By Julian King, Xoom General Manager
November 21, 2017
This month marks the two-year anniversary of Xoom being acquired by PayPal. When we announced the acquisition, we set out to accomplish our shared goal of democratizing the management and movement of money for people globally by combining PayPal’s global scale and Xoom’s digital remittance capabilities.
We’re pleased to share that in the two years since Xoom was acquired, the service’s active users have increased by more than 30 percent and those users are more engaged. Xoom’s transactions per month are up more than 50 percent.
Xoom also continues to maintain its leadership in mobile. Today, approximately three-quarters of Xoom’s transactions are on mobile devices. Xoom also continues to see traction in its bill pay service, whose usage has doubled in the last two years.
These are incredible milestones that signify Xoom’s scale and impact. They also represent the hard work of the Xoom team over the last 16 years, as well as our growth in the last two years with PayPal. While there is a lot that we can attribute to our growth, there are a few accomplishments in particular that stand out:
- Over the past two years, we’ve expanded Xoom’s presence into nearly 30 new receive markets. Prior to the acquisition, Xoom was in 40 receive markets, and today, Xoom serves 67 markets.
- We also successfully integrated Xoom’s international money transfer services into PayPal to make it easier than ever for PayPal users to send money to loved ones outside of the U.S.
- Last year, Xoom began to allow recipients to request the sending of funds, allowing remittances to become a two-way interaction between senders and receivers.
- In August, we increased the sending limits for international money transfers to certain countries like India, Canada, Australia and the UK, allowing Xoom customers to send up to $10,000 USD for bank deposit. With that change, we offer even better exchange rates when sending higher amounts, so our customers don’t have to compromise between speed and lower exchange rates.
At Xoom, we see these milestones as much more than just transactions. Each transaction represents a life that we have collectively helped: put food on the table, school fees paid, running water and phone services enabled, medicine paid for and much more. We are all so proud to work in a business where we can impact so many lives.
As we look ahead, we’re excited by what Xoom and PayPal can achieve together, due to our shared vision of financial inclusion for all. As we shared earlier this year, there are still millions of people who can be helped by fast, affordable and reliable services to send and receive money. Together with PayPal, Xoom has been steadfast in our commitment to making international remittances faster, more affordable, and more reliable.
Expanded partnership with Sonali Bank Limited Provides Faster Bank Deposits to Bangladesh
By Julian King, Vice President & GM, Xoom
Today, we’re excited to share that Xoom, PayPal’s digital money transfer service, has expanded its Bangladesh service to include Sonali Bank Limited. Through this partnership, our customers can now enjoy faster bank deposits to Sonali Bank customers when sending during Bangladesh banking hours.
Before today, a typical bank deposit to Bangladesh could take days before reaching its final recipient, making the process inconvenient and sometimes stressful for senders and receivers in need of a quick solution. Through this partnership with Sonali Bank Limited, we’re able to better serve the community and Sonali Bank customers by eliminating the long wait time for Bangladeshi money senders in the U.S., as well as their receivers back home.
Xoom service to Bangladesh has been live since November 2015 and is now available to most banks in the country. With the addition of Sonali Bank Limited, we currently provide service to 54 banks in Bangladesh and are thrilled to deliver even faster service to Bangladeshis through this partnership.
In addition to fast service and affordable fees, Bangladeshis in the U.S. can now send up to $10,000 USD to family and friends from their computer, tablet or mobile device through Xoom1.
While Xoom senders can log in to their account using their PayPal credentials, we want to clarify that the Xoom service is a standalone service of PayPal and we are not offering additional PayPal services in Bangladesh at this time. Xoom’s integration with PayPal is focused on making it easy for Xoom’s senders in the U.S. to easily access their bank accounts, credit and debit cards to send money abroad.
1 May not be available for all transactions. Transaction amounts depend on various factors, including but not limited to approval by the Xoom proprietary anti-fraud verification system, disbursement method, recipient country, and partner processing limits.
By Julian King, Vice President and General Manager of Xoom
As anyone who’s tried to send higher dollar amounts overseas would know, the process can be extremely slow and inconvenient. It can take several days for your hard-earned cash to be cleared, and if you want to send the money faster, you often have to pay higher exchange rates. In addition, the identification process can be cumbersome and time-consuming. In today’s mobile and digital age, we can make it easier, faster and more convenient for people to send higher amounts of money overseas to their loved ones.
That’s why starting today, Xoom, PayPal’s digital money transfer service, is announcing several updates aimed at making it much more swift to send large sums of money abroad:
- First, we are increasing the sending limits for international money transfers for certain countries, including India, United Kingdom, Canada, and Australia, allowing Xoom customers to send amounts of up to $10,000 USD for bank deposits, and we’ll continue to expand this service over the next few months.
- Second, we know how much every cent of currency matters when you’re sending money abroad. That’s why we’re starting to offer even better exchange rates when sending high amounts, which means more of your hard earned money is sent to your loved ones.
- Finally, we are making our user verification process quicker and more seamless starting with real-time social security verification.
Whether it’s money sent to make a payment on your student loans, a mortgage, or pay off an emergency medical expense, Xoom can often deliver your funds many times faster than competitors to some countries, such as India and the UK, thanks to our proprietary risk management system.
We strongly believe in leveraging technology to build digital solutions that help make the movement and management of money easier and more affordable for people. As we shared earlier this year, we recently published a research paper that found sending money overseas through a digital service like Xoom/PayPal costs nearly half (3.93%) of the amount sent compared to the average cost of traditional remittances services (7.45%). Check out this video to learn more about Xoom and how digital technology have helped lower remittance costs by nearly one-half.
We look forward to introducing easier, faster and more convenient ways to send money. Stay tuned for more updates.
By Helen Li, Xoom Territory Manager for East Asia
Today we’re thrilled to announce expansion of Xoom’s service in Asia by launching support to Japan. We understand that sending money to your family and friends back home in Japan is important, but it’s typically expensive and can take a long time, not only for you, but for your loved ones as well who sometimes have to wait upwards of five days to receive your transfer when sent through a traditional service. And in today’s fast-paced environment, that’s just not acceptable.
But not anymore. U.S. customers sending money to Japan now have less to worry about. Xoom, a PayPal service, now offers a direct bank deposit service to all major banks in Japan, including Mizuho Bank Ltd., The Bank of Tokyo – Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Japan Post Bank, Resona Bank, Ltd. and more. Forget about going to a store; you can securely send money to your family members or friends either online or through Xoom’s mobile app. Your money arrives quickly, and you can track transfers through text or email. And, for your peace of mind, we have a money back guarantee if the funds are not received. We also offer affordable rates – starting at a tiered fee of $9.99  for sending amounts below $1,000.
Based on data from the Pew Research Center, in 2015 Japan received $1.56B in remittances sent from the U.S. The Japanese immigrant population in the U.S. has grown by over 200% in the last five decades and today there are approximately 340,000 Japanese immigrants living in the U.S. Now, Xoom’s services, money back guarantee and 24/7 customer support will give you and your loved ones more choice, flexibility, convenience and security when sending money abroad.
Leave it to Xoom to take care of your transfer – we’ll make sure your money reaches your family and friends as quickly and easily as possible.
 In addition to the transaction fee, Xoom also makes money when it changes your U.S. dollars into a different currency.
Inter-American Dialogue’s Remittances Scorecard 2016 Ranks Xoom Amongst Top Money Transfer Companies Serving Latin America and the Caribbean
Today, we’re excited to share that Washington DC think tank, Inter-American Dialogue, ranked Xoom as one of the top money transfer companies serving Latin America and the Caribbean (LAC) for the third consecutive time. For the past 10 years, Inter-American Dialogue has produced an analysis of the LAC remittance market as part of its Scorecard Project. The project, now on its fourth iteration, has become an important industry reference for market developments; costs of sending money to the region; financial inclusion; competition and available products.
The 2016 Scorecard took a look at the top players in the industry, including 30 remittance service providers, which combined handle 90% of the 14 million monthly transfers to eleven LAC countries. Through an analysis of twelve indicators, including transfer costs, payment networks and consumer support, the report presents a ranking of competition across the U.S. money transfer industry.
Overall, Xoom ranked number one amongst the industry players, with a combined score of 40 out of a total possible score of 48, as measured by the following indicators:
The combined results showed that Xoom was amongst the top performers and maintained its ranking from 2012. Xoom was recognized for the number of countries we operate in; extensive network of operations that also reaches rural areas; and quality customer support.
According to the report, remittances to Latin America and the Caribbean (LAC) exceeded US$70 billion dollars in 2015 and are expected to grow by more than 5% this year – contributing to economic development in the region. Through new innovations and advances in the money transfer industry, consumers have benefited from lower costs; a wider range of financial products; and new opportunities for financial inclusion.
Inter-American Dialogue presented the findings today during a session with Dr. Manuel Orozco, Director, Inter-American Dialogue, Xoom’s Gene Nigro, Viaamericas’ Paul Dwyer, and Barri International’s Alberto Laureano in Washington D.C. The full report, along with the Scorecard variables and metrics, can be found here.
Introducing a New ‘Request’ Feature for Money Transfers, Bill Payments and Mobile Reloads for Loved Ones Abroad Using Xoom
By Julian King, Chief Marketing Officer and Head of Business Development, Xoom
At Xoom, PayPal’s digital money transfer service, we aim to make sending and receiving money a better experience for everyone involved. However, senders of remittances have carried most of the heavy load. Not just in generating income, but also figuring out the fastest and most convenient way to send funds. Recipients on the other end, are limited in the ways they can help make it easier. Today, we’re excited to announce a new ‘request’ feature that was especially designed with remittance recipients in mind. For the first time, users outside of the U.S. can use Xoom to easily send a ‘request’ to their loved ones in the U.S. for a money transfer, bill payment, or a mobile reload.
No more wondering what the best location is for your money transfer or having to write down complicated account information and potentially delaying payments to your loved ones because of mistakes; no more calls to check account numbers for bill payments or mobile reloads.
Now this information can be directly entered by recipients and saved on their accounts for future requests. They know what they need, when and where they need it; they know their account numbers, so why not let them make the ‘request’? After you receive a request, all you need to do is accept it and send.
Here’s how it works:
Recipients and senders benefit in a number of ways:
- Request Money –it’s easy for recipients to remind family members in the U.S. about key events as a prompt to send money. Funds can be requested for cash pick-up at any local pay-out partner listed on Xoom’s site.
- Request a Mobile Reload – send a mobile reload request to loved ones in the U.S. to get airtime credit on your prepaid mobile phone.
- Request Bill Pay – request family or friends to pay your bills, such as your electricity and phone-line bills.
With the new ‘request’ feature, more control is in the hands of remittance recipients who now are a part of the process and have an easy and convenient way to manage this important line of financial support. There is no charge for making a request; it takes just a few easy steps and recipients can make requests 24/7 on the web from any mobile phone, tablet or computer.
Presentamos la Nueva Función ‘Solicitar’ para Recepción de Remesas, Pago de Servicios y Recargas Telefónicas para Seres Queridos en el Exterior Usando Xoom
Por Bobby Aitkenhead, Director de Producto, Xoom
En Xoom, un servicio de PayPal y proveedor líder de transferencias digitales de dinero, nos proponemos hacer que el envío y recepción de dinero sea una mejor experiencia para todos los involucrados. Sin embargo, los remitentes de remesas casi siempre han llevado la carga pesada. No solamente al generar los ingresos, sino también buscando la manera más rápida y conveniente de enviar los fondos. Los destinatarios, por otra parte, tienen límites para hacer las cosas más sencillas. Hoy estamos encantados de anunciar una nueva función de ‘solicitar’ que fue diseñada teniendo en cuenta especialmente a los destinatarios de remesas.
Por primera vez, los usuarios fuera de EE.UU. pueden usar Xoom para enviar fácilmente una ‘solicitud’ a sus seres queridos en este país de una transferencia de dinero, pago de servicios o recarga telefónica.
Ya no es necesario encontrar cuál es el mejor lugar para llevar a cabo una transferencia de dinero, o tener que apuntar los complicados datos de diversas cuentas y cometer errores, retrasando la llegada de los pagos a tus seres queridos. No más llamadas para verificar números de cuentas para pagar algún servicio o hacer una recarga telefónica.
Ahora, esta información puede ser ingresada por el destinatario y se guarda directamente en sus cuentas para futuras solicitudes. Ellos saben lo que necesitan, cuándo y dónde lo necesitan; saben sus números de cuenta, entonces, ¿por qué no permitirles realizar una ‘solicitud’? Tras recibir la solicitud, todo lo que hay que hacer es confirmarla y enviar el dinero.
Los destinatarios y los remitentes se benefician de muchas maneras:
- Solicitar dinero – es fácil que los destinatarios les recuerden a sus familiares en EE.UU. los eventos claves para solicitar el envío de dinero. Los fondos estarán disponibles para retiro en cualquier socio de pagos relacionado en el sitio web de Xoom.
- Solicitar una recarga de celular – envíe una solicitud de recarga de celular a los seres queridos en EE.UU. para pedir crédito en su celular prepago.
- Solicitar pago de servicios – solicite a familiares o amigos que paguen sus servicios, como cuentas de electricidad y teléfono.
Con la nueva función ‘solicitar’, hay más control en manos de los destinatarios de las remesas, quienes ahora son parte del proceso y tienen una manera fácil y conveniente de manejar esta importante línea de apoyo financiero. No hay cargos por hacer una solicitud; en tan sólo unos pocos pasos, los destinatarios pueden hacer solicitudes 24/7 en Internet desde cualquier celular, tableta o computadora.
By Julian King, CMO, Xoom
Reports indicate Hurricane Matthew has been the worst storm to hit Haiti in more than 50 years. The Caribbean island has struggled to rebuild since an earthquake in 2010 and Hurricane Sandy in 2012. According to the United Nations, today more than 350,00 people are in need of humanitarian assistance and 2,000 children have been evacuated for safety and protection.
As the island once again rebuilds, we can come together and extend our support. From today through October 15, 2016, we will waive all money transfer and top-up fees for Xoom services to Haiti. We’ve partnered with C.A.M and Unitransfer to provide cash pick-up and local bank deposit. Additionally, our top up service will help you to instantly send airtime credit to prepaid mobile phones with Digicel and Natcom.
We’re hoping this fee-free service will help families stay connected and serve as a vital lifeline of help during this difficult time. We encourage you to extend your support to the people of Haiti.
Digital Money Transfer Service, Xoom, Keeps Families Connected during Mid-Autumn Festival
Summer is officially over but that doesn’t mean an end to all the great festivals we have enjoyed over the last few months. The Mid-Autumn Festival or Moon Festival, as it’s commonly known, is a widely celebrated occasion for ethnic Chinese people, marking the end of the autumn harvest on the 15th day of the eighth lunar month (this year it falls on September 15th). This global celebration has special significance in China, Hong Kong, Macau and Taiwan where people get a day off of work during the holiday.
Today, the festival has become just as much about giving thanks for the harvest as it is about reconnecting and gathering with family and friends. Since the festival coincides with the harvest moon, when it’s at its brightest and roundest, family reunions and praying for good fortune are traditional pillars of the festival.
Not only is it customary to eat delicious Chinese pastries called mooncakes, but making and lighting lanterns and watching dancing dragon parade performances is also common. Most importantly, while in the company of close family and friends, many take advantage of making gestures to grant good fortune to themselves and their families. People gift family members with red envelopes or “lucky money” in hopes that it will bring luck and reunification.
With changes in technology, these red envelopes have taken on different digital forms for family and friends who don’t live nearby. In fact, the Chinese Moon Festival has become the second most popular time for Chinese immigrants to send money back to their families in China (next to Lunar New Year) to fulfill familial piety. Overall, China is the #2 country to receive remittances from the United States, and many digitally-connected immigrants are taking advantage of new tools to send money to loved ones quicker and safer than traditional brick and mortar methods.
Xoom, a leading digital money transfer provider and PayPal service, is enabling Chinese immigrants to send money to family during the Moon Festival to give them peace of mind that their well wishes for good luck and reunification are received. Xoom makes it easier and more secure for families in the United States to send money back home to loved ones with just a few clicks or swipes on a desktop computer or on a mobile phone. For many Chinese immigrants, using a service like Xoom allows them to send money to family and friends via a direct bank deposit. For loved ones receiving the money, this service cuts out the hassle of waiting in a long line outside a cash pick-up location and eliminates the risk of carrying large sums of cash in public. *
Sarah Wong, a business analyst and Xoom customer in San Jose, California, spoke to us about the benefits of using the service for her and her family. “After I got my first job in the U.S., I started to send money home to the Guangdong province every month. I use Xoom services because the money arrives instantly** and my mom always gets a text message. Xoom gives us a lot peace of mind and convenience. I recommend Xoom to my friends in the U.S. who want to send money to China. This Moon Festival will be the first time I won’t be with my parents. I will buy some mooncakes and send lucky money home.”
“During this Moon Festival, Chinese customers don’t have to wait in long lines to send money home. They can send money through Xoom in just a slide on their mobile phone, allowing them more time to enjoy with friends and family,” said Helen Li, Xoom Territory Manager for China.
Visit Xoom.com and discover for yourself how Xoom’s fast, secure and easy-to-use digital money transfer service is the best way to stay connected with loved ones during the Mid-Autumn festival, ensuring a lucky and prosperous year to come.
*For current FX rates, visit Xoom.com.
**Instant speed of service for transactions submitted 7 a.m. – 10 p.m. Beijing Standard Time and is subject to processing and China’s SAFE systems’ availability, good funds availability and approval by verification systems.