Hi folks, Had been going through the payment forum of DP and saw a number of members again asking the same questions about Xoom. So I thought why not write down the answers to all questions here itself. XOOM FAQ 1. What exactly is Xoom? "Xoom" is basically a US based company which accepts both credit card payments (from US nationals and citizens) and paypal (from most other countries, some are excluded so please check with xoom.com) and pays the reciptent in his local currency. In other words it provides online to offline international money transfer service. 2. How reliable is Xoom? Xoom has been in business for more than years now and is very reliable. If your money doesn't reaches your "reciptent" than Xoom refunds you full amount "sent" along with "service charges" back to your Paypal account. 3. Can Indians use Xoom service to change their Paypal funds in their respective Indian Paypal verified accounts in their local currency? The answer to the above question is yes, surely Indians can use Xoom services. They can pay Xoom via Paypal and Xoom will transfer the equivalent amount in their respective bank accounts. 4. How much does Xoom charge? [FONT=verdana, arial, helvetica]Xoom offers low fees and competitive exchange rates. The Xoom fee is added to the transaction amount and billed to the sender at the time of the transfer. Recipients are NOT charged any fee when picking up their money[/FONT]. 5. Can I choose pick-up and other options if I am sending money to myself using Xoom? Well, Indians do not have access to such facilities if they are using their paypal to send money to themselves, basically trying to exchange Paypal funds for INR. However other country citizens are eligible to use such options. 6. Any other points that I need to keep in mind if I am an Indian trying to get my funds exchanged for INR? Yeah, there are certain points that you need to keep inmind before you try to exchange your hard earned funds to INR through Xoom. The name on the Paypal account through which you send in funds to Xoom and the name on the bank account should be the same. You can't transfer funds from your Paypal account to your father's account. You Paypal account should have a "Verified Status" before you initiate a Xoom transaction All personal info you provide to Xoom should be up-to-date as Xoom can email you or call you on the number you provide in case it feels. However this is done only randomly and for a few "senders". 7. How much time does it take for the reciptent to recieve the money? Bank Account Credit If the funds have been sent to be credited to the bank account (first time transactions) are completed between 5 days max. There after credit to your bank account happen in 2-3 days max. Cheques Cheques reach withn 5-7 days max depending upon the courier service in your respective areas. Pick -up facility (Not for indians people trying to receive funds through there indian paypal account) Well, pick up is usually after xoom has validated the transaction, at max next day. 8. What is the maximum amount that I can send via Xoom ? Well when you open a new Xoom account, the maximum amount you can send is $1000 on a single day - subject to $3000 maximum. Although after some time - o set criteria mentioned - one can send in a maximum of $2500 in a single transaction - subject to a maximum of $7500 per month. What is cheap and better: Xoom or Western Union (WU) ? Well this is a tricky question to answer The answer to this lies in the country in which you reside. For Indians Well all indians have some options that you can use to withdraw payment securely. 1. Paypal checks -- usually takes a lot of time and paypal deducts fees for reissuing checks. 2. Xoom - Has a high fee when compared with Western Union but accepts paypal. I guess no other Payment processor accepts paypal funds directly. Western Union -- This service is not applicable if you are trying to recieve funds in India as Western Union accepts only credit cards on it's website. Although people thinking of sending money outside India can use this service. For Pakistan, Nepal and Srilankan Residents Sorry to say but paypal is not available in your country. Also please don't try to open a paypal account registered under India -- get it verified using a VCC -- such accounts will sooer or later get "limited" and you will eventually loose funds. Better to take another friend's help and use his account to recieve funds. And then ask your frd to send funds to you via Western Union Else, please use some other processor - available in your country. E-gold, Money bookers are the other reliable payment processors. Also please be vary of choosing a payment processor. Choose one with caution. Europe and US citizens: Well my answer would be to use xoom if you are sending payments to someone although all sorts of options are available to them Let me defend my answer: Paypal accounts have an option to withdraw funds to their respective bank accounts. Now if you withdraw funds from your paypal account, then it will reach your bank account and will be regarded as income and will be taxed. Better to use xoom -- pay xoom directly via paypal and save taxes. Xoom fees for sending $500 -- $8 WU fees for sending $1000 -- $10. I hope this helps all DP members and newbies. (Please point out any faulty points, you find -- will help others) Regards Al
Thats really good info arvind about all xoom questions. Now it saves lot of time of people creating threads everytime asking diff. diff. question related to xoom. You deserve greens for this.
Arvind bro, this is very nice post again by you. You deserves greens. Is it possible to withdraw funds from paypal business account to bank account? If yes..then please tell me what things should be take care of. How can I withdraw funds from my premier PP account (You know I am Indian)? Is there any promotion code available right now? Many thanks in advance.
Well bro withdrawing funds from Business paypal account to a bank account is not possible via Xoom as xoom doesn't allows busines transactions. Well you can withdraw funds from your premier account via Xoom. No problem with it. Also use the code "crm91" to gain 25% reduction in xoom fees. (Can't ascertain if the code works but this the newest one) Hope that helps. Regards Al
I have used Xoom and it is indeed reliable. Paypal to xoom is a good choice and so far you can tract your money and could even see if your money is already available for pick up.
Thank you all for your support and encouragement. Pls point out any points that I might have left, so that they can be included in the post. Thanks Al