Ever got into a situation where you needed to receive payments from abroad or wanted to send money from Pakistan to some other country? You must have explored the options and found them to be expensive and not so easy. Here is one solution that is easy and cheap. Xoom, a Paypal service makes inter-border money transfer easy like never before.
Xoom , founded in 2001, is a digital money transfer and remittance provider company. Using, Xoom, one person can transfer money to another in nearly 70 countries. In addition to money transfer, users can even pay bills (in few countries) and reload mobile balance. Given the performance and market coverage, Paypal couldn’t resist to acquire them in July 2015. Now they are called a Paypal Service or simply Xoom. It operates as a separate service within PayPal.
Paypal does not operate in Pakistan but Xoom does, which is a Paypal owned company, and its coverage is in nearly 70 other countries
According to Xoom, they partner with proven companies in the country to provide convenient, safe, and affordable money transfers. Recipients can have money hand delivered, available for pickup, or deposited directly (options vary by country). They can pay using bank account, debit card, or credit card.
Using Xoom, you can send money from Pakistan to nearly 70+ countries instantly and can also receive money in Pakistan from rest of the world in more than 2 dozen Pakistani banks via ‘ bank deposit ’ or ‘ cash-pickup ’ locations (~ 7,444).
First things first, the minimum amount you can send per Xoom transaction is $10.00 , while the maximum amount is $10,000 . But these limints may not be available for all transactions. Transaction amounts depend on various factors, including but not limited to approval by the Xoom proprietary anti-fraud verification system, disbursement method, recipient country, and partner processing limits. Lets look at the send and receive processes with extra details for Pakistani users,
You can always send money from Pakistan to someone within Pakistan, but if you want to send someone living abroad in 70+ countries, then Xoom also supports that.
The process of sending money to anyone is easy as 1+1=2. To put the process in few blocks of information, it looks like this,
If you want to send money to Pakistan via ‘Bank deposit’ to a particular bank account, Xoom supports almost all banks that operate in Pakistan. Here is the list,
If you want to send money to Pakistan via ‘Cash Pickup’, the recipient can pickup cash (that you will send) from around 7,444 branch locations of these 6 banks,
Money is ready right away at thousands of pickup locations. All your recipient needs is a valid ID and the Xoom transaction number to pick up cash.
The process of requesting money in Pakistan (or any other supported country) is quite simple. It starts with an email request that you send to the person from whom you are requesting money.
To receive money in Pakistan, you can create a ‘Money request’ by entering the email address of a person, who will send you money. The money can be picked up from bank branches of the following banks,
* Condition is, the sender should also have a Xoom verified account.
Besides all the benefits and good things about it, there are few important limitations that you should be aware of,
There might be other shortcomings of the service as well that we are not aware of, if you do know about them, dont forget to mention in the comment box at the end of the article.
For any money transfer, Xoom charges starts with a minimum fee of 4.99USD .
In reality, the fee structure is dynamic and it changes with changes in exchange rate, currency involved, and amount size. For convenience, Xoom provides fee calculator for each country, here is one for Pakistan
Fee-free when you send more than $1000 and pay with a bank account
