Personal Features



TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments



Xoom lets personal customers transfer money to a significant number of countries, through different channels.

What Xoom does

  • International money transfers
  • Cash pick-ups
  • International bill payments
  • Home delivery of money

What Xoom doesn’t do

  • Personal account managers
  • Regular transfers
  • Unique local multi-currency accounts
  • Digital wallet
  • FX optimised travel card
  • Currency hedging tools

TransferWise wins!

Xoom offers individuals basic money transfers services Xoom can send money to foreign bank accounts, cash to foreign pickup locations and mobile credit top ups. 

TransferWise does not provide cash money transfers. TransferWise does offer individuals, multi-currency receiving accounts through their Borderless account. Their Borderless debit card is FX optimized enabling inexpensive foreign payments or foreign ATM withdrawals at great rates. TransferWise’s services for individuals are far superior. With TransferWise you can send, receive and spend.

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Business Benefits



In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers



Xoom does not provide services for businesses.

TransferWise wins!

TransferWise wins by default within the business category. Xoom does not offer business accounts nor business services.

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Fees & Exchange Rates



TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance



Xoom fees

Exchange rate margin fee - This is up to 2% for commonly traded currencies, and can be more than 5% for exotic currencies. 

Additional fees - The transfer fee varies based on the currencies being traded, the transfer amount, the payment method and the transfer method.

  • Debit and credit card payments tend to attract added fees.
  • Transfers to cash pick-up centers are typically more expensive than bank account transfers.
  • The Bill Pay service comes with a flat transfer fee of $/£/€ 2.99. This is not including the exchange rate margin.

TransferWise wins!

TransferWise and Xoom approach fees and exchange rates differently. TransferWise is far cheaper than Xoom for international money transfers. Xoom has high exchange rate margin fees. Those are the hidden fees. And high additional fees. Whereas, TransferWise has no hidden fees and low additional fees. Easy win for TransferWise in this category.

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Ease of Use



The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.



Sign up - Registration is simple, and becomes even easier for existing PayPal customers.

ID verification - Level 1 membership comes without the need for ID verification.

Payment options -  Bank transfers, debit cards, credit cards and PayPal.

Mobile apps - Available for Android and iOS.

Minimum transfer amount - Low minimum transfer amount.

Transfer limit - Xoom has 24-hour, 30-day, and 180-day transfer limits.

TransferWise wins!

Xoom is very easy to use. However, TransferWise’s outstanding user experience, design and intuitive processes puts TransferWise in the lead. TransferWise’s near instant money transfers for many of their currency pairs also helps TransferWise push forward as the winner in the Ease of Use category.

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Support & Countries



TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.



Supported payment currencies - Xoom lets customers send money from more than 70 countries.It accepts payments in USD, CAD, EUR and GBP.

Supported destination currencies - Xoom lets you send money to around 130 countries, in around 80 currencies. 

Supported countries for bill payments - Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicargua and Vietnam.

Multilingual customer support - Customers get multilingual customer support. Languages include English, French, Spanish, Italian, German, Filipino, Chinese and Arabic.

Foreign language website access - Xoom's website is available in a number of languages such as  French, Spanish, Italian, German, Portuguese, Polish, Arabic, Filipino, Chinese and  Vietnamese.

TransferWise wins!

TransferWise and Xoom are evenly matched for their supported countries. TransferWise is also quite responsive when customers request support. Unfortunately, with Xoom, there are reviews where customers are not able to get through to customer service. This has resulted in Xoom losing this category.

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Trust & Transparency



TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.



Where Xoom does well

Regulated - Xoom is regulated by the US federal government and various state regulatory bodies. It is licensed to provide its services in all its countries in its transfer network.

Trustpilot - Xoom gets an Excellent rating on Trustpilot. However, a number of complaints highlight lengthy turnaround times and failed transfers. 

Xoom challenges

Fees transparency - Xoom applies a margin on existing exchange rates. This can be over 5% for some currencies. 

Customer support - The company does not seem to respond to any of its customers' reviews on Trustpilot and the Apple App store. Many customers also complain about receiving poor customer service over the phone.

TransferWise wins!

Xoom’s TrustPilot score goes against Xoom. TransferWise has an Excellent rating with TrustPilot. 

Although TransferWise is receiving some concerning reviews on sudden account closures. Xoom consistently receives very poor and concerning reviews. 

This and Xoom’s lack of transparency on fees and hidden fees means that TransferWise wins.

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The Result

Winner ribbon iconWinner


Which is better: Xoom or TransferWise?

It is quite clear that TransferWise is overall better than Xoom for international money transfers. TransferWise has proven that, other than cash transfers, it offers more options for individuals and businesses. More services and at lower cost compared to Xoom.