Today when i go to xoom for little transfer of funds from paypal to India (after 2-3 months), shocked to see that they increased Standard Service Fee from $9.99 to $19.99 for amount $500 Anyone noticed the same thing ? When they increased this fee ?? DON.
Well that's why I prefer PayPal Bank transfer as it took only 3-4 days and no fees on payment transfer, It may lower exchanges rates then Xoom but better as it is done in NEFT Service so it is legally too. I also noticed 2-3 day ago. I think no one know the reason but may be they covering some costing.
I also prefer paypal bank transfer but funny thing is that 2 days back i got email from xoom that they improved exchange rates to money tranfer in India but not mention that they increased service fee also DON.
Well they know that if we read it in mail then we never used it, I think PayPal will pay more money to us then Xoom as $19 fees is too high and it almost eat 900 to 950 Rs from our account.
Very true... i now have to think twice if i make xoom transfer... i think if the xoom business in india is reduced by this increase then they will surely make an undo of this... but till their business is xooming in india... they will not even think of it...
Well I don't think so they will reduce fees in near future and people who wants to make transfer will surly use their service. So it's choice on us to select either Xoom and PayPal Bank transfer. Legal way PayPal system is best and follow RBI rules.
I was using xoom too but now I turn to paypal to bank transfer xoom fees is too high now. But when you want to send money to diffrent account then your name then xoom is only option.
As far as i know xoom sends cheque in INR as well as deposite funds in bank account so that is only legal way (follow RBI rules). What do you say about that rohit ? DON.
Well I have no idea about it since weather they have proper permission under FEMA rules but PayPal is fully approved so I always believe them. Also PayPal money is deposited from NEFT Service in India. I have no idea about Xoom's payment source weather is NEFT or other way.
Xoom only allowed to have a bank transfer if sender and receiver is from same country so Any transaction related to bank is legal. As I said earlier you cannot transfer money from your paypal account to another person's account if you use paypal transfer but in case of xoom it is possible. Any as per my knowledge every bank transfer is under RBI rules and regulations.
I regularly use Xoom service and got a mail about it 3-4 days back but I think they are providing better $ rate.
Thats true but at the same time they increased Standard Service Fee @technoguy - exactly i want to say same thing as you said. DON.
I think because of less customers, because if more customers is there, more profit, so less fee. so stabe income. I recommed to do only paypal transfer, while xoom takes 1-2 day, but paypal only 3 days.
Yes you can do transfer in any account with Xoom which is an advantages for Xoom users. I just want to check weather it's follow Foreign Exchange Management Act (FEMA) properly or not.
Indian public sector banks are so much stringent in following RBI rules, it would be tough for any company to not follow rules and still do business with them....especially overseas transactions... Regards, RightMan