In Canada, Discussions, For Beginners, Foreign, Money

Send money internationally and cheap, with Xoom a new Paypal Service

I saw a few ads for this, but never bothered to look into it until my mom asked me to see if it was cheaper than her wiring the money and paying up to $60 CAD each time as a fee.

Note: I am not affiliated with them or sponsoring them, but it just occurred to me that it could be useful for other people to use, as Gen Y Money did a great review on TransferWise, comparing the costs, but I suspect Xoom beats them even on costs and currency exchange fees.

Her chart shows that TransferWise would get you $697.77 USD for every $1000 CAD sent (with $11.61 CAD fees), and when I plugged in the same $1000 CAD into Xoom, I got this:

 

It looks like more money is received…

..but then again, I did not do this example at the same time Gen Y money did, and may not have used the same currency exchange rate.

Still, it looks pretty simple to send to a bank account directly, or literally to their door.

You can have them also pick up the money in 3 ways

Deposit to a bank account

Send money to almost any bank account.

Send cash for pickup

Send cash for pickup at thousands of partner locations around the world.

Have cash delivered

Send money directly to your recipient’s door.


Why would you want cash delivered?

I asked this because I’m a product of a First World Society, and my mother says that when she sends money, it is so dire where it goes, that you can be robbed and beaten at any time you come out of the bank with the cash. To them, it’s a fortune and some of them wait and prey on old women going into banks, coming out alone.

She would much prefer the option of having the cash delivered to the door, if that’s available, to avoid any assault.

Xoom makes money in two areas

They make money in the currency exchange, and in the fee to use a debit or credit card (I think).

They even tell you exactly how things will work in each country. I chose India, and got this blurb (there was more, I just cut it off):

Send for cash pickup and bank deposit to India
Send money to the top cash pickup locations and banks throughout India, such as Muthoot Finance and Manappuram Finance. Make bank deposits to all banks, including HDFC Bank, PNB, Axis Bank and YES Bank.

The power of PayPal at the speed of Xoom
Xoom is a PayPal service. We’re part of something bigger, something that empowers over 250 million customers around the world to make secure online transactions every day. That’s a strength in numbers you can trust. And the best part is, if you have an account with PayPal you can start sending money to India right now with your PayPal payment options right at your fingertips.

How fast will my money get to India?
Choose cash pickup and your money is typically available in minutes at convenient locations throughout India. Send bank deposits typically in minutes to HDFC, Axis Bank, Yes Bank, Punjab National Bank (PNB), ICICI Bank, State Bank of India (SBI), and most major banks in India when sending up to 2 lakh. Deposits above 2 lakh typically arrive within 2 hours to most major banks in India, 24 hours, 7 days a week.

How do I start sending money to India?
Xoom makes it quick and easy to start sending money today. Step 1: You can log in with your PayPal credentials or easily create a Xoom account, starting with your name and email address. Step 2: Simply enter how much money to send, who it’s going to, and where they’ll receive it in India. Step 3: Conveniently pay with with PayPal, bank account, credit card, or debit card and you’re done! Sign up now to get started

You can see that they put exact specific banks, information and details that would make sense to someone sending money to India.

Thoughts? Do you send money abroad?

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Sherry of Save. Spend. Splurge.

I got out of $60,000 of debt in 18 months using TheBudgetingTool.com. Since then, I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K (savings rate = 85%). I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I also post daily on Instagram @saverspender.

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