PayPal launches Xoom in Canada

PayPal launches Xoom in Canada
12.12.2018 11:44 am

PayPal launches Xoom in Canada

Money Transfers

Today, PayPal launched Xoom, its international money transfer service in Canada.

Canadians can now use Xoom to send money, pay bills or reload phones fast to more than 130 countries internationally at competitive rates. Xoom’s increased presence in North America is a significant milestone and serves as another example of PayPal’s efforts to make the management and movement of money more accessible, secure, convenient and affordable. With this launch, PayPal and Xoom are helping improve the financial health of Canadians and millions of people worldwide.

The global remittance market is an estimated $600 billion industry with Canadians remitting nearly $24 billion annually[1]. Canada is one of the world’s most diverse countries and is home to nearly 7.5 million foreign-born people from more than 200 places of birth[2]. Introducing Xoom will benefit more than one in five people living in Canada - many of whom support family members overseas for things like medical bills, education, utility bills, and other financial needs.

Historically, the cost of securely and efficiently managing and moving money across borders has been high, but advances in digital technology—in particular mobile—are enabling a significant reduction in remittances costs. Sending money overseas through a digital service like Xoom costs nearly half (3.93%) of the amount sent compared to the average cost of traditional remittances services (7.45%)[3].

“The traditional methods of sending money abroad are slow, expensive and stressful for both the sender and the receiver. Senders are often faced with worry about when, or if, their money will reach their loved ones,” said Julian King, Xoom’s Vice President and General Manager. “As a disruptive digital remittance provider, Xoom is helping to eliminate these inconveniences so it’s fast and easy for Canadians to send money abroad for cash pickups, bank deposits, reloading prepaid phones and paying bills for loved ones back home—all from the comfort of their homes or from their mobile devices.”

A fast, convenient and secure way to support loved ones back home at competitive rates. 
Xoom customers can send up to $12,500 CAD in a single transaction[4] to over 130 countries including India, China and the Philippines. For send money transactions, depending on the receiver country, users can choose from a range of options: deposit money to a bank account, send cash for pick-up or have cash delivered directly to their recipient’s door. Xoom transfers can be tracked quickly and easily via text updates, email notifications or directly from the mobile app and website. Those who send money abroad can get their questions answered from customer support staff in English, French, Spanish and Filipino.

Xoom partners with highly credible banks and partners around the world to provide fast, secure and affordable money transfers. According to the ‘Migration and Remittances’ April 2018 report by the World Bank, globally, the top three receiver remittance countries are India, China and the Philippines. Xoom provides money transfer services to these key remittance corridors in addition to the UK, France, Italy, Germany, and many other countries in Eastern Europe and Africa.

Related News

Genome is waiving service fees for all low-risk businesses as a support act during the COVID-19 pandemic

Genome is an Electronic Money Institution, licensed by the National Bank of Lithuania, founded in 2018. Specializes in online financial services for personal and business needs... Read more »

TransferGo and RDC partner to combat financial crime

TransferGo, one of the world’s fastest growing money transfer companies, today announced it is extending its partnership with RDC, the global leader in compliance screening.... Read more »

Paysend races to 1.5 million customers

International money transfer start-up reaches the 1.5 million customer milestone with over 3,000 new users every day.

UK-based fintech Paysend announced that their... Read more »

Azimo and Ripple Partner to Deliver Faster, Cheaper Payments to the Philippines

Azimo, Europe’s leading digital money transfer service, announced today that it has partnered with ... Read more »

WorldRemit Enters Global Remittance Partnership with Alipay

WorldRemit has announced a partnership with Alipay, enabling consumers to use the WorldRemit app or website for cross-border remittances to the Alipay app, bringing more... Read more »

Top five UK money transfer markets receive more than £10bn

New analysis reveals the top five money transfer markets for UK residents that account for nearly one third of the total sent home

New analysis by Paysend, the UK based... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel