Xoom Review

[OnMyWay]

I read all the threads about US to PH electronic online money transfers and decided Xoom was currently the best value. I did my first transfer and thought I would pass on the experience.1. Sign up, including my information and my recipient information, was straightforward and only took 5 minutes or so.2. The Xoom maximum transfer per service fee is $2999. The service fee for a bank withdrawal is now $5.99. If you would like to use a credit card, the service fee is $15,99.3. I sent the maximum amount because it is more cost effective to do so. The cost to send is the service charge + the spread on the exchange rate. At the time I transferred, the XE published rate was 42.9774 P per USD. The rate applied to the transfer was 41.94, so the spread was 1.0374 P. From what I have read, the Xoom spread is always ~ 1 P. Total cost = $5.99 service charge + $72.39 for the spread = $78.38. This is equal to 2.61 % of the $2999.4. I sent the transfer at 7:40 PM EST on the 19th, and the money was in the destination account at 11:04 EST same day, so the elapsed time was about 3:24. This was to BPI, one of the 4 banks listed for "fast" transfers. The other 3 are BDO, PNB and Metrobank. Apparently other banks will take slightly more time, but should still be same business day.5. Here is the only thing that seems abnormal but it is in my favor. It has now been almost 48 hours and the money is still in my US bank account! I double checked the account number and it is fine. We verified the money was in BPI, and in fact, we opened a new BPI account and transferred the money from the original BPI account to the new BPI account. This little oddity is most like due to processing at my US bank (Fifth Third) rather than something to do with Xoom. (Fifth Third finally deducted the money from my account on the 22nd, but they had it dated the 21st. This is the first time I have heard of a bank giving the customer some float!)6. I don't know how they do it, but for the same service fee, they will deliver the money in metro Manila.7. They have many other places where the money can be picked up as cash. I would use caution with some of those, as they might charge another fee. Some of them are pawnshop chains and my girlfriend says they commonly will charges fees for those types of services. Xoom states that cash pickup at these locations can be within minutes. Some of the other cash pickup locations are the mentioned banks, SM and Savemore.8. I am unsure if I could immediately do another transfer if I so desired. When I am logged in now, it says: What I can send now:$2,999.00Your limit is $6,000 per 30 days when you provide additional information.Service limits may apply.How can I send more? Your limit will be $6,000 per 30 days when you provide the following:

• Official Government ID Number
• Occupation

We will prompt you for this information when it is needed.I interpret this as I could send another $2999 in the next 30 days if I give them the additional information.In summary, I was happy with the experience and would recommend Xoom. In fact, while I was writing this, I noticed they have a promotion in March. If you recommend a new Xoom user and they do a transfer, you and the recommended person both get a $25 gift card. So if anyone wants to try it, PM me your e-mail, and I will send you the invite for the promotion. We will both get a $25 gift card! :unsure: :unsure:

Edited March 28, 2012 by OnMyWay

[Old55]

Thanks for the detailed information. :thumbsup:

[Mike S]

I had an account with Xoom but haven't used it in about 5 years ..... just curious .... if I send dollars to my dollar account from my dollar account in the US will they send dollars so I don't have to pay the exchange rate ..... I could open another dollar account in my asawa's name if sending from myself to myself is a problem ......

[OnMyWay]

I had an account with Xoom but haven't used it in about 5 years ..... just curious .... if I send dollars to my dollar account from my dollar account in the US will they send dollars so I don't have to pay the exchange rate ..... I could open another dollar account in my asawa's name if sending from myself to myself is a problem ......

Mike, yes, you can. The service fee is only $7.99, instead of $5.99, so that is probably a very good option. BPI also has a slightly better xrate than market rate, so if I would have sent $ and immediately converted to pesos at BPI I still would have come out ahead. Next time.I don't think they have any restrictions on sending it to yourself but I didn't try.

[Mike S]

Thank you ..... I am and have been using the bank check thing so it is no big deal for me now but it is good to know I could possibly get funds here in a hurry if need be .....