Transferring money to India using Xoom.com

[handsonhosting]

Has anyone had any experience using the company https://www.xoom.com for transferring money to someone in an Indian bank?

They actually do a number of different countries, but the fees just seem really low (even after exchange rates etc). From what I've seen on at least the few different countries I've checked, the fees they gather are the $4.95 (or $9.95) for the processing, plus $0.02 per dollar sent.

So for Ireland, the exchange rate today is $1 USD to 0.75 EUR
Xoom charges $4.95 for the transfer, and for every $1 USD you get 0.73 EUR in the bank.

So for a $900 transfer, you'd pay $904.95 and get 661.93 EUR - as opposed to 674.06 EUR by the current exchange rates.

Essentially, they make 12.13 EUR off the deal or $16.20 USD + $4.95 = $21.15

Seems pretty cheap to transfer $900 for only $21.15...

Anyone ever used them?

 

[Artashes]

Hmm.. I've heard of Xoom, but I've never really looked into it in detail. I do a lot of wire transfers, so might have to look at how they are operating exactly. Too bad a couple of countries that I work with are not on the list, however.