to sending money internationally:

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