Frequently Asked Questions

Is Xompare a payment service provider?

Xompare isn’t a payment service provider itself, meaning we can’t physically send a payment on your behalf. Instead we can be used to compare payment service providers to find it the most favourable foreign exchange rates, cheapest transfer fees, shortest transfer speed and even if payments are open to further fee deductions even after it has been sent.

Why would I choose Xompare as a payment comparison site?

The creators of Xompare have payment industry experience and the concept came from our own life experiences. As a result of those insights we believe Xompare has the most complete set of data available on the market, and presented in the most effective way to ensure users have all the information required to make an informed decision on the best provider to use. Additionally, in certain cases we have also managed to negotiate preferential terms for our users, so before making an international payment it always makes sense to make a comparison through Xompare.

Can I trust Xompare and the payment service providers featured on it?

Yes of course! Xompare always compares information in real-time and does not provide historic or approximate rates when making comparisons. We also only list providers who are fully authorised and monitored by the regulation authorities in the countries they are registered meaning you can transact with confidence.

What are the different payments types listed by providers?

Bank Deposit SWIFT
SWIFT is a secure messaging system used by the international banking community to send and receive payments. Payments going via this service are credited to a beneficiary bank account determined by you. Although payments sent via SWIFT are the most common way of sending payments, they can be open to further fee deductions by intermediary or beneficiary bank once the payment has been sent. Xompare displays whether the payment is protected from these fees in the results screen.

Bank Deposit Local
Payments sent via this service use local clearing services in the destination county to deliver the payment to a bank account determined by you. Our providers listed on the site will initiate the instruction directly with a bank in country, meaning they don’t cross any borders and are less open to further fee deductions once the payment has been sent.

Bank Deposit
This payment type will be displayed when the provider uses both SWIFT and local clearing services to deliver their payments.This is because it is not possible to determine which method the payment will go via.

How is the comparison of our providers undertaken?

All comparisons are completed in real-time using information received directly from our providers. We do not provide historic, indicative or misleading information which could lead to a misinformed decision on the best provider to use. For a guide on how it works click here.

I am unable to see a payment service provider that I am familiar with listed on the site?

Xompare only launched when we felt we had enough providers listed to consider a fair comparison will be made. Additionally we purposely focused on featuring those providers which already had the highest market share and credibility in the market. We will continue to add providers to our site for the foreseeable future, so it is likely a provider which might not be featuring today will be soon. If you would like to make an enquiry on a specific provider then please contact us and we will be happy to review your request.

What is the Total Cost field in results?

Total cost consists of the amount to be exchanged into foreign currency, plus any additional payment fees levied by a provider. Certain providers deduct their payment fee off the amount to be exchanged before converting into foreign currency, and these will not be added to the total cost field when applicable. The difference displayed in red is between each provider and the provider/s that are the most competitive (marked with Mooney’s cow bell).

What is the Payment Fees field in results?

Payment fees details any additional payment fees levied by a provider outside of an exchange rate cost. Certain providers claim this fee by adding it as an additional charge on top of the original amount to be exchanged into foreign currency, and when applicable this will be included in the total cost amount. Other providers deduct their fees off the amount to be exchanged, and therefore these will be considered in the amount received and will not be added to the total cost field. The difference displayed in red is between each provider and the provider/s that are the most competitive (marked with Mooney’s cow bell).

What is the Amount Received field in results?

The amount received is dictated by the rate of exchange, and will be the amount of foreign currency received by the bank of the payment recipient. Certain providers deduct their payment fees off the amount to be exchanged before converting into foreign currency, and where applicable the received amount will already have this fee considered.The difference displayed in red is between each provider and the provider/s that are the most competitive (marked with Mooney’s cow bell).

What is the Amount Protected field in results?

Certain payments are open to further fee deductions by banks in the payment chain after it has been sent. These deductions can vary between banks and can be dictated by the original payment amount. It is not possible to know in advance how much will be deducted, but it is not uncommon for them to range between £10 and £50 (or currency equivalent). Certain payment types are less open to these deductions, or sometimes the provider has taken measures to protect the payment from these fees. A closed green padlock signifies a payment should be protected from such fees, whereas an open red padlock signifies an unprotected amount open to fee deductions.

What is the Speed field in results?

Speed details how long the payment should take to arrive into the recipient’s bank account following a fully executed payment instruction with a provider. The difference displayed in red is between each provider and the provider/s that are the most competitive (marked with Mooney’s cow bell).