PayPal has launched Xoom, its international money transfer service, in Canada.
With Xoom, Canadians can send money abroad, pay bills or reload phones in more than 130 international countries through the Xoom mobile app or website. Customers will be able to send up to $12,500 CAD in a single transaction to countries like China, India and the Philippines.
Senders can choose whether to have the money deposited to the receiver’s bank account, available for cash pick-up at a bank or delivered directly to their door. Xoom transfers can be tracked via text updates, email notifications or through the mobile app and website.
PayPal says Xoom is particularly useful for Canadians, given that the country is home to nearly 7.5 million foreign-born people from over 200 places of birth. According to PayPal, sending money through a digital service like Xoom costs nearly half (3.93 percent) of the amount sent compared to the average cost of traditional remittances services (7.45 percent).
“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, in a press statement.
“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.”