How does Xoom Global Money Transfer Work?
Question
How do I pay for a Xoom Transaction?
Answer
Xoom offers two options for funding a money transfer.
Value Service is the cheapest way to send money! Pay with your U.S. bank account and save on fees. When you send a transfer, Xoom makes an electronic withdrawal from your bank account, also know as an eCheck, and sends the money to your recipient. Xoom ensures that your account information stays secure by encrypting all confidential information.
When you place a transaction using Value Service, Xoom requests the US Federal Reserve Bank to debit your checking account for the payment amount. The Federal Reserve immediately debits your checking account, and routes the funds to Xoom. This routing time is typically instantaneous, however the US government may require a clearing time of up to 5 business days for new senders. In these cases where extra time is required, it might seem that Xoom has received your money because the funds have already been debited from your account. When Xoom receives payment from the Federal Reserve, you will automatically receive an email from Xoom stating your transaction is Underway and has been released to our partners for payment.
Standard Service offers competitive fees and gives you the flexibility and security to pay using Visa, MasterCard, Discover, or PayPal. Standard Service is the fastest method of funding your Xoom transaction.
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Question
How will my recipient get the money I send?
Answer
Xoom offers three money transfer services: Pickup, Bank Deposit and Door-to-Door Delivery. At least one of these services is available in each country where Xoom operates.
Pickup Service
When you submit a transaction to Xoom, you receive a Xoom tracking number on the Receipt page. You'll also receive an Order Confirmation email. This email confirms that Xoom has received your transaction and has begun to process it.
Next, you will receive an Underway email. This email is sent when the funds have been received by Xoom, and the transaction has been forwarded to the recipient's country. The Underway email will provide you with the information needed for your recipient to pick up the money. When you receive the Underway email, please read it carefully. Then you should contact your recipient and provide the tracking number, identification requirements, and the location where your recipient can pick up the money.
When your recipient arrives at the local branch, your recipient may be required to fill out a form, and will need to record the tracking number. Sometimes the tracking number is called a "pickup code". Your recipient will also be required to provide valid identification. The teller or agent confirms the tracking number, verifies your recipient's identification, pays the money, and provides a receipt to confirm the money has been paid.
At this time, your transaction will be updated to "Completed", and you will receive an email notification confirming that your recipient had successfully picked up the money. The email notification may arrive shortly after the money has been paid or on the next business day. You'll also be able to track the entire process via Xoom's web site by visiting https://www.xoom.com/static/help-track.html and entering your tracking number.
Bank Deposit Service
When you submit a transaction to Xoom, you receive a Xoom tracking number on the Receipt page. You'll also receive an Order Confirmation email. This email confirms that Xoom has received your transaction and has begun to process it.
Next, you will receive an Underway email. This email is sent when the funds have been received by Xoom, and the transaction has been forwarded to the recipient's country. The Underway email indicates that the funds are in transit, and will be deposited to your recipient's bank account shortly. You may want to contact your recipient to inform them of the status.
When the money has been deposited, your transaction will be updated to "Completed". You will receive an email notification confirming that your recipient's bank account has been successfully credited. The email notification may arrive shortly after the money has been deposited or on the next business day. You'll also be able to track the entire process via Xoom's web site by visiting https://www.xoom.com/static/help-track.html and entering your tracking number.
Door-to-Door Delivery Service
When you submit a transaction to Xoom, you receive a Xoom tracking number on the Receipt page. You'll also receive an Order Confirmation email. This email confirms that Xoom has received your transaction and has begun to process it.
Next, you will receive an Underway email. This email is sent when the funds have been received by Xoom, and the transaction has been forwarded to the recipient's country. The Underway email will provide you with the information needed for your recipient receive the money. When you receive the Underway email, please read it carefully. Then you should contact your recipient and provide the tracking number and identification requirements
When the courier arrives at your recipient's location, your recipient may be required to fill out a form, and will need to record the Xoom tracking number. Your recipient will also be required to provide valid identification. The courier will confirm the tracking number, verify your recipient's identification, pay the money, and provide a receipt to confirm the money has been delivered.
When the money has been delivered, your transaction will be updated to "Completed", and you will receive an email notification confirming that your recipient has received the delivery. It is not uncommon to receive the email notification 1-2 days after the delivery due to the distance of the delivery. You'll also be able to track the entire process via Xoom's web site by visiting https://www.xoom.com/static/help-track.html and entering your tracking number.
To learn more and get started visit https://www.xoom.com/sendmoneynow/how-to-receive-money
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Question
How will I know when my recipient has received the money?
Answer
You can track the status of your transaction here.
Xoom will attempt to provide you information on the completion of your transaction when it becomes available. You should monitor your registered email account for these notifications.
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Question
What is the difference between Value Service and Standard Service?
Answer
Value Service is the best option if low fees are the important factor for you. With Value Service, you will pay the lowest fees and will be paying via eCheck which allows funds to be withdrawn directly from your U.S. checking account. Transactions funded by eCheck typically take from 1 to 4 business days to clear. Then Xoom sends the money to your recipient.
Standard Service is the fastest way of sending money to your recipient. When you use Standard Service, you can choose between using your Paypal or Debit/Credit Cards to fund the transaction. Standard Service transactions are typically faster than Value Service transactions.
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Question
What are Xoom's fees?
Answer
Xoom offers two different fee schedules: Value and Standard.
Value Service offers the lowest fees; Standard Service fees are slightly higher. Value Service requires that you pay for the transaction with a US Bank Account. Standard Service is required when you are paying with Paypal or a credit or debit card. Both Value and Standard rates are based the recipient's country and how the money is paid out (Pickup, or Deposit, or Delivery).
Please visit the Xoom fee calculator to see the specific fees for your recipient's country. The fee calculator shows Xoom's rates and, where possible, Western Union's rates, giving you a good idea how much you'll be saving when you use Xoom.
You'll find that Xoom offers the most competitive rates for sending small to larger denominations through out Xoom's worldwide remittance network.
For more information about Xoom and How it works, please visit their website at http://www.xoom.com
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