At the time of writing, a direct bank payment via Remitly would cost $3.60 in total fees, while a bank transfer with Xoom would cost $3.99 plus an exchange rate that's 2.41% worse than the mid‑market rate. Remitly vs Xoom: The Costs Combinedįor example, suppose you were sending a $500 transfer to a friend in Mexico from the USA. As a result, this means that Xoom is almost always the more expensive option - whether you're looking to make a bank-to-bank transfer or a cash pickup transfer. On the other hand, Xoom charges a standard exchange rate margin and a rather hefty variable fee in addition. an exchange rate only slightly worse than the one you see on Google) and makes most of its money by adding a small fee onto every transfer. This is because Remitly charges a meager margin on the mid-market exchange rate (i.e. When it comes to costs, Remitly is almost always the better choice than Xoom. In this side-by-side comparison, we explore a few of those factors to help you make the best decision and save money in the process. While in most cases we recommend Remitly over Xoom, in the end, both will offer you excellent service, and whether Remitly or Xoom is ultimately right for you depends on several factors. Xoom never ranked in the top 5 on Monito for transfers from the US to India, Mexico, or the Philippines from July 2021 to July 2022. On the other hand, PayPal-backed Xoom is another reliable option to consider, with a vast reach and millions of active customers (although its fees and exchange rate are more expensive than Remitly's). From July 2021 to July 2022, Remitly was the overall cheapest service for transfers from the United States to India, Mexico, and the Philippines according to Monito's comparison engine (Canada to India transfers too). On the one hand, there's Remitly, a global specialist in cash-based remittances and bank transfers across the globe that offers impressive reach and good fees and exchange rates. Remitly and Xoom are two top-notch money transfer platforms well known for their wide coverage and cash pay-out services.
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