As your frugal family examiner, I am always on the lookout for ways to save money. I recently saw an advertisement for Xoom.com, an online company who send money overseas via wire transfer, for extremely low fees. I decided to research this service against two large organizations who also offer overseas wire transfer services; a local bank and Western Union.com.
I phoned my bank to find out how much it would cost to send a small amount of funds from US to UK. The bank charge was $45 in dollars, $35 in foreign currency ~ which was almost as much as the amount I wanted to transfer! I then went online to Western Union; the charge for an overseas wire transfer was almost 4 times more than the charge at Xoom.
Of course the most important part of any money transaction is privacy and security. Using a bank is safe, but costly and can take up to 7 days. I went online and “googled” the customer reviews for both Western Union and Xoom~ these were checkered and worrying, for both companies. The reviews for my bank (which I am very happy with) were equally disturbing.
Next, I spoke with representatives from both Western Union and Xoom and discussed the negative reviews I have found on google. I was told that hundreds of transfers are successful, with just a few that have issues (often due to a customer canceling the transaction after it has been processed, a wrong addresses or account numbers etc).
Xoom fees from US to UK are only $4.99 for transfers from $25 up to $2999. Western Union fees for the same values ($25 to $2999) start at $15 to $135!
After having done the research, I had made my decision. I made a transfer using Xoom and got a great exchange rate. Although I was concerned about putting my bank details online, personal details are immediately encrypted, just as when we bank online, so I understood the process.
And here’s the best part. My transaction was completed in 2 days. The funds were transferred without a hitch and at all times I was supported by Vladimir Moreno, Assistant Manager of Xoom.com who talked me through the process, emailed me with updates and phoned me when the transaction was complete!
It is important that individuals do their own due diligence and research, as each transaction is different depending on the country being sent to, but from my personal experience, Xoom was extremely fast and I only paid $4.99!
For those local people who have family overseas and need to wire a little cash, as your Frugal Family Examiner, I recommend Xoom.com for the low fees, great exchange rates, fast processing and helpful customer service.
Xoom offers money transfer services to: Argentina, Australia, Austria, Belgium, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, France, Germany, Greece, Guatemala, Honduras, Hong Kong, India, Ireland, Italy, Jamaica, Japan, Korea (ROK), Mexico, Netherlands, New Zealand, Nicaragua, Norway, Panama, Paraguay, Peru, Philippines, Poland, Portugal, Singapore, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom, Uruguay.
Customer Service (877) 815-1531 (within the US), (415) 395-4225 (outside US)
Email Customer Service: