Xoom is a popular online money transfer service that allows users to send money internationally. It offers competitive exchange rates, fast transfers, and a user-friendly platform. However, there are several alternative money transfer services available in 2024 that offer similar or even better features. In this article, we will explore the 10 best alternatives and competitors to Xoom.

1. TransferWise (Wise)

TransferWise is a leading online money transfer service known for its low fees and transparent exchange rates. It uses a peer-to-peer system that matches users sending money in one currency with those receiving money in another currency, resulting in lower costs compared to traditional banks. TransferWise also provides fast transfers and a user-friendly interface, making it a top alternative to Xoom.

2. PayPal

PayPal is a well-known digital payment platform that also offers international money transfers. Users can send money to friends, family, or businesses worldwide using their PayPal accounts. PayPal provides secure transactions, competitive exchange rates, and convenient features like the ability to link bank accounts and credit cards. With its widespread popularity and trusted reputation, PayPal is a strong competitor to Xoom.

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3. WorldRemit

WorldRemit is an online money transfer service that enables users to send money to over 150 countries. It offers competitive exchange rates, low fees, and multiple delivery options, including bank deposits, cash pickups, and mobile wallet transfers. WorldRemit also provides a user-friendly mobile app, making it convenient for users to send money on the go. With its extensive coverage and diverse transfer options, WorldRemit is a compelling alternative to Xoom.

4. Wise (formerly TransferWise)

Wise is a global money transfer service that offers competitive exchange rates and low fees. It operates on a peer-to-peer system, matching users sending and receiving money in different currencies. Wise provides fast transfers, transparency in fees, and a user-friendly interface. It also offers features like multi-currency accounts and a debit card for easy access to funds. With its strong reputation and cost-effective transfers, Wise is a top competitor to Xoom.

5. OFX

OFX is a leading international money transfer service that specializes in large transfers for individuals and businesses. It offers competitive exchange rates, low fees, and dedicated customer support. OFX provides flexible transfer options, including scheduled transfers and forward contracts to lock in favorable exchange rates. With its focus on larger transfers and personalized service, OFX is an excellent alternative to Xoom for users with specific needs.

6. Remitly

Remitly is a digital money transfer service that caters to migrants and overseas workers. It offers competitive exchange rates, low fees, and fast transfers. Remitly provides different delivery options, including bank deposits, cash pickups, and mobile wallet transfers. It also offers features like express transfers for urgent transactions. With its focus on serving the needs of migrants, Remitly is a compelling alternative to Xoom.

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7. Revolut

Revolut is a digital banking platform that includes international money transfers as one of its features. Users can send money abroad using the Revolut app, which provides competitive exchange rates and low fees. Revolut also offers multi-currency accounts, budgeting tools, and a variety of other financial services. With its all-in-one banking capabilities and competitive money transfer functionality, Revolut is a strong competitor to Xoom.

8. CurrencyFair

CurrencyFair is an online peer-to-peer money transfer service that offers competitive exchange rates and low fees. It operates on a unique marketplace model, matching users who want to exchange currencies. CurrencyFair provides fast transfers, transparent fees, and the option to set your own exchange rate. It also offers features like multi-currency accounts and integration with popular accounting software. With its innovative approach to money transfers, CurrencyFair is an excellent alternative to Xoom.

9. Payoneer

Payoneer is a global payments platform that enables users to send and receive money internationally. It offers competitive exchange rates, low fees, and multiple withdrawal options. Payoneer provides features like multi-currency accounts, prepaid Mastercards, and integration with popular e-commerce platforms. With its focus on facilitating cross-border payments for businesses and freelancers, Payoneer is a compelling alternative to Xoom.

10. Remitbee

Remitbee is an online money transfer service that allows users to send money to over 50 countries. It offers competitive exchange rates, low fees, and fast transfers. Remitbee provides different delivery options, including bank deposits, cash pickups, and mobile wallet transfers. It also offers features like recurring transfers and a referral program. With its emphasis on affordability and convenience, Remitbee is a strong competitor to Xoom.

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In conclusion, while Xoom is a popular online money transfer service, there are several alternatives and competitors available in 2024 that offer similar or even better features. Whether you prioritize low fees, competitive exchange rates, specific delivery options, or additional financial services, TransferWise, PayPal, WorldRemit, Wise, OFX, Remitly, Revolut, CurrencyFair, Payoneer, and Remitbee are among the top alternatives to consider. Each platform has its own strengths and features, so it's important to evaluate your specific needs and preferences before making a decision. Ultimately, choosing the right money transfer service can help you save money, send funds efficiently, and enhance your overall financial experience.