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When it comes to international money transfers, Xoom and Revolut are two widely used services, each offering unique features tailored to different financial needs. Whether you prioritise speed, low fees, or a comprehensive financial toolset, understanding what sets these platforms apart can help you make the best choice for 2024.
In this blog, we’ll compare Xoom and Revolut in terms of their fees, exchange rates, transfer speeds, and more to help you decide which service suits your requirements. We’ll also introduce you to Vance, a modern alternative that may offer the perfect balance of cost-effectiveness and ease of use.
What is Xoom and How Does It Work?
Xoom, a service by PayPal, facilitates international money transfers to over 160 countries. It offers various transfer methods including direct bank deposits, cash pickups, and mobile wallet transfers. Beyond standard transfers, Xoom allows users to pay international bills and reload prepaid mobile phones. Its integration with PayPal's infrastructure adds a layer of security and convenience, making it a versatile option for sending money abroad. Users can access Xoom through its website or mobile app, with real-time tracking available for every transaction.
Pros and Cons of Xoom
PROS
CONS
Xoom offers rapid transfer options, often completing transactions within minutes.
Xoom's fees can be higher compared to other services, especially when using credit or debit cards for payment.
It supports a variety of payout methods, including bank deposits, cash pickups, mobile reloads, and bill payments.
The service adds a margin to exchange rates, which can make transfers more expensive.
Available in over 160 countries, offering extensive coverage for users needing to send money internationally.
It imposes transfer limits based on user verification levels, which may restrict the amount you can send.
Xoom provides an intuitive interface with real-time tracking, making the transfer process straightforward.
Not all services and payout options are available in every country, limiting accessibility for some users.
What is Revolut and How Does it Work?
Revolut is more than just a money transfer service—it's a financial technology platform that offers a wide range of services, including currency exchange, international transfers, cryptocurrency trading, and budgeting tools. Revolut allows users to hold and manage funds in multiple currencies, make instant global transfers, and access financial tools through its mobile app. It provides different account plans, from the free Standard account to higher-tier Premium and Metal plans, which include additional perks like travel insurance and discounted lounge access. Revolut's broad feature set caters to users looking for an all-in-one financial solution.
Pros and Cons of Revolut
PROS
CONS
Revolut allows users to hold and exchange funds in over 30 currencies, making it a versatile option for international spending.
Revolut's fee structure can be confusing, with varying charges based on account tiers and withdrawal limits.
It offers free currency exchanges on weekdays within certain account limits, which can save users on conversion fees.
The service applies a 1% markup on currency exchanges during weekends, which can increase costs.
The platform provides a range of financial services, including cryptocurrency trading, budgeting tools, and savings options.
Free ATM withdrawals are capped, and fees are applied after reaching the set withdrawal limit.
Revolut includes strong security features, such as two-factor authentication and disposable virtual cards, to protect user transactions.
Some users experience delays or limited customer support, especially when using the Standard plan.
It is important to note that these pros and cons can vary depending on your location and specific needs.
What is Vance, and How Does it Work?
Vance is a financial platform that simplifies international transfers. It is designed with the users in mind. It is user-friendly, with a strong focus on providing competitive exchange rates, low fees, and a secure, seamless experience for users who need to handle finances internationally.
Xoom vs. Revolut - Key Features
When choosing a money transfer service, understanding the key features can help you make an informed decision. Here are some key features of Xoom and Revolut:
Xoom
Revolut
Instant Transfers: Offers rapid transfers, often completed within minutes, making it ideal for urgent transactions.
Multi-Currency Management: Allows users to hold, exchange, and spend in over 30 currencies.
Versatile Payout Options: Allows bank deposits, cash pickups, mobile reloads, and bill payments.
All-in-One Financial App: Offers a range of financial services, including cryptocurrency trading, budgeting tools, and travel insurance for premium users.
Secure Transactions: Utilises PayPal’s security infrastructure, including encryption and fraud monitoring.
Free Currency Exchange: Provides free currency exchanges on weekdays within account limits, making it cost-effective.
Additional Services: Facilitates international bill payments and mobile phone reloads, adding to its versatility.
Subscription Tiers: Includes various account plans with perks like cashback, higher limits, and travel benefits.
Vance combines the best of Xoom and Revolut, offering unmatched speed, ease, and value. It also provides the fastest transfers, real-time exchange rates, and 24/7 multilingual support.
Xoom vs. Revolut - Exchange Rates and Transfer Fees
Xoom typically charges higher fees, particularly for instant transfers and when using credit or debit cards. It applies a markup to its exchange rates, meaning you might receive a less favourable rate compared to the mid-market rate. While Xoom is transparent about its fees, the added exchange rate margin can make it a pricier option, especially for larger transactions. This makes Xoom more suitable for users who prioritise speed and convenience over cost savings.
Revolut offers competitive exchange rates, especially on weekdays with no extra fees within certain limits on its free plan. However, it applies a 1% markup on currency exchanges during weekends, which can make transfers more costly during that time. Users on higher-tier plans like Premium and Metal enjoy more benefits and higher free exchange limits, although the fee structure can be complex due to varying charges based on account tiers and usage. Revolut's tiered approach allows users to choose a plan that best fits their needs, balancing between cost and feature availability.
Vance provides competitive transfer fees and transparent exchange rates, ensuring you know exactly what you're paying upfront. The platform’s overall cost structure is designed to offer value and reliability.
Xoom vs. Revolut - User Experience
When comparing the user experience of Xoom and Revolut, both platforms offer distinct advantages, but they cater to slightly different audiences.
Xoom offers a straightforward and user-friendly experience, focusing on making the transfer process quick and simple. The app and website are intuitive, and users appreciate the real-time tracking feature for keeping tabs on their transactions. This ease of use makes Xoom appealing for users who need to send money quickly without navigating a complex interface. However, some find the fees and exchange rate markups to be a disadvantage, particularly for larger sums or frequent transfers, which can add up over time.
Revolut provides a more feature-rich experience, serving as an all-in-one financial platform. The app is sleek and modern, offering not just money transfers but also budgeting tools, cryptocurrency trading, and more. This makes Revolut attractive to users seeking a comprehensive financial solution that goes beyond simple money transfers. However, the variety of features can make the platform slightly more complex to navigate.
Vance’s easy-to-use interface combines simplicity with advanced features. It offers an effortless user experience and has earned exceptional feedback from users who appreciate its innovative design and functionality.
Xoom vs. Revolut - Customer Support Services
Xoom provides 24/7 customer support through phone, email, and live chat, ensuring users can get help whenever they need it. Its integration with PayPal also means users can benefit from PayPal's established customer service network.
Revolut offers tiered customer support, with quicker response times for Premium and Metal account holders. Standard plan users primarily rely on in-app chat support, which can sometimes lead to delays, especially for more complex issues.
With 24/7 multilingual support across multiple channels, Vance ensures you always get the help you need right when needed.
Xoom vs. Revolut - Reliability and Security
Xoom uses PayPal’s extensive security infrastructure, which includes encryption and fraud monitoring, to ensure secure transactions. The service provides real-time tracking and notifications, allowing users to monitor their transfers throughout the process. This focus on security and reliability makes Xoom a trusted choice for many users.
Revolut also prioritises security, offering end-to-end encryption and advanced fraud detection systems to safeguard user funds. Revolut is regulated by financial authorities, including the FCA and other global bodies, ensuring a high level of protection for users. Revolut offers disposable virtual cards for online payments, providing extra security.
Another standout feature of Vance is its reliability and unmatched security. Utilising the latest technology, Vance offers superior protection for your transactions, ensuring peace of mind with every transfer.
Xoom vs. Revolut - User Feedback
Xoom is often praised for its speed and ease of use, with many users appreciating the quick transfer times and the variety of payout options like bank deposits, cash pickups, and mobile reloads. The real-time tracking feature also receives positive remarks, allowing users to monitor their transactions throughout the process.
Revolut Revolut appeals to users seeking a multi-functional financial platform, though feedback highlights occasional concerns with customer service, particularly for those on lower-tier plans.
Vance is popular for its smooth and user-friendly design, which makes transactions easy. Users also appreciate its reliability, Google rate offering, competitive exchange rates, and lower fees.
In Conclusion
Xoom and Revolut both offer solid options for international money transfers, catering to different needs. Xoom is ideal for users who prioritise quick transfers and a variety of payout options, such as cash pickups and mobile reloads. Its integration with PayPal provides an additional layer of security and convenience, making it a reliable choice for many. However, the higher fees and exchange rate markups might make it less attractive for those sending larger amounts.
Revolut appeals to users looking for a more comprehensive financial platform. With multi-currency accounts, budgeting tools, and even cryptocurrency trading, it goes beyond just money transfers to offer a range of financial services. While its competitive exchange rates and free currency exchanges on weekdays within account limits make it a cost-effective option, the fee structure can be complex, and some services have limitations, especially for users on the Standard plan.
If you're looking for a service that combines the best of both platforms, Vance might be the right choice. Offering instant transfers, real-time exchange rates, and a user-friendly experience with 24/7 multilingual support, Vance is designed to meet the needs of users seeking a seamless and cost-effective solution for international money transfers.
Sources
Xoom Official Website: https://www.xoom.com/
Revolut Official Website: https://www.revolut.com/
Xoom Money Transfer Review: https://www.nerdwallet.com/
Disclaimer
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether expressed or implied, regarding the accuracy, completeness, or reliability of the information provided. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review the terms of use and product availability for your region, or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. How do the fees of Xoom and Revolut compare?
Xoom generally has higher fees, especially for instant transfers and card payments. Revolut offers lower fees within certain limits, but applies a 1% markup on weekend exchanges and may have additional fees for larger transactions or higher-tier account plans.
Q2. Which service offers better exchange rates, Xoom or Revolut?
Revolut typically provides better exchange rates, offering free currency exchanges on weekdays within limits. Xoom adds a margin to its exchange rates, making it less competitive, especially for larger transfers.
Q3. How do transfer speeds compare between Xoom and Revolut?
Xoom offers instant transfers to many destinations, ideal for urgent transactions. Revolut also provides fast transfers, typically within minutes to a few hours, depending on the destination and user's plan.
Q4. Are there any transfer limits with Xoom or Revolut?
Xoom sets transfer limits based on user verification levels. Revolut’s limits vary depending on the user’s account tier and destination country, with higher limits for Premium and Metal users.
Q5. Which platform provides better security for transactions, Xoom or Revolut?
Both platforms offer robust security. Xoom leverages PayPal's security infrastructure, while Revolut employs two-factor authentication and disposable virtual cards. Both are regulated and provide reliable transaction protection.
Q6. Which countries are supported by Xoom and Revolut?
Xoom supports over 160 countries with various payout options. Revolut primarily focuses on European countries but supports transfers to over 30 countries, with a strong emphasis on multi-currency accounts.
Q7. How do the mobile app experiences differ between Xoom and Revolut?
Xoom's app is straightforward and user-friendly, ideal for quick money transfers. Revolut’s app is more comprehensive, offering budgeting tools, cryptocurrency trading, and multi-currency management, but may be more complex for users focused solely on transfers.
Rupali enjoys writing about everything related to money (in India and around the world). A MICA graduate in Communications, she has over seven years of experience in content creation and communication strategy for various user touchpoints, from CRM to UX for apps and websites, especially in fintech and healthcare. Outside of work, you'll find her binging on true crime documentaries or cooking up a storm.
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