When it comes to choosing a payment solution, many people find themselves weighing the options between Xoom and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine which one best suits your needs.
A quick overview on Xoom and Wise
What is Xoom?
Xoom is a digital money transfer service that allows users to send funds to over 150 countries. It offers various transfer options, including bank deposits, cash pickups, mobile wallet transfers, and bill payments, making it a versatile solution for international money transfers.
People commonly use Xoom to support family members abroad, manage finances across countries, and handle international business payments. Its key strengths include rapid transfer speeds and a user-friendly interface, although some users have noted challenges with account verification and higher fees compared to other services.
What is Wise?
Wise is a financial technology company that specializes in international money transfers and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals to manage funds in different currencies and by businesses to pay international suppliers and manage payroll globally. Unique features include the ability to hold over 40 currencies and local bank account details in multiple countries, making it convenient for frequent travelers and international businesses.
Pricing of Xoom and Wise
Xoom charges fees based on the transfer amount, destination country, and payment method. While the fees are transparent, they can be higher compared to some competitors. Additionally, Xoom's exchange rates may include a markup, which affects the total cost of the transfer. Users can calculate specific fees using the fee calculator available on Xoom's website.
Wise operates on a transparent fee structure with low, variable fees starting from 0.33% for sending money. Holding money in a Wise account is free, and receiving domestic payments in certain currencies incurs no charge. However, receiving USD wire and Swift payments has a fixed fee, and ATM withdrawals over a certain limit are subject to additional charges.
Wise generally offers better pricing than Xoom.
Features of Xoom and Wise
Xoom features
Xoom offers several unique features that cater to the needs of consumers looking for efficient and secure money transfer services:
- Multiple Transfer Options: Users can send money to bank accounts, debit cards, mobile wallets, and for cash pickup or delivery.
- Real-Time Transaction Tracking: Allows users to monitor their transfers in real-time, providing peace of mind and transparency.
- Upfront Fees and Rates: Xoom displays the exact fee and the amount the recipient will receive before the transaction is completed.
- 24/7 Fraud Monitoring: Ensures the security of transactions with continuous monitoring and data encryption.
- Integration with PayPal: Enhances credibility and security, leveraging PayPal's established trust and infrastructure.
Wise features
Wise offers several unique features that cater to the needs of consumers looking for efficient and cost-effective international money transfer services:
- Multi-Currency Account: Users can hold and manage over 40 currencies, making it easier to operate internationally.
- High-Speed, Low-Fee Transfers: Over half of the transfers are completed in under 20 seconds, ensuring quick and affordable transactions.
- Wise Card: Allows users to spend and withdraw cash worldwide without any foreign transaction fees.
- Interest-Earning Options: Users can earn interest on balances in multiple currencies with FDIC insurance through a Program Bank.
- Global Account Details: Provides local bank account details in multiple countries, enabling users to receive payments like a local without needing a physical presence.
Comparing Xoom, Wise and OneSafe
Why choose one over the other?
- Why Choose Xoom Over Wise: Xoom, established in 2001 and integrated with PayPal, offers a robust and secure platform for international money transfers. Its multiple transfer options, including cash pickups and mobile wallet transfers, cater to diverse recipient needs, making it ideal for those who require flexibility in how funds are received. Additionally, Xoom's real-time transaction tracking and 24/7 fraud monitoring provide peace of mind and transparency, ensuring that your money reaches its destination safely and quickly.
- Why Choose Wise Over Xoom: Wise, founded in 2011, excels in providing cost-effective international money transfers with transparent fees and real exchange rates. Its multi-currency account allows users to hold and manage over 40 currencies, making it a convenient solution for frequent travelers and international businesses. Furthermore, the Wise debit card enables global spending without foreign transaction fees, offering significant savings and convenience for those who need to manage funds across different currencies.
Considering OneSafe vs Xoom and Wise
- Why Choose OneSafe Over Xoom and Wise: OneSafe is uniquely designed for businesses in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. Its end-to-end expense and payroll management tools, combined with exceptional customer support, make it an optimal choice for companies needing reliable, adaptive banking solutions.
What are the customers saying?
Xoom reviews
Users generally highlight Xoom's speed and reliability in their reviews. However, some have noted issues with account verification, unexpected transaction cancellations, and higher fees compared to other services. Check out more Xoom reviews here.
Wise reviews
Customer reviews for Wise generally highlight issues with account access, document verification, and occasional delays in transfers. Some users have also expressed concerns about the level of customer support when problems arise and about increasing fees. Check out more Wise reviews here.
OneSafe reviews
Users have consistently praised OneSafe for its exceptional customer support and the platform's ability to simplify complex banking tasks for Web3 companies. The seamless USD to USDC conversion on Polygon and the end-to-end expense and payroll management tools are particularly appreciated by businesses operating in the digital asset space.
Customer reviews highlight the quality of OneSafe's services:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Xoom, Wise, or OneSafe: Which is the best platform for you?
In conclusion, while Xoom and Wise offer robust solutions for international money transfers, OneSafe stands out for businesses in the Web3 and crypto sectors. Each service has its strengths, but we recommend OneSafe for its seamless USD to USDC conversion, end-to-end expense management tools, and exceptional customer support. Ultimately, any of these options could be a good fit, but OneSafe provides a unique blend of features tailored for modern businesses.
