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xoom or xe or transfer wise


Earl

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If you have used xoom (owned by Paypal) or xe or transfer wise or any other method of wire transfer other than going through your bank, what was your experience, and would you recommend it?

Thank you.

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I've used XOOM when my Charles Schwab debit card expires and I haven't been able to get the new one down to my family in Mexico.  XOOM works great but there is the transaction fee and their exchange rate is not great, so much more expensive than using the C.S. debit card issued to online account holders.  XOOM is very convenient since money can be sent anywhere, banks, Soriana stores, Electra, Coppel, etc. to retrieve monies.   I prefer C.S. Online Investor checking account because the exchange rate they give you is close to the international rate and they refund ATM charges.  But XOOM works wonderfully as long as you don't mind paying more. 

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4 minutes ago, pedro malo said:

Transfers with Xoom are instantanious in most cases and up to 15 minutes.

The confirmation may be instantaneous, but the party may have to wait about  three days to get the funds. That has been my experience. I won't use them again because of their poor exchange rates and their exorbitant charge to pay my 102p electric bill.

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1 minute ago, AngusMactavish said:

The confirmation may be instantaneous, but the party may have to wait about  three days to get the funds. That has been my experience. I won't use them again because of their poor exchange rates and their exorbitant charge to pay my 102p electric bill.

My family members have collected the funds within seconds of my sending them with XOOM.  Can't argue about their expense though that's why I prefer Charles Schwab.

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If you want to transfer a large chunk, I can recommend ofx, formally forex.
https://us.ofx.com/

What I like most about their service is the security.  When you
sign up you need to provide a (Mexican) notarized copy of your
passport, as well as proof of your address and phone number.
Then every time you make a transfer online, you will receive a
call from them (usually within 10 minutes) confirming the
request.  These measures pretty much stop identity theft in its
tracks.  Also their exchange rate is good, and the transfers are
fast.  A good service for the paranoid among us.

Best wishes,
Henry Laxen

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I have been using Transferwise for over a year to fund building a home in Guanajuato City. No glitches, money usually takes about 3 days to hit my Santander account. Low fees, good exchange rate. I have made about 60 transactions with them in a year. No problems. 

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I just tried transferwise and it was very easy and their website is slick and fast.  The only thing I didn't like is that they (transferwise) asks you  for your banks username and password, which means in theory they could empty out your account if the wanted to.  I will reset my password after this transaction, because I'm the paranoid type.  

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I wire funds from either Bank of America or my linked Merrill Lynch account to not my Actinver bank but Actinver brokerage account up to three times per year for next to free. Merrill Lynch picks up any wiring and or exchange rate costs

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4 hours ago, henrylaxen said:

I just tried transferwise and it was very easy and their website is slick and fast.  The only thing I didn't like is that they (transferwise) asks you  for your banks username and password, which means in theory they could empty out your account if the wanted to.  I will reset my password after this transaction, because I'm the paranoid type.  

I've used them for over a year and they never asked for a bank password. They have to have the account's user name to be able to withdraw and deposit the money. Call or email them and ask why they want your password. I bet there is a misunderstanding.

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5 hours ago, Alpha1 said:

Previously used xe.com until they decided that my Mexican residence status was a "threat" and could have my funds benefiting illegal activity! Was a customer with them for over a decade...

That's because XE is in the U.S. Use Transferwise. It is based in the UK and doesn't care where you live. Maybe I gave them my Laredo address but I don't think they care. The problem is IRS and they don't work for IRS.

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