Xoom Vs Wise: Which One Is Best [2024]

Sending money to friends and family across borders has become more convenient with online money transfer services such as Xoom and Wise.

These platforms offer easy, convenient, and affordable options for those who want to support their loved ones abroad or help out a friend. Although both platforms provide fast and secure money transfers, they have some key differences. 

In this article on Xoom Vs Wise, we will compare the features of Xoom and Wise to help you decide which one is best suited for your needs.

Read also: Wise Vs PayPal.

Xoom Vs Wise: Overview

Xoom: Xoom, owned by PayPal, is an online money transfer service that allows you to send money to people abroad. Xoom lets you send money securely and quickly through their website or app. 

You can send money directly to someone’s bank account in more than 160+ countries, or if they need cash right away, Xoom offers pick-up options in certain countries. 

Wise: Wise, formerly TransferWise, is a fintech company that offers fast, transparent, and cost-effective international money transfers. It offers transfers to over 70+ countries with competitive exchange rates. 

With its user-friendly interface and multi-currency accounts, Wise is known for its speed, transparency, and convenience.

SpeedVery Fast (minutes for cash pickup)Fast (usually same day or next day for bank transfers)
SecurityHigh (owned by PayPal)High (regulated by FinCEN)
FlexibilityHigh (bank deposit, cash pickup, bill pay)Lower (bank deposit only)
Global ReachOver 160+ countriesOver 70+ countries
Ease of UseUser-friendly app and websiteUser-friendly app and website
CostGenerally higher fees and less competitive exchange ratesLower fees and transparent exchange rates (mid-market rate)
Monthly FeeNoNo

Xoom Vs Wise: Fees & Exchange Rate


Fees: Xoom charges fees for sending money internationally. These fees may vary depending on the amount you’re sending, the destination country, and how you fund the transfer (bank account, credit card, etc.). 

Xoom usually offers a fee calculator on their website, which allows you to calculate the fees before sending money.

Exchange Rate: Xoom converts your money from one currency to another at an exchange rate. It typically makes money by offering an exchange rate that’s slightly higher than the actual rate. 

Wise (formerly TransferWise)

Fees: Wise is renowned for its transparent and low fees. They usually charge a small percentage of the amount you send, which is typically lower than that of traditional banks or other money transfer services. Moreover, Wise doesn’t have any hidden fees, so you’ll know exactly what you’re paying.

Exchange Rate: Wise uses the mid-market exchange rate when converting money between currencies. The exchange rate is the same as what you see on websites like Google. 

Also take a look at Wise Vs Payoneer.

Xoom Vs Wise: Features & Functionality

Xoom: Xoom, owned by PayPal, allows users to send money to over 160+ countries around the world. It offers a variety of delivery options, including cash pickups, bank deposits, and mobile wallet transfers. 

Xoom also allows users to reload prepaid mobile phones and pay bills in selected countries. A key feature of Xoom is its fast transfer speeds, with many transactions completed within minutes.

Wise: Wise, formerly known as TransferWise, also provides international money transfer services to over 70+ countries. One of the key features of Wise is its transparent and low-cost fee structure. 

It charges a small upfront fee and uses real exchange rates. Wise also offers borderless accounts, which allow users to hold and manage money in multiple currencies.

Suggested: WorldRemit Vs Wise.

Xoom Vs Wise: Speed Of Transfer

Xoom: Xoom promises fast transfers, often completing transactions within minutes. However, the speed of sending money can vary depending on where you are sending it and how the recipient wants to receive it. In some cases, like bank transfers, it may take longer.

Wise: Wise is also known for its speedy transfers. It usually provides same-day or next-day delivery for most currencies. 

However, as with Xoom, the exact time depends on factors like where you’re sending money from and how your recipient wants to receive it. Overall, Wise is also a good choice for sending money fast.

Xoom Vs Wise: Safety & Security

Xoom: Xoom is an established and trusted online payment company. The company uses 128-bit data encryption to protect your personal and financial information. 

Additionally, Xoom is licensed and regulated in different jurisdictions, so they follow strict standards to safeguard your money. 

Wise: Wise is also highly focused on security. They follow strict regulations regulated by financial authorities in several countries to protect your funds. 

Wise uses advanced security measures like encryption and two-factor authentication to protect your account and transactions. The company also has a dedicated team that monitors suspicious activity to prevent fraud and unauthorized access.

Also Read: Remitly Vs Xoom.

Xoom Vs Wise: Ease Of Use

Xoom: Xoom provides an easy-to-use platform for sending money. It is easy to initiate transfers through the website or mobile app, both of which are available for iOS and Android devices. 

Xoom also offers tracking options, enabling you to monitor the progress of your transfer. In addition, the company offers customer support by phone, email, and social media. 

Wise: Wise also offers a user-friendly platform for sending money internationally. Users can navigate and initiate transfers easily with its website and mobile app, which are designed to be simple and easy to use. 

Their app consistently receives high ratings, and they offer a variety of customer support channels, including an extensive help centre. 

Read this: Remitly Vs Wise.

Xoom Vs Wise: Pros & cons



  • Fast transfer times, especially for cash pickup options.
  • Broad coverage with transfers available to over 130 countries.
  • Competitive exchange rates, particularly for certain destinations.
  • Option for cash pickups, convenient for recipients without bank accounts.
  • Integration with PayPal, providing additional payment options.


  • Limited flexibility in payment methods compared to Wise.
  • Higher fees for some transfer routes, particularly for smaller amounts.
  • Limited currency options compared to Wise.



  • Low and transparent fees, particularly beneficial for larger transfers.
  • Excellent exchange rates, typically close to the mid-market rate.
  • Wide range of currency options, making it versatile for global transfers.
  • Multiple payment methods are available, including bank transfers, debit cards, and Apple Pay.
  • User-friendly platform with an intuitive interface and mobile app.


  • Transfer speeds can be slower compared to Xoom, especially for certain routes.
  • Limited availability for cash pickups.
  • Limited customer support options, primarily through email and chat.


Choosing between Xoom and Wise ultimately depends on your individual needs and priorities. If you value fast and user-friendly transfer services, Xoom may be the better option for you. 

On the other hand, if you’re looking for transparent fees and the ability to manage multiple currencies, Wise is the right service for you.

We hope that in this article, you have got a lot of information about Xoom Vs Wise.

Suggested: WorldRemit Vs Remitly.


Is Wise legal in US?

Yes, Wise is legal to use in the US. Wise is registered with the Financial Crimes Enforcement Network (FinCEN), a US government agency that regulates money transmitters.

Is Wise owned by PayPal?

No, Wise is not owned by PayPal. They are two separate companies that both offer international money transfer services.

Can I get my money back from Xoom?

Yes, but you have to act quickly. When a transfer is cancelled within 30 minutes of its initiation, money is refunded, unless it has already reached its recipient.  Refunds are generally not available after 30 minutes.  

Does Wise charge a monthly fee?

No, Wise does not charge a monthly fee for opening or maintaining an account.