Sending Money To Worldwide With Xoom

Sending Money To Worldwide With Xoom

Xoom Transfer Cost to Bangladesh

Whenever you send money abroad, you’ll pay one (or both) of two main types of fees. The first is a service fee, which will come in the form of a fixed fee or a commission, which will be charged on every transfer you make. The second fee comes when you are charged the difference between the “real” exchange rate (known as the mid-market exchange rate) and the rate your currency exchange provider decides on. This difference is known as the exchange rate margin and is expressed as a percentage.

When it comes to transferring money to Bangladesh via Xoom, you’ll mix fixed and commission fees for different transfer and receiving methods and amounts. Plus, you’ll also pay the exchange rate margin, which is relatively low with Xoom and remains the same regardless of the payout method you choose.

Finally, the fees you pay when sending money to Bangladesh via Xoom can be broken down as follows:

Note that Xoom charges a variable exchange rate margin that decreases with the size of the transfer. For example, if you send a small transfer of US$500 to India, your exchange rate margin will be around 1.1%. Meanwhile, if you were to send a larger transfer of US$10,000, your exchange rate margin would be around 0.4% instead.

Is the Xoom worth it?

Short Answer: If you are sending money from USA to India for cash collection, then yes!

However, in pretty much everything else, Xoom probably won’t offer you the best deal — and might not even be available in your country.

This can be seen based on how Xoom recently performed on Monito’s real-time comparison engine, which ranks money transfer providers in order of their fees and exchange rates. Analyzing hundreds of thousands of comparisons between November 2020 and January 2021, we found that Xoom was the cheapest for 32% of cash pickup transfers to India from countries where Xoom is available to ship. This (already impressive) number is especially true in the US, where Xoom was the cheapest cash pickup service in India in nearly nine out of ten searches!

On this note, note that Xoom unfortunately does not transfer money to India for cash collections that exceed ৳50,0000 (about US$680). To transfer ৳50,0000 or above, you have to opt for sending money for a bank deposit, a service where Xoom is far less competitive, according to our research. For bank deposit searches on Monito’s comparison engine, Xoom was the cheapest in only 0.17% of searches between November 2020 and January 2021.

Sending US Dollars?

Between November 2020 and January 2021 Xoom was the cheapest service to collect cash from the US to India in about 86% of searches on Monito’s comparison engine. On the other hand, Xoom was only the cheapest service for bank deposits from the US to India 0.5% of searches during the same period.

Sending British Pounds?

Xoom does not feature as the cheapest service on Monito’s comparison engine for transfers from the UK to India in a single search between November 2020 and January 2021. See which providers are cheapest in real-time below.

Sending Canadian dollars?

Likewise, Xoom did not top out as the cheapest service on Monito’s comparison engine for transfers from Canada to India between November 2020 and January 2021. Take a look at the cheapest providers below.

Sending Euros?

Again, among the five EU countries most searched for remittances to India (Germany, France, Ireland, Netherlands and Poland), Xoom was not the cheapest in a single search between November 2020 and January 2021. See which is currently the cheapest for this corridor below.

Sending Australian dollars?

Unfortunately, you cannot use Xoom to send money from Australia to India, as the service is not supported there. On the bright side, you can still choose from many competing services! Run a search on Monito’s comparison engine to see which comes out on top.

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