Xoom

Xoom is a digital money transfer service that enables individuals to send money internationally to bank accounts, cash pickup locations, or mobile wallets. The service is available through a web interface and mobile apps and can be funded with a bank transfer, credit or debit card, or through PayPal. Transfers can be sent to more than 130 countries and territories and support dozens of currencies. Recipients may receive funds as direct bank deposits, cash pickups, or mobile wallet credits, with delivery times ranging from minutes to a few days depending on destination and payout method.

Ownership and history: Xoom was founded in 2001 as an independent company. In 2015, PayPal announced the acquisition of Xoom for approximately $890 million, and the deal closed later that year. Since the acquisition, Xoom has operated as a service within the PayPal ecosystem, leveraging PayPal’s infrastructure and risk controls.

Fees, rates, and coverage: Xoom charges a transfer fee that varies by destination, payout method, and funding source. In addition, the exchange rate includes a margin above the mid-market rate. Users are shown the total cost before finalizing a transfer, and rates and fees can change based on currency, location, and funding option chosen.

Security and support: Xoom employs standard digital security measures, including encryption and fraud protection, and adheres to financial regulations in the jurisdictions where it operates. Identity verification is used for certain transfers. Customer support is provided through PayPal’s support channels and Xoom’s own help resources.