Xoom Money Transfer for Recipients in the Philippines
Money transfer via Xoom is one of my clients’ preferred payment method. I hesitated a bit when I was told about this payment medium because although I have no first-hand experience using it, I have read a host of complains from both money senders and money transfer recipients here in the Philippines.
But although I’ve read that Xoom’s dollar exchange rate is so low, I still gave it a try thinking that maybe it will be just a difference of a few centavos. And just yesterday, I was able to confirm that low exchange rate. My payment’s converted to $1 = Php47.194 when the Inquirer’s forex peso-dollar rate page says it’s Php48.41 per dollar.
However, even though Xoom’s exchange rate is a lot lower that what I’ve expected, what irked me the most is the clearing time. It took 5 working days before the money transfer was cleared when their site says it will only take up to 4 days.
One day is not so bad but it still made me panic since it’s my first time with Xoom.
I also thought of requesting my client to send me dollar payout instead of pesos to resolve the low exchange rate issue.
How about you dear readers? Ever experienced a similar situation with the payment engines you use? Got any tips for me?
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Gabs said,
March 22, 2007 @ 11:49 pm
Used them once (in 2006). Never went back there again, and never will. Like you said, clearing time was very long. Not only that, they were rude to my recipient when she went to claim the remittance. They made it very difficult to her to prove she’s the recipient by asking a lot of unnecessary questions and documents, more than she’s required.
If you really want a fast remittance service at very reasonable prices, go to MyAyala.com. I’ve been using them for more than 2 years now, and out there, they’re still the best. Credit card payments are accepted, turnaround time is only 1 business day, and rates are very competitive. Highly recommended.
Gabs
Alfa Mercado said,
March 23, 2007 @ 7:52 am
Gabs,
I see. If the Xoom dollar payout still doesn’t work for me. I’ll definitely try MyAyala.com
Thank you so much!
Connie said,
April 2, 2007 @ 12:55 am
Never had problems with Xoom. My North American publisher sends the payment to my Xoom account via PayPal, and I pick it up at an Equitable PCI branch in Alabang. I prefer to pick up the payment at a bank since I get to choose if I want the money in $ or converted to peso. Of course, I always choose to get the $.
With regard to clearing time, I never really took note of how long it’s gonna take. But on the last transfer, I remember my publisher emailing me on a Friday (PST). I got the Xoom confirmation email Monday (PST) and received word that it’s ready for pick-up the following day.
HTH.
Alfa Mercado said,
April 2, 2007 @ 4:22 am
Hi Connie,
Good for you that you were able choose what currency you’d like your payment to be in when you receive it. I wasn’t given that option during my first transaction with Xoom.
I guess it’s also a case by case thing.
I’ll give Xoom another shot.
Thanks for taking time to share your Xoom experience.
Apple Door Says NO to Bundy Clocks » PayPal Philippines Now Fully Supported said,
September 29, 2007 @ 5:19 am
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