Unfortunately, you won't be able to sign up for an account in Australia unless you have a bank account in the US or Canada. At this time, Xoom has no plans to expand into Australia, but that doesn't rule it out. You can check out the other options you have for sending money overseas from Australia here. Currently, we recommend Revolut for smaller transfers and TorFX for larger ones.
If you do have a US or Canadian bank account, you can send money to Australia as well as dozens of other countries.
Our Verdict
Xoom is PayPal's answer to global money transfers and an easy next step if you already have a PayPal account. Depending on the country, you can even choose how your funds reach your recipient, be it bank account, debit card, cash pick up or even straight to their home. This is what makes Xoom hugely convenient.
However, what you gain in ease is lost on costs as you'll be saddled with Xoom's poor exchange rates and additional transfer fees. And these costs vary widely between currencies and where you're based. All in all, Xoom seems much less appealing when compared to other specialist transfer services.
Why should I use Xoom?
Transfer tracking. You'll receive a text message when your money arrives. Xoom will also email you and your recipient to keep you both informed of the transfer's progress. You can log on to your account any time and track the transaction there, or call customer service and receive an update from a live representative.
Money-back guarantee. Xoom offers a money-back guarantee to refund your transaction in full if the money you send doesn't arrive to your recipient.
24/7 support. Phone and email support is available 24 hours a day, 7 days a week if you need help with a transaction.
What to be aware of with Xoom
Not available for Australian users. For now, Xoom is only available to those with US or Canadian bank accounts.
Requires government-issued ID. You'll need to upload a government-issued ID, like a licence or passport, and a recent bank statement to send money.
No live chat option. Though you can call or email Xoom for 24/7 customer support.
Exchange rate markup and fees. Xoom adds a markup on the mid-market rate and charges additional fees.
Xoom's exchange rates and fees
The total cost of a Xoom transfer varies between online and agent locations. But for online transfers, fees depend on:
Payment. Paying by bank transfer is the cheapest option while paying by credit card will have higher fees. Additional cash advance fees may also be charged to your credit card.
Recipient's location. Fees depend on where you're sending to.
Amount. Different fees are charged based on how much you're sending.
Delivery. To send cash, fees are generally higher, while receiving money to a bank account is often less expensive.
Here's an example of the fees you might see while receiving AUD$1,000 through Xoom from the following sending countries:
Sending country
Payment method
Fee
UK
PayPal balance or bank account
GBP 0.00
US
PayPal balance or bank account
USD 0.00
Canada
PayPal balance or bank account
CAD 2.99
France
Credit or debit card
EUR 1.99
Accurate as of 14 November 2023
Xoom's exchange rate changes depending on the amount of money you're sending. Use Xoom's fees and exchange rate calculator to see the fees that apply to your transfer destination and amount.
How long does a Xoom transfer take?
Turnaround time on your Xoom transfer depends on how you pay and how the money is received:
Fastest option — nearly instant
Pay for your transfer with a credit card, debit card or PayPal balance. You'll pay more in fees, but your money arrives in as little as 15 minutes, if not instantly. Your credit card might charge you an additional cash advance fee, further increasing the cost of your total transfer. Some destinations may take longer to receive money, even when paying by credit or debit card.
Cheapest option — up to 4 business days
Using a bank account to pay for your transfer is often the cheapest way to send money, but it's the slowest. Sending money to your recipient's bank account may also delay the transfer time.
What currencies can I send with Xoom?
Xoom can send to more than 150 countries and territories worldwide. Xoom can be sent from residents in the United States, Canada, the UK, and select countries in Europe. You can look at the full list of currencies here, but some of the popular currencies that Xoom supports include:
Australian dollar (AUD)
Bangladesh taka (BDT)
Brazilian real (BRL)
Dominican peso (DOP)
Egyptian pound (EGP)
Indian rupee (INR)
Mexican peso (MXN)
Philippine peso (PHP)
What are Xoom's sending limits?
Xoom separates accounts into 3 levels based on how much verification you've given. For US residents, it looks like this:
Level
24-hour limit
30-day limit
180-day limit
Required information and documents
1
2,999 USD
6,000 USD
9,999 USD
Email and phone number
2
10,000 USD
20,000 USD
30,000 USD
Social Security number or passport
3
50,000 USD
60,000 USD
100,000 USD
Driver's licence, passport, or Green Card to verify your identity
Utility bill or another proof of address, either a bank statement or a pay stub
Plus additional information at Xoom's request
Is PayPal Xoom?
Xoom is a PayPal service and is owned and operated by PayPal. Users in Australia who already have and use PayPal accounts can integrate their existing accounts into Xoom to send money around the world. Recipients of Xoom transfers do not need to create a PayPal account in order to receive money.
Xoom's parent company, PayPal, is one of the most well-known payment systems. Xoom has additional measures to protect your money while using the service:
Encryption: Xoom uses 128-bit data security encryption for its entire website.
Regulation: Xoom shares all the same regulations and licences held by PayPal.
Money-back guarantee: Xoom guarantees that your money will be received by your recipient, and if it isn't the transaction will be refunded in full.
Xoom reviews
Reviews accurate as of 14 November, 2023.
Trustpilot
2.2 out of 5 – based on 22,610 customer reviews
Monito
6.4 out of 10 – based on staff reviews
Case study: Our experience transferring money with Xoom
Here's what we found when we sent live transfers to Mexico and France through Xoom:
We paid low fees and received competitive rates within 2.4% of the mid-market rate on average, with rates updated multiple times a day.
Our transfer to France arrived ahead of schedule, while our funds were deposited into our recipient's Mexican bank account within 24 hours.
Xoom's easy-to-use website allowed us to sign up and initiate a transfer in just about 3.5 minutes.
What payment methods does Xoom accept?
Xoom transfers can be paid for in a few different ways, including:
Bank account transfer
Credit or debit card
PayPal balance
Each payment method may have different fees depending on your sending destination, but overall paying with a bank account or PayPal balance tends to be the cheapest option.
How do I send money through Xoom?
Before you can send funds with Xoom in Australia, you must register for a free account with your personal contact information. While you don't need to enter a Social Security number at sign-up, Xoom requires you to upload a government-issued ID, like a licence or passport, and a recent bank statement if you want to send higher amounts. These must show that you're a resident of an eligible country to send money with Xoom.
Steps to send a money transfer with Xoom
What do you need to send money through Xoom?
Amount to be sent and currency it will be converted to
A valid payment method — credit card, debit card or bank account
The recipient's name, address and bank name and account number
Your phone number and address
Is there a Xoom app?
Xoom has an app on both Google Play and the App Store. The app makes it possible to:
Quick send. Use existing contacts to quickly send money with a few swipes and taps.
Track orders. The status of your transfer is quickly accessible through the app.
See fees and exchange rates. An in-app fee and exchange rate calculator will help you determine the cost of your next transfer through Xoom.
Ratings accurate as of November 14, 2023
Google Play Store
4.8 out of 5 – based on 305,418 customer ratings
Apple App Store (USA)
4.8 out of 5 – based on 1,060,227 customer ratings
Xoom's money transfer options are worth considering when you need to send money overseas. Just make sure to compare its services with those of a number of other providers in Australia before deciding on the right money transfer company to handle your transactions.
For most destinations, Xoom transfers can only be delivered to bank accounts or for cash pick-up.
No, Xoom is only available for person-to-person remittance transfers.
Yes. Xoom offers a variety of scheduling options to allow you to set up future transfers and recurring transactions.
You can opt to receive text updates or email notifications. Alternatively, you can review the transfer status on the Xoom platform or by calling Xoom's support team on 020 7949 4440. Most transfers are completed within a few minutes, but it may take up to 4 business days.
Kevin Joey Chen was a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, The Dallas Morning News, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software. See full bio
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