Introducing Xoom’s new features for sending higher value transactions abroad
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.