Both Xoom and CurrencyFair are money transfer companies that enable their customers to send money to Mexico. Xoom is a PayPal service that allows you to transfer money to your recipient's bank account, debit card, or mobile wallet; send cash for collection, or top up a prepaid mobile phone.
CurrencyFair now lets you exchange and transfer currency to Mexico pesos at our signature bank-beating rates. You can access great exchange rates to send money to bank accounts all over Mexico from any device, at any time, and send and receive international money transfers in over 20 other currencies with a CurrencyFair account.
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Fees
When you need to send money to Mexico or other countries, it's important to be aware that money transfer companies operate by charging an additional margin to the currency market exchange rate, transfer fees or a combination of both. There can also be third-party fees, for example, from the recipient bank. For a more detailed look at sending money abroad and what impacts those costs, check out our guide: Sending money abroad: a guide to international money transfers.
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CurrencyFair |
Xoom |
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CurrencyFair's transfer fee always costs the equivalent of just $4. The currency you're charged in varies depending on the currency you exchange from, but whether you transfer $10 or $10,000, you'll only be charged its low transfer fee of $4 or its currency equivalent. |
Xoom's transaction fees vary depending on the transaction type , your payment method, and what currency you exchange from, the amount you exchange, and the recipient's country and currency. For example, if you transfer $100 to Mexico from your bank account to your recipient's bank account, its fee is $2.99. |
Available countries and currencies
Both Xoom and CurrencyFair enable their customers to send money to Mexico from the US, but where Xoom only accepts registrations from 38 countries and regions, CurrencyFair accepts customer registrations from over 60 countries.
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CurrencyFair |
Xoom |
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CurrencyFair is available to send money to Mexico from over 60 countries, including the US. Please see the list of countries that CurrencyFair can accept registrations from, and send money from, to see if the country you need is available. CurrencyFair enables its customers to transfer currency and send it to over 150 countries and 22 currencies, including the US and Mexico. |
Xoom is available to send money from the US, Canada, the UK, and over 35 countries and regions in Europe. Xoom customers can send money to more than 150 countries, and territories. |
Transfer speeds
Before you choose a money transfer service, you'll want to know your money will arrive when you need it to.
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CurrencyFair |
Xoom |
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CurrencyFair's transfer times vary depending on the currency you exchange into Mexican pesos, however it has same-day transfers for most major currencies. You can also get an estimate for the transfer time in advance with its tool for estimating transfer times and fees. |
Xoom's transfer times vary from a few minutes to a few days*, and while it doesn't provide an estimate for the arrival time in advance, you can track your transactions from your account. It also sends status updates for your transfer by email or SMS. |
Safety
Both Xoom and CurrencyFair are licensed and regulated in their respective counties and regions.
These regulations protect you and your money. CurrencyFair customer funds are ring-fenced, and so kept entirely separate from any form of CurrencyFair business funds, and held in Tier 1 international banks.
This means that your money is always safe and secure. See CurrencyFair's trust policies for more information.
Customer reviews
Before choosing a provider to trust with your money, it's good to know that others before you have had a good experience. The following information has been taken for both providers from TrustPilot, an online review platform that hosts reviews of businesses worldwide, as of March 2023.
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CurrencyFair |
Xoom |
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4.3 out of 5 stars.** |
2.9 out of 5 stars.*** |
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Rating: Excellent. |
Rating: Average. |
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Over 6,300 customer reviews posted. |
Over 22,400 customer reviews posted. |
Customer support
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CurrencyFair |
Xoom |
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CurrencyFair has world-class multilingual customer support available 24 hours a day, five days a week, with shortened hours on weekends. You can easily contact its customer experience team by phone, email, or its social media channels. An online support centre to help you quickly find the answers you need. |
Xoom's customer support is available through an online support form, by phone, and through email. Its customer support hours vary by region, and can be checked on its website. It also has an online FAQ section to help you find the answers you need. |
Summary
Both CurrencyFair and Xoom are excellent options when you need to send money to Mexico, and ultimately whichever you choose will depend on your specific needs.
Transfers to Mexico from CurrencyFair are treated like domestic transfers, so you won't have to pay any additional intermediary bank fees and you can send money to bank accounts all over Mexico, usually arriving the same day.
Whether you need to send money to family and friends in Mexico, buy property internationally or pay overseas taxes, sign up for a CurrencyFair account to get more from your exchange with low-margin FX rates that offer bigger savings.
This information is correct as of March 2023. This information is not to be relied on in making a decision with regard to an investment. We strongly recommend that you obtain independent financial advice before making any form of investment or significant financial transaction. This article is purely for general information purposes. Photo by Roberto Carlos Román Don on Unsplash.
* https://help.xoom.com/s/article/when-will-my-money-get-there?language=en_US
