Today, PayPal launched Xoom, its international money transfer service, in the UK and 31 other European markets. People in the UK can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally. Xoom’s launch in Europe is a significant milestone and serves as another example of PayPal’s efforts to make the movement and management of money more convenient, accessible, secure and affordable.
The global remittance market is an estimated $689 billion industry with Britons remitting over $26 billion annually. The United Kingdom is home to over 9.3 million people who were born outside of the UK – many of whom support family members overseas for things like medical bills, education, utility bills, and other financial needs.
Historically, the speed of securely and efficiently moving money across borders has been slow, but advances in digital technology—in particular mobile—are enabling a significant reduction in transfer time. According to the latest figures from the World Bank, almost half (45%) of all money transfers from the UK are sent to Nigeria, India, Pakistan, China, Kenya and the Philippines, the six largest non-European receivers of remittances from the United Kingdom. The introduction of Xoom usually allows loved ones in these countries to receive money sent to a bank account or for cash pick up in approximately five minutes or less.
Dan Schulman, PayPal’s CEO and President, said: “The way we move and manage our money has changed dramatically in the last few years. We have moved beyond the days when the only option for sending money abroad was to queue at a counter for hours. But even in 2019, it still takes too long to get money from the United Kingdom to a loved one in another country. We know how important these money transfers are in the lives of millions of people, and how crucial it is that money arrives swiftly and more securely so it can be used for things that matter. With Xoom, someone with a smartphone on a bus in London can send money that can be accessed within minutes in Mumbai to pay for a family member’s medical emergency or to keep the lights on for their family back home.”
A fast, convenient and secure way to support loved ones back home.
Xoom customers can send up to £8,800 in a single transaction. A Xoom account can be set up in a few easy steps via the Xoom iOS or Android app or Xoom.com. Existing PayPal customers can use their PayPal account to access Xoom’s services, making it even quicker and easier to send money abroad.
PayPal customers can also use their bank accounts to transfer funds in addition to the debit and credit card options available through Xoom. 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, Italian, German, Filipino and Arabic.
Xoom partners with major banks and partners around the world to provide fast and more secure money transfers to key remittance corridors like India, Pakistan, Nigeria, Kenya, Poland and China as well as to other European, Asian, North and South American and African countries.
Nigeria and Kenya
Romania and Czech Republic
Morocco and Tunisia
To send money abroad with Xoom in a few simple steps, download Xoom’s mobile app on Android and iOS or go to Xoom.com and set up an account easily or log-in with a PayPal account.
 Source: World Bank press release: Record High Remittances Sent Globally in 2018 and World Bank’s latest Bilateral Remittance Estimates for 2017 using Migrant Stocks, Host Country Incomes, and Origin Country Incomes (millions of US$) (April 2018 Version).
 Source: Population of the United Kingdom by Country of Birth and Nationality: 2018, Office of National Statistics, release date: 24 May 2019, accessed on 12 June 2019.
 World Bank’s latest Bilateral Remittance Estimates for 2017 using Migrant Stocks, Host Country Incomes, and Origin Country Incomes (millions of US$) (April 2018 Version).
 For specific information about the speed of different deposit options to these countries, see further information below.
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