Xoom vs Wise Money for Online Money Transfer? How is Wise Money Better Than Xoom?

Updated on: 2023-02-18 - 2 mins read

Xoom and Wise are two popular online platforms for sending money internationally. Both platforms offer users a convenient and efficient way to transfer money to friends, family, and business partners in other countries. However, critical differences between the two platforms are worth considering when choosing which one to use.

Xoom is better than Xoom in the following key aspects:

  1. Xoom and Wise are popular online platforms for international money transfers.
  2. Wise offers better exchange rates and lower fees compared to Xoom.
  3. Wise has a borderless account option, while Xoom offers cash pickup and bill payment options.
  4. Both Xoom and Wise have mobile apps, multiple payment options, and strong security measures.
  5. The best platform depends on individual needs and preferences, including exchange rates, fees, transfer limits, payment options, and customer service.

One significant difference between Xoom and Wise is the number of countries in which they are available. Xoom is available in around 70 countries, while Wise supports more than 70 countries and constantly expands its reach. If you're looking to send money to a country that Xoom doesn't help, Wise is the better option.

Another critical difference is the exchange rate. Xoom's exchange rate may fluctuate, while Wise provides users with a real-time exchange rate that is usually better than traditional banks offer. This means that with Wise, you'll be able to send money at a more favorable exchange rate, which could result in the recipient receiving more money.

Fees are also an important consideration when choosing a money transfer platform. Xoom charges a higher fee than Wise for money transfers, especially for smaller transactions. Wise, on the other hand, offers lower fees and, in some cases, no fees at all. This could result in significant cost savings for frequent or extensive transfer users.

Speed of transfer is also an essential factor. Xoom typically takes 1-3 business days to process a transfer, while Wise's transfer time is usually within 24 hours. Wise may be the better option if you need to send money urgently.

Another consideration is the platform's security. Xoom and Wise use robust security measures to protect their users' personal and financial information. Both platforms are licensed and regulated by relevant authorities and comply with anti-money laundering and know-your-customer regulations.

In addition to these differences, both Xoom and Wise offer a variety of payment methods for users to choose from. Xoom allows users to pay for their transfers using a debit or credit card, bank account, or PayPal account. Wise also offers these payment options, but it allows users to pay using local bank transfers, which can be more convenient for some users.

Xoom and Wise have received positive user reviews regarding customer service and ease of use. However, it's always a good idea to read reviews and customer feedback to get a sense of the experience other users have had with each platform.

Xoom and Wise also have mobile apps for iOS and Android, making it easy for users to transfer money on the go. Both apps have received positive reviews, but it's worth checking out the app store ratings and reviews to get a sense of the user experience.

See the quick comparison of Xoom and Wise to help you determine which service is best for your needs:

Factors Xoom Wise Money
Security Xoom prioritizes security when it comes to online money transfers. Xoom uses 256-bit SSL encryption to ensure that all transactions are secure and protected. Wise prioritizes security when it comes to online money transfers. Wise uses end-to-end encryption and two-factor authentication to protect its customers' data.
Exchange Rate Xoom offers competitive exchange rates, updated regularly to reflect the current market rate. Wise uses the mid-market rate for its transfers, generally better than the rates offered by banks.
Transaction Fee Xoom charges a transaction fee for every transfer, which can vary based on the country, amount, and payment method. Wise has a transparent fee structure, with a small fee for every transfer.
Transfer Time Xoom offers fast transfer times, with most transfers completed within 24 hours. Wise offers even faster transfer times, taking just a few minutes to complete.
Additional Features Xoom offers additional features such as bill payment, mobile reloading, and a mobile app. Wise has different features, such as a borderless account and a debit card.
Payment methods Xoom offers various payment methods, including bank transfers, credit cards, and debit cards. Wise accepts only bank transfers as a payment method.
Customer service Xoom has a dedicated customer service team available 24/7 to assist customers with their queries. Wise also has a customer service team to assist customers with their questions.
Global Outreach Xoom is available in over 130 countries, making it accessible to many people. Wise is available in over 50 countries, making it accessible to fewer people.

In summary, Xoom and Wise are great options for sending money internationally, but they have different strengths and weaknesses. Xoom is available in fewer countries and has a fluctuating exchange rate, but it offers bill payments. Wise is available in more countries, provides a better exchange rate and lower fees, and offers local bank transfers. Ultimately, your best choice will depend on your specific needs and preferences. It's worth researching both options and comparing them based on fees, exchange rates, transfer limits, available countries, security, and customer service.

When it comes to global money transfers, two prominent players in the market are Xoom and Wise Money. While both platforms offer the convenience of sending money to India from the USA and other countries, Wise Money proves to be the superior choice, surpassing Xoom in various aspects. One significant advantage of Wise Money is its transparency with foreign exchange rates. Unlike traditional banks and some other money transfer apps that hide fees within their exchange rates, Wise Money provides real mid-market rates, ensuring that customers get the fairest deal possible without any hidden costs. Additionally, Wise Money's cutting-edge Forex trend prediction feature allows users to track market fluctuations and make informed decisions about the best times to initiate their transfers, potentially saving them even more on exchange rates. With its user-friendly interface, low fees, and efficient money transfer services, Wise Money has revolutionized the online money transfer industry, making it the preferred choice for anyone seeking a seamless, cost-effective, and financially savvy method of sending money across borders.