MoneyGram vs. PayPal vs. Xoom

Jul 16, 2022 By Susan Kelly

The three top cash transfer companies include PayPal, MoneyGram, and Xoom, with varying rates of charges that can be estimated online, such as the MoneyGram fee estimation tool. In general, these companies have different fees depending on the country of origin and the country of destination, as well as the amount of the transaction; whether the recipient's account is one of a bank account, credit or debit card, or another transfer account as well as the type of transfer, whether among family members or as a payment of items.


PayPal Transfer Fees


When money is sent to the United States, PayPal doesn't charge a fee, either to the sender or the recipient. Both recipients and the sender need to be able to access PayPal accounts. The money must be sourced from a PayPal Cash account, PayPal Cash Plus, or a bank account connected directly to PayPal. PayPal account.


Fees are charged only on PayPal when the funds are being transferred from an associated credit or debit card, or being transferred internationally, or if you're making payment on behalf of an agent or merchant. If the money comes from a credit or debit card and PayPal credit card, then the site will charge 2.9 percent of the transaction, plus 30 cents. PayPal is also not liable to charge fees for customers online or in a store, acting rather like a secured bank account to purchase items and services.


MoneyGram Transfer Fees


Fees for MoneyGram tend to be more expensive than PayPal's. For the direct transfer of funds from online sender's banking account, debit, or credit card, the company will charge the recipient a flat $1.99 fee. The fee is applicable regardless of whether the recipient is paying one dollar or the maximum amount of $10,000. If the beneficiary picks up the money at the MoneyGram place, this cost increases to $5.99 via a bank account and $13.99 for cash coming through a credit or debit card.


Xoom Transfer Fees


Xoom, the company, controlled by PayPal, charges a fee of 1 percent for any transaction up to $999 and $10 for transactions worth 1,000 or more. Funding sources are PayPal accounts, bank accounts, debit cards, and credit cards (though your card's issuer might impose additional fees on the latter two choices). Transactions worth $10,000 or more will take about 2 business days to process. Users can also calculate costs on the Xoom website to learn more about how Xoom money transfers function.



PayPal Merchant Fees


PayPal provides a variety of payment processing solutions for merchants. Its transaction fees are standard. 2.9 30% plus 30 cents when the transaction is done on the internet. When your PayPal account is not within the U.S., the fee is 4.4 percent, plus a fixed amount dependent on the foreign currency. For sales in stores, the typical transaction cost is 2.7 percent inside the U.S. and 4.2 percent outside of the U.S.


PayPal International Transfer Fees


PayPal is charged an amount of 5% for transactions in which US account holders send money to PayPal holders outside of the U.S. A minimum fee of $0.99 is applicable, and the maximum charge is $4.99. Suppose the funding source is a credit card, or debit card. In that case, the account holder is charged an additional 2.9 percent of the amount transferred in addition to a fixed cost depending on the foreign currency.



MoneyGram International Transfer Fees


MoneyGram operates in over 200 territories and countries. Its digital capabilities are available across more than 70 countries and 350,000 physical locations, either owned by the company or run by an agent for the business. In terms of international money transfers, the business makes money through the transaction fee and the spread between foreign currencies.


A customer who transfers $100 to an account at a bank in Mexico is not charged for the money if it comes from an online bank and $2.99 when the funds come through a credit or debit card. If the money is delivered for cash pick-up and pick-up, the MoneyGram charge for both choices is $3.99. In January 2021, MoneyGram offered an exchange rate of 19.96 pesos per dollar.


Xoom International Transfer Fees


Xoom also earns cash on transactions in foreign currencies and offers a more favorable conversion rate of 19.21 pesos per dollar in January 2021. Additionally, the fees are comparable to that of MoneyGram.


For a $100 transfer, Xoom charges users $2.99 for money that comes from the PayPal account or balance and is transferred directly to an account at a bank or $3.99 when the money comes from a credit or debit card. The cash received from the person who received it, regardless of how it's transferred, will cost $3.99 in charges.

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