Xoom users - found a replacement ?

[Cachufleta]

As you may know Xoom ended their ability to process payments with Paypal a while ago,

anyone found a new site out there that servers the same purpose as xoom?

( taking paypal payments and transfering them to your local bank account, for a fee )

This was a solution for people that couldnt get a US bank account to link with paypal

[pod]

I think PayPal simply wont allow anything like this anymore. They will go as far as to limit your account if you get caught using a pass through system.

[jeffweico]

PayPal does not want you to have your money in YOUR account. They want you to have your money in THEIR account where they can control it.

[rsot]

Control and profit it from it at the same time.

[Cachufleta]

Pod about PP limiting the account, its a statement, do you say this for experience or read it somewhere? - xoom's own explanation to quit taking paypal was unconvincing..

Xoom was a dream for many foreigners who couldnt easily make a US bank account to operate. However you had to pay about 12% of fees to take the money out.

[pod]

No first hand experience, no. But paypal does not allow exchanging their currency period.

Its in their TOS somewhere in the 1000 pages. Money laundering laws as well.

Paypal doesn't make you add a bank for your convenience. They do it for their own objectives and security. They are a payment gateway, not an ecurrency. They will come down on anyone exchanging funds for a fee. Exchangers have tried and they all fall pretty fast

12%? I would seriously look at something else.

[Cachufleta]

Pod, at some point paypal knows the user has to extract the funds out some how. .

It has many sellers doing commerce, so are they supossed to leave the money there or use it to buy stuff only... ? What does paypal sees wrong in their users taking the funds out? Yours is an interesting statement, but id like to analize further.

The xoom service was suposedly to send funds to relatives on other countries that did'nt had a paypal account. It did not infringed any paypal rule since they had sort of a partnership there. But at some point it broke and we werent told the true about
what happened...

What is your guess?

[pod]

Originally Posted by Cachufleta

paypal knows the user has to extract the funds out some how. .

A perfectly valid point no doubt. People should be able to do what ever they want with their money, absolutely.

However, this is PayPal. And PayPal does what they want and what they feel is in their best interest. I'm certainly not arguing whats right or wrong. I'm just saying what rules PayPal has set in place that we are forced to follow.

I have no knowledge of what was going on between PayPal and xoom, but I can very easily guess: PayPal didn't like xoom making big commissions moving out PayPals money. They want that profit themselves.

And as with any system I have no doubt it was being abused. Not sure what xoom required for accounts in the way of documents. But on the surface this sounds like a pretty easy was to launder cash fast and anonymously.

So PayPal sees someone else making profits and system being abused and they pulled the plug. Thats my guess

If PayPal was cool with something like this there would be a dozen companies doing it. At least a couple authorized by PayPal. As you know there would be a huge demand. But PayPal seems to want no part of anything like this.

[Cachufleta]

Hi Pod

Thanks for your opinion, you have a good point there.
Probably they pulled the plug because of that.

good day,
C.