Did you know that there were more than 1.4 billion international arrivals in the year 2018? The reality is that more people than ever are traveling overseas and this makes it difficult to get money when you’re in a state of emergency. There are a number of apps that claim that they’re perfect for sending money when abroad, but none are as effective or popular as Remitly vs Xoom.
When you start to compare Xoom and Remitly, you notice that they’re both popular options for travelers and people that live abroad. The Remitly app makes it especially convenient to go about sending money when overseas.
If you’re planning on traveling abroad for an extended period of time and you’re not sure if you should go with Remitly or Xoom then you’ve come to the perfect spot.
Keep reading this article to learn more about the Remitly vs Xoom rate and which one is the better option for your financial needs.
Why Choose Remitly vs Xoom?
Remitly is a popular option with people that travel or live abroad for a number of reasons. You won’t find a money transfer app that works at a faster speed than the Remitly app. You can’t go wrong with using Remitly for cash deliveries and cash pick-up when compared to the services that Xoom provides.
Remitly is also great because it works with almost every type of international currency you can think of. You’ll have fewer issues using Remitly for an international money transfer.
Things That Make Remitly Great
There are a number of things that help Remitly really stand out as a great option for money transfers. The Remitly app is easy to use for people of all technical skills and knowledge. You don’t need to be tech-savvy in order to use this app or service. It has a great online interface as well, so you’ll have an easy time using it in a mobile or online format.
It is also great because the beneficiaries that you’re sending money to can collect it directly from any bank that participates with Remitly’s service. Most of the big banking networks work with Remitly but you should check to make sure before trying to send money somewhere.
There are also tons of options when it comes to payout methods for using Remitly vs Xoom. You can schedule a cash pickup at any of the 140,000 locations or you can choose to do a bank transfer if that is easier. You can even schedule house deliveries for cash or transfer money to a digital wallet.
If you’re worried about international currencies fluctuation then worry no more. Remitly allows you to lock in an exchange rate with an international currency when you decide to do a money transfer with their service. You can also sign up for text message alerts that will keep you updated throughout each step of the transfer process if you choose remitly send money.
One last thing to keep in mind with Remitly is that it offers a 100 percent satisfaction guarantee to anyone that chooses to use their service. You’ll get any fees back that you’re facing if you decide that you’re not happy with the money transfer service.
Drawbacks of Remitly
Remitly is not the cheapest option on the market if you’re wondering what its drawbacks are. There are other money exchanging services that will give you better exchange rates. This makes a big difference over a long period of time.
The fees will also start to add up after a while if you’re using Remitly a lot. This is especially true if you’re transferring smaller amounts of money. You also need to keep in mind that some locations will limit the amount of money that you’re able to send.
Why Choose Xoom vs Remitly?
Xoom is another viable option if you’re looking for a way to send money. It is a decent option but it is seldom less expensive to use than Remitly. If you’re trying to send money abroad or facilitate a cash pickup then most of the time you’re better off going with Remitly.
Things That Make Xoom Great
One of the big things that Xoom has going for it is the huge number of options that it offers for money delivery. They have a massive network and many delivery options so you’ll never have a difficult time finding something that is convenient to use. It is also great if you’re planning on traveling to or staying in Mexico or the Philippines for an extended period of time.
The same goes for if you plan on traveling throughout Latin America, as Xoom has a massive and effective network in this part of the world. If you’re someone that is in need of a fast money transfer then you’ll find Xoom to be a useful and trustworthy option.
They also have great customer service. If you encounter any issues when using Xoom then their customer service will be more than happy to assist you and get to the bottom of the issue.
Drawbacks of Xoom
With that being said, there are some serious drawbacks that you need to be aware of when it comes to choosing Xoom. They have a very untransparent markup when it comes to the exchange rate between one currency and another. This means that you’re left in the dark wondering why it costs so much to transfer money from one country to another.
You’ll also be looking at higher costs across the board when you compare Xoom and Remitly. Xoom has many more fees and worse exchange rates. There are better options out there if you’re in a situation where you need to transfer money overseas.
Choose Remitly vs Xoom Today
If you’re a world traveler or an ex-pat and you’re in need of transferring money overseas, odds are that you’ve looked at Remitly vs Xoom when looking at your options. Each has its benefits and is a great choice if you’re in a hurry to get money transferred to family members abroad. Remitly offers great customer service and some of the best rates in the market.
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