If you read the online reviews of Xoom one word that comes up repeatedly is “quick.” Quick money transfer is what Xoom, a leading online global money transfer service provider is known for. Established in 2001 and based in San Francisco, Xoom.com provides money transfer service to a large number of countries that include India, Philippines, Australia, South Africa, Europe, and more than 30 countries in Latin America.
Since Xoom is a relatively new company in the field of remittance the question of financial security and liability may loom on the customer’s mind. There is no reason to worry because Xoom is backed by major financial giants like Fidelity Ventures, SVB Capital, New Enterprise Associates, and Sequoia Capital, and managing the whole money transfer service in India is Xoom’s main partner - Punjab National Bank.
Xoom's money transfer services offers fixed locked-in exchange rate. Xoom provides one of the fastest money transfer service to India in less than 4 hours if the transfer is made during the processing hours of Indian Banks. Coming to the various modes of sending money Xoom operates on a simple process. The basic requirement to send money through Xoom is that the recipient needs to have a bank account in India. You can send money from a US bank account, or via Debit and Credit cards, and the money can be sent to over 80 banks in India.
Paying with a bank account is cheaper than paying with a debit or credit card. Xoom also clarifies that it charges for the service of converting Dollar into Rupee and rounds the amount to the nearest rupee.
Checking the status of transfer is also easy through Xoom. Their new status tracking center called Status Trak helps you track the money transfer through regular updates via email, text, web, and mobile, and via round the clock phone support.
Xoom also provides certain incentives for its customers. Xoom offers a unique service that is literally available at the fingertips of the customers. It has free mobile app (Android and Apple) that enables the customers to send money in the most convenient manner from their mobile devices.
There is also no transfer fee charged for customers sending more than $1000 to India from their bank accounts. Xoom always maintains excellent ethical standards. Xoom as a company is wary of fraud and scams and draws a long list of warnings and hypothetical scenarios for its customers on their website. The company emphatically voices the agenda behind transferring money: The money should be transferred to only those people the sender knows and the money sent has to be used for legal and personal purpose only.
Xoom is a very modern company and provides transparency as far as rules, guidelines, fee structure, and money transfer process are concerned. Bottom line is that choices are limited for modes of transfer with Xoom, but if you want to send your money in a fast and secure manner, Xoom might be your answer.