Published on September 21st, 2015 | by Skrill payment0
Comparison of Skrill, Xoom, Ikobo and Western Union can unlock hidden opportunities
Since there have been a boom in the number of the online money transfer organizations, it often becomes difficult to choose the perfect one for our operations. Companies like Western Union, Ikobo, Xoom and Skrill, have been competing with each other to secure a place into the hearts of the online payers. Let us review the services provided by each of these companies and compare them to figure out the most suitable option that you can afford.
Western Union: advantages and disadvantages
Western Union not only deals in online monetary transfers but they also transfer physically, allowing people without a Western Union account to receive money at times of hardship. During the process, the sender of money is always communicated to make sure that the money does not reach wrong hands, which makes it one of the safest money transfer companies in the world. Another advantage of transferring money with western union is that the sum is transferred within moments.
The disadvantage associated with this particular money transfer site is its cost. At current times, WU is the costliest currency transfer company available across the globe as it charges $15 up to transfers of $1000.
Xoom: Pros and Cons
Through Xoom, you can easily choose to send money either online or offline. According to the options you choose, the money I either transferred to the bank accounts or PayPal account of the receiver. This particular money transfer company have to offer an advantage to its customers. It’s fast transferring abilities make it one of the most reliable money transfer specialists in the market.
On the other hand, it charges $15 per monetary transfer, which is the same as charged by WU. In addition to that, they do not have enough infrastructure and agents in several countries, thus it makes it an issue for people to transfer money to such countries using their Xoom account.
Ikobo: Rates and Functionality
For transfers up to $ 1005, Ikobo charges $5 as transfer fees, which is among the lowest available in the market. Because of its low costs, Ikobo can be handled by a lot of people for sending limited money to their relatives and loved ones. Apart from the monetary advantage, there is a disadvantage that the users can encounter. Since the Ikobo money transfer system relies on Visa ATMs, it is impossible for a lot of people who do not have such a card to make and receive currency transfers.
Skrill and its advantages
Skrill has been in the online money transfer industry for more than 10 years now, and they have been offering competitive offers. For each and every money transfer process, the company charges a flat 1% of the total delivered amount. Apart from its convenient transfer rates, the process of transferring money online is much easier and convenient as compared to the other similar companies. To successfully send the money to your desired relative, you just need to provide the receiver’s email id. It not only provides the above advantages, but they also keep the users updated with the status of the transfer through texts and email notifications. On the other hand, it has a fast transfer capability, which allows them to be the safest choice.
The only disadvantage of Skrill is that it does not have a huge network across the globe and the resources are limited. Otherwise, it can be the best choice you can make for transferring funds.