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How to Cancel Xoom

Subscription in Few Steps

Need to cancel your Xoom subscription? Learn how to do it in a few easy steps and manage your finances effectively.

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Xoom is a Money Transfer service in the business & commerce area. It is defined as 'Electronic funds transfer or remittance provider that allows consumers to move money, pay bills, and reload mobile phones from and to numerous countries'. For a range of platforms, including Web-based, iPhone, Android, iPad, and Android Tablet apps, there are over ten substitutes for Xoom. 

Using Xoom's money transfer website, you can send and receive international payments with a phone number or email address. If you already have a PayPal account, sending and receiving money abroad is particularly simple.

How to Cancel Xoom?

Here’s how to delete a Xoom account most conveniently, online or using the Xoom app:

Step 1

Open your Xoom account and log in.

Step 2

Go to the Contact Us page on Xoom.

Step 3

Choose Change my Xoom profile's details as the reason for contact

Step 4

Put your name and email address exactly as they appear on your Xoom account in the subject line and add Cancel Xoom account.

Step 5

Verify the closure of your Xoom account using the contact form.

You can include a particular reason for canceling your Xoom account in your request to have your account deleted, such as payments made without authorization, transactions you are unsure of, or compromised account information.

Methods of Cancellation

You can use the Xoom online contact form to request the closure of your account. To permanently remove your Xoom account, follow the above instructions and fill out the form with all the necessary information for the Xoom customer service team.

Xoom's Refund Policy

As long as you abide by the terms of your customer agreement and send money solely to people you know, Xoom is a safe service. The company is a certified member of the Better Business Bureau's online reliability program.

Xoom offers a thorough refund policy. Refunds are guaranteed if the recipient of your payment does not receive it. If fraud occurs, Xoom may also issue a complete refund.

Remember that if you have used your account for purposes not permitted by the customer agreements or have yet to take the necessary precautions to secure your account, refunds may not be granted and will be the subject of an inquiry.

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How Much Can You Save After Canceling Your Xoom Subscription?

PayPal owns Xoom, which levies fees of $10 on transactions above $1,000 and 1% on all other transactions up to $999. Bank accounts, PayPal, debit cards, and credit cards are examples of funding sources (the last two may come with additional fees from your card issuer). Two to three business days are needed for transactions totaling $10,000 or more to be processed. 

Where to Invest that amount?

Sometimes, when you are financially tight, the money you have invested helps you whether you want to save up for retirement or a little extra for self-care.  Investing grows your money, eventually increasing your purchasing power and enabling you to reach your financial objectives. This is the main advantage of investing. 

1. Savings accounts with high yields: A high-yield online savings account allows you to earn interest on your account balance. Furthermore, these accounts are easily accessible financial tools like a savings account at a physical bank.

2. Funds for dividend stocks: A  fund combines just dividend stocks into a single, easily tradable unit, whereas dividend stocks are those equities that offer a cash payout, which not all companies do.

3. Maintain Regular Savings: Consider savings as your financial tip, a buffer against unforeseen turns in life. Even if the sum is small, setting up automatic transfers into your savings account with each paycheck lays the groundwork for long-term financial stability.

Alternatives to Xoom 

Here are some alternatives to Xoom that were known at the time:

Western Union

Western Union is among the most popular and extensively utilized international money transfer services. Its global network of agent locations is extensive.

TransferWise (Wise)

TransferWise, now called Wise, is renowned for its advantageous exchange rates and charge transparency. It offers lower rates for users sending money abroad than regular banks.

PayPal

PayPal is a well-known online payment service that offers international and domestic money transfers. Users can transact business and send money to friends and relatives.

Remitly

Remitly is an international money transfer provider emphasizing affordable and timely transfers. It offers a range of delivery options, including bank deposits and cash pickups.

Skrill

Skrill offers several financial services, including money transfers abroad. It's renowned for having minimal costs and fast transfers.

Conclusion

Xoom is safe for payments made by the customer agreement. You should be fine if you send money to people you know and trust, such as friends and relatives. However, evaluate the costs and currency rates other providers offer for your transfer before utilizing Xoom.

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