About us

Monito is a comparison website for international money transfer services.

We compare and review more than 350 money transfer operators, to help you find the best option for each of your international transaction.

Exchange rate alerts

Save money by sending at the right time, with the right provider.

Transferwise versus Xoom

TransferWise versus Xoom. Which one is the best for you and your needs? Which is the most affordable option if you need to send or receive money internationally? Check out our analysis of the pros and cons of each money transfer company.

    Our recommendation: TransferWise is a better deal, but only Xoom offers cash payouts

    TransferWise is an helps you send money online from one currency to another. Fees are competitive fees, and a unique aspect of the company is that TransferWise does not take a margin on the exchange rate.

    Xoom delivers transfers to destinations, often within minutes, funded by bank account, debit or credit card. Exchange rates have markups and there are often fees, but transfers are usually fast (from minutes to a few days). Money can be delivered electronically or as a cash payout

    Both TransferWise and Xoom are great choices, but in general, TransferWise is cheaper, but if you need to money to be paid to the recipient in cash, only Xoom offers this service.

    Fees & Exchange Rates - How TransferWise & Xoom compare

    This is how TransferWise works: you pay for your transfer from your bank account, debit or credit card and send funds directly to the recipients bank account. Options vary according to the corridor; in other words, it depends on where you are sending money from and to. For example, if you are transferring money from the US to Mexico you also have the option to pay from your bank account via ACH (Automated Clearing House). Alternatively, if you are making a transfer from a number of countries in Europe, you can make a SOFORT transfer. All fees and exchange rates are transparent, and they are clearly indicated on the website when you make the transfer. TransferWise does the fee calculations for you and warns you when there may be a local bank fee (this is something they cannot control).

    This is how Xoom works: You pay with a bank account, debit or credit card. Options vary according to which country you are sending funds to: oney can be delivered as cash, deposited in a bank account, or as airtime top-up. Xoom also enables customers to pay utility bills across 9 countries: Colombia, Costa Rica, Dominican Republic, El Salvador, Honduras, Mexico, Guatemala, Nicaragua, Panama and Vietnam).

    Fees

    TransferWise charges a percentage of your total transfer amount. This amount is roughly 0.6% to 1% of the transfer fees (it depends on the currency combination). There's no transaction fee if you pay via a traditional bank transfer. Paying via ACH? There's a 0.15% fee, or by debit or credit card there's generally a 0.3% to 2% fee. It's variable; according to TransferWise's website, "most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued."

    Fees change according to payment method, payout method and the from and to countries, but most fees range from zero to US$5.

    Exchange rates

    TransferWise's exchange rate is based on the standard, mid-market rate. They don't add a margin on top of that rate, which is quite different from other money transfer providers.

    Xoom makes money by using an exchange rate that is above the mid-market rate. Rates are usually about 1% to 3% above the mid-market rate.

    Key takeaways:

    • TransferWise reigns because of its zero exchange rate margin and low fees
    • Xoom is generally more expensive, but it is your only option if you need the recipient to pay cash
    • Our recommendation is that Xoom is better if you need to payout in cash If not, TransferWise is the way to go.

    "Xoom is only better if you need the recipient to receive money in cash."

    Other provider side-by-side comparisons

    • TransferWise versus Western Union. Which one is the solution for you and your money transfer needs? Which option should you choose if you need to send or receive money internationally? Check out our comparison of the pros and cons of …
    • TransferWise versus PayPal. Which one is the best for you and your needs, and which is the most affordable option if you need to send or receive money internationally? Check out our analysis and the pros and cons of each money transfe…
    • TransferWise versus CurrencyFair. Which one is the best for you and your needs? Which is the most affordable option if you need to send or receive money internationally? Check out our analysis of the pros and cons of each money trans…