Tonight, my wife and I received a text message from our bank (Chase) alerting us to a potential fraudulent charge on our checking account from a company called Xoom for nearly $700. Upon Googling this company, it appears that they are some sort of wire transfer service affiliated with PayPal. While we do use PayPal for eBay and various other online purchases, neither one of us have ever heard of this Xoom company and this charge certainly was not from either of us. The charge was on my wife's debit card, which is the one that we have attached to our PayPal account. We just got off the phone with our bank and they did mark the charge as fraudulent and closed out my wife's card and will mail her a new one, but this has us very concerned. Has anyone else ever experienced fraudulent withdrawals from this company? Did they somehow get our info through our PayPal account? We have been using PayPal for nearly 20 years and nothing like this has ever happened before, but now we worry that it may not be all that secure. This was a very large withdrawal they made from our account and now we have to wait possibly several days to get it back as Chase has to investigate it. VERY aggravating.
I had this to happen to me yesterday 10/01. They did multiple transfer of $51.99 from my bank account with my card number, then when I saw the emails I immediately called the bank and they cancelled. Not even thinking it would be from paypal I went on about my day to notice later they had indeed charges by credit card that I have on file with paypal multiple times as well. I have never been so mad in my life. I have contacted Xoom only to tell me while they investigate they can't give me any information on my account, I mean please if its mine, although I had never heard of Xoom nor made an account. So now I have messaged Paypal but have yet to hear back from them. Bank says it will be 3-5 business days before I hear from my dispute. Has anyone else gotten their money back?
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The Xoom business is a peer-to-peer payments tool that acts as a money transfer service that lets users send money to different countries. The cross-border realm of payments has mushroomed in recent years as migrants increasingly use such services to send money home to family and friends.
As technologies in the cross-border arena have advanced, so has the competition. Aside from the legacy players, including MoneyGram and Western Union, there are also new rivals in the arena, including Remitly and Euronet. PayPal partnered with Visa earlier this year to expand the Xoom service by making the cross-border debit deposit services available on a real-time basis via Visa debit cards in 25 countries.
Xoom is an online money transfer service that allows customers to transfer money within the U.S. and to international destinations. Using Xoom, customers can also pay certain bills in a number of different countries. They can also reload prepaid mobile phones."}},{"@type": "Question","name": "Is My Money Safe With Xoom?","acceptedAnswer": {"@type": "Answer","text": "According to Xoom, it works with "trusted banks, cash pickup locations, and home delivery services to help ensure secure money transfers. We also encrypt payment data to safeguard your financial information, as well as comply with national and local laws and regulations to protect against fraudulent transactions."
"}},{"@type": "Question","name": "Does Xoom Charge a Fee for International Money Transfers?","acceptedAnswer": {"@type": "Answer","text": "Yes. The transaction fee depends on the country where your funds are going, how much you're sending, what the funding source is (a bank account, a PapPal account, a credit card, or a debit card), and how the recipient will obtain the money. There will also be a cost associated with the currency conversion."}}]}]}] Investing Stocks Bonds ETFs Options and Derivatives Commodities Trading FinTech and Automated Investing Brokers Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Banking Savings Accounts Certificates of Deposit (CDs) Money Market Accounts Checking Accounts View All Personal Finance Budgeting and Saving Personal Loans Insurance Mortgages Credit and Debt Student Loans Taxes Credit Cards Financial Literacy Retirement View All News Markets Companies Earnings CD Rates Mortgage Rates Economy Government Crypto ETFs Personal Finance View All Reviews Best Online Brokers Best Savings Rates Best CD Rates Best Life Insurance Best Personal Loans Best Mortgage Rates Best Money Market Accounts Best Auto Loan Rates Best Credit Repair Companies Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All LiveSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds ETFs Options and Derivatives Commodities Trading FinTech and Automated Investing Brokers Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard BankingBanking Savings Accounts Certificates of Deposit (CDs) Money Market Accounts Checking Accounts View All Personal FinancePersonal Finance Budgeting and Saving Personal Loans Insurance Mortgages Credit and Debt Student Loans Taxes Credit Cards Financial Literacy Retirement View All NewsNews Markets Companies Earnings CD Rates Mortgage Rates Economy Government Crypto ETFs Personal Finance View All ReviewsReviews Best Online Brokers Best Savings Rates Best CD Rates Best Life Insurance Best Personal Loans Best Mortgage Rates Best Money Market Accounts Best Auto Loan Rates Best Credit Repair Companies Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All EconomyEconomy Government and Policy Monetary Policy Fiscal Policy Economics View All Financial Terms Newsletter About Us Follow Us Table of ContentsExpandTable of ContentsHow Does Xoom Work?How Much Does It Cost?Xoom vs. PayPalAdvantages and DisadvantagesXoom FAQsThe Bottom LinePersonal FinanceBankingWhat Is Xoom?Find out how this international money transfer service works
Where money transfer service providers are concerned, you have choices. For instance, although Xoom is owned by PayPal, PayPal also offers online transfers. So does MoneyGram. All have different fees.
Xoom is an online money transfer service that allows customers to transfer money within the U.S. and to international destinations. Using Xoom, customers can also pay certain bills in a number of different countries. They can also reload prepaid mobile phones.
According to Xoom, it works with "trusted banks, cash pickup locations, and home delivery services to help ensure secure money transfers. We also encrypt payment data to safeguard your financial information, as well as comply with national and local laws and regulations to protect against fraudulent transactions."
PayPal acquired Xoom in 2015, paying roughly $1 billion for the service, which allows customers to send other people cash, pay international bills or reload a prepaid mobile phone. PayPal has been working with Goldman Sachs on the sales process in recent months, the person said.
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The PayPal-owned service offers a lot of flexibility and convenience when it comes to international monetary transactions. The fact that PayPal owns Xoom puts the power and reputation of a big, well-known brand behind the service.
Patrick Collison, CEO of payment-processing startup Stripe, also made the trip this weekend. On Friday, his company said it would expand its new Atlas service to Cuba, which helps entrepreneurs with global ambitions incorporate a U.S. business remotely, and open a bank account, too.
The service is expected to be beneficial for Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs) living in the US, Canada and Europe to send money to their family and friends in the country. ff782bc1db
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