Question: Is Remitly Better Than Xoom?

Is Remitly a legitimate company?

Yes, Remitly is a trustworthy and secure money transfer provider.

The company has an “Excellent” customer rating (4.5/5) on Trustpilot.

Hundreds of thousands of Remitly customers are collectively transferring more than $6 billion a year through its services.

Remitly offers a 100% satisfaction or money-back guarantee..

Is Xoom reliable and safe?

Xoom lets you send money internationally, pay your bills, and top up prepaid phones. Since Xoom is owned by PayPal and regulated in the US, it’s a safe and secure way to move your money.

Who owns Remitly?

Matt OppenheimerMatt Oppenheimer, Remitly’s co-founder and CEO, said in an interview this week that customer growth has increased by 200% compared to a year ago, with 3 million customers served in aggregate spread evenly across the 17 send-from markets and the 57 send-to countries where Remitly operates.

Does Remitly ask for SSN?

You’ll need to submit your full name, address and DOB. You can also submit the last 4-digits of your SSN, if you have one, so Remitly can more quickly verify your identity.

What is the best money transfer service?

Best for Domestic Peer-to-Peer Transfers and Domestic Transfers of Large Amounts. PayPal. … Best for Fast Domestic Bank Transfers. Zelle. … Best for Fast International Cash Transfers. WorldRemit. … Best for World Travelers. Transferwise. … Best for Sending From the Developed to the Developing World. Remitly.

Is Remitly better than Western Union?

The Verdict. Safety: Western Union is one of the oldest and largest money transfer companies in the world. Rates: On most remittances, Remitly offers better exchange rates. Fees: Remitly is clear and transparent.

What is the best company to transfer money internationally?

Best Ways to Send Money Internationally5 Best Ways to Send Money Internationally. TransferWise. … TransferWise. Best for: Cheap Costs, great web experience. … OFX. Best for: Cheap costs. … Xoom. Best for: fast delivery, great web experience. … MoneyGram. best for: fast delivery, in-person transfers. … Western Union.

How does Remitly make money?

It makes money by charging transaction fees and marking up foreign exchange rates. Fees vary widely by country, but on average, Remitly charges about 1.5% for a transfer, Forbes estimates. Western Union, which owns many brick-and-mortar locations and brought in $852 million in profit last year, charges roughly 5%.

How many customers does Remitly have?

Since then, we have served over 1 million customers. Today, we’re sharing the news about our dramatic expansion to nearly 600 send-to-receive corridors.

Why is Xoom asking for my Social Security number?

Xoom asks for your social security number when enrolling in a money transfer because a social security number is the most unique way to identify an individual. … By giving your SSN, you are allowing the financial institution to use it as a signature for all of your financial activities so they can track you.

Information. You should never use Xoom to send or receive a money transfer that may be unlawful. You should only send money for legal purposes, and only to people you know, such as your family and friends. … Please visit the Xoom User Agreement for more information.

How much does Remitly charge to send money?

Two different ways to sendRemitly ExpressRemitly Economy$19.48 Everyday rate$19.68 Everyday rate$0 Fees When sending more than $500 ($3.99 when you send less)$0 Fees When sending more than $500 ($3.99 when you send less)Within minutes Transfer speed3 to 5 business days Transfer speed