PayPal launches Xoom, a fast and secure international money transfer service to make sending money back home easier for Canadian immigrants
- PayPal introduces Xoom, a fast way to send money, pay bills and reload phones to more than 130 countries, including Jamaica, at competitive ra
TORONTO, December 11, 2018 – Today, PayPal launched Xoom, its international money transfer service in Canada. Canadian immigrants can now use Xoom to quickly and securely send money, pay bills and reload phones fast for loved ones living in more than 130 countries globally, including Jamaica. To send money abroad in a few simple steps, download Xoom’s mobile app on Android and iOS or go to Xoom.com. Canadian immigrant families remit nearly $24 billion[i] annually to support family and friends back home.
“At Xoom, we are focused on making the process of sending money home to loved ones in another country fast and convenient for hardworking immigrants. Sending money abroad is often expensive and time consuming,” said Julian King, Xoom’s Vice President and General Manager. “Bringing Xoom’s digital remittance services to Canada will help eliminate these inconveniences so it’s fast and easy for Canadians to send bank deposits, reload prepaid phones and pay bills to support loved ones back home.”
Canada is one of the world’s most diverse countries and is home to more than 7.5 million foreign-born people from more than 200 places of birth[ii]. Introducing PayPal’s 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.
Xoom offers fast money transfer services abroad to more than 130 countries, including Jamaica, many with limited access to digital remittance services, offering fast options including: cash pickup, bank deposits, bill pays and reload of prepaid phones. Xoom customers can also enjoy high send amounts in a single transaction, at competitive rates to conveniently send large bank deposits wherever they are, whenever they want, using only a mobile phone.
Cost-effective digital money transfer services for a global market
Canadians can now send up to $12,500 CAD in a single transaction[iii] to Jamaica. 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 corridors in addition to the UK, Eurozone and many other countries in Eastern Europe and Africa.
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%)[iv]
“Two billion people around the world are underserved by traditional financial institutions. Some must stand in line for over an hour just to cash a cheque,” adds King. “With Xoom, Canadians can now get a fast, painless and secure way to support loved ones back home.”
With this launch, PayPal and Xoom are helping to improve the financial health of Canadians and millions of people worldwide. Xoom’s increased presence in North America is an important milestone, signifying PayPal’s goal of democratizing the management and movement of money for people globally.
About PayPal
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 254 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal Canada visit www.paypal.ca.
Media Contacts
Malini Mitra
PayPal Canada
416-408-5793
Nicole Aikman-Smith
Marnic Solutions
905-267-8397
Issued by Stephen Weir December 11, 2018
[iii] Subject to Know Your Customer requirements. Sending more than $10,000 CAD in 24 hours takes additional days. The speed of transaction is dependent on partner processing hours, good funds availability, approval by Xoom’s proprietary verification system, and our partner’s systems availability. May not be available for all transactions.
[iv] Source: Xoom, Digital Remittances: Enhancing Financial Health for Families around the World whitepaper, 2017
