Charles K Carillo Xoom VS Western Union: Which One Is Best For You?Posted by James Hawk on July 28th, 2017 Charles K Carillo Xoom VS Western Union: Which One Is Best For You? The graph clearly shows that Western Union is the most popular fund transferring medium in business. But some users are unhappy with their pricing. That’s why they started to look for alternatives to Western Union. Thus, Xoom, a PayPal service, came into the business. It has gained users’ trust rapidly because of PayPal’s reliability to the customer. Though both offer similar services, Western Union has been in the money transferring business for over 150 years where Xoom began their journey in 2001. They are both viable money transferring mediums. But as far as choosing one option, the decision depends on the few factors like transaction type, how quickly do you need the money to be delivered, who are you paying, if the receiver has a bank account, receiver’s country, etc. Here I am breaking down each of the factors to help you in deciding whether you want to use Xoom or Western Union.
Transfer Type Western Union allows sending money for both business purposes and personal fund transfers. The receiver only needs to have an Identity number or PIN number to receive the payment. With Xoom, receivers, and senders, both need to have an account and transaction can only be made from consumer to consumer. That’s why it’s best to send money to your friends and family where Western Union is suitable for both consumer to consumer and business transactions. Besides, Western Union lets you pay your bills in some regions of the world. Countries Where Western Union allows sending money to over 200 countries & territories, Xoom only allows transfering in 31 countries. It is the main reason why Western Union is still number one and Xoom losing its clients daily. Fees Xoom charges a lesser amount for international money transferrs than Western Union. They can charge lower prices because they don’t need to maintain physical customer-facing points like Western Union. Besides, Xoom offers good exchange rates compared to Western Union. But you should keep in mind that both Western Union and Xoom’s fees vary depending on the countries which you are transferring the money. It also depends on the currencies, your funding source, and total transfer amount. The majority of Xoom’s transactions are made to Philippines and Mexico, funded from bank accounts and disbursed in their local currency. For these types of transactions, customers pay a flat fee of USD 4.99 to send an amount less than 00. For the same amount to transfer through Western Union, customers pay higher fees, even twice sometimes.
With Xoom, you can only send payment from your phone, computer, and tablet. But to transfer money through Western Union, you can either use the internet or can go to over 100,000 ATMs & banks worldwide in person.
Funding Source To send funds through Xoom, Customers are allowed only to transfer the amount from Debit/Credit Cards or a checking account. They do not accept cash as a source of funding. But Western Union has physical centers and trained agents. They accept cards, cheques, and even cash as funding sources. In some cases, the recipient can receive the amount in cash immediately. The best thing is that the receiver does not need a bank account to take out the money. Processing time Xoom has very little control over the estimated delivery time, though they promise to make it instant. Their processing time depends on the individual bank which is receiving the amount. But Western Union makes it instantaneous because of their agents all over the world. Power Online Solutions LLC Like it? Share it! More by this author |