Wise
8.2#4 in money transfer appsFree planFree planAndroidiOSWeb
VisitWise vs Xoom
What both publish
| Fact | Wise | Xoom |
|---|---|---|
| Exchange-rate model | mid_market | markup |
| Founded | 2011 | 2001 |
| Mobile platforms | The Wise app is available for iOS through the Apple App Store and for Android through Google Play. | both |
| Payment methods | The app says users can fund transfers with Apple Pay, Google Pay, a debit or credit card, or a bank transfer. | Depending on availability, customers may pay using a credit card, debit card, bank account, or PayPal balance. |
| Regulation | Wise states it is authorised by the UK Financial Conduct Authority for issuing electronic money and works with a local bank partner to offer inward remittance service to India with RBI approval. | Xoom says it is a PayPal service and that money transmission is provided by PayPal, Inc. under its licenses, with federal and state oversight in the United States. |
| Security | Wise says it safeguards customer money separately from its own and uses two-step authentication to protect accounts and transactions. | Xoom says its website uses 128-bit encryption and that stored information is protected physically and electronically behind a firewall. |
| Support | Wise says its customer support is available by email, live chat, and phone, 24/7 in English and in 14 other languages. | Xoom says customer support is available by phone and email every day. |
| Transfer speed | On many popular routes, transfers can arrive within one day, the same day, or instantly. | instant |
| Transfer tracking | The app shows the list and current status of transfers users have set up. | Yes |
| Upfront fee display | Yes | Yes |
Wise plans
- Wise personal account and transfersFree
Xoom plans
No prices published.
Pick Wise if…
Wise suits people sending money to overseas bank accounts or receiving payments from abroad. It may also suit users who want to track or schedule transfers and receive exchange-rate alerts.
Pick Xoom if…
Xoom is intended for people sending money, paying bills, or reloading phones for family and friends in supported locations. Its personal-use terms say only natural persons are eligible to send.