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 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.
Remittances are a lifeline for people in many countries and can bring tangible benefits to a country’s economic growth. As per the World Bank, Nepal received an average of $500 million per month last year from migrants across the world. According to the International Labour Organisation, close to 520,000 labour permits were issued to Nepalese planning to work abroad.
We’re happy to announce that Xoom, a leading digital money transfer provider, can now help Nepalese immigrants in the U.S. by making easier to instantly send money or recharge mobile devices for their friends and family in Nepal using a U.S. bank account, debit card or credit card.
Within seconds, the Xoom mobile app can be used to transfer money to a bank account, send a cash pick-up request, or recharge their loved one’s mobile device in Nepal without waiting in long lines, driving to stores or paying high fees. It’s the perfect way for family members to stay connected.
Xoom is partnering with Everest Bank Ltd., Nepal to offer instant bank deposits and cash pick-up. Consumers can also make bank deposits for all other Nepal banks including Nabil Bank, Himalayan Bank and Nepal SBI Bank. In addition to money transfers, people in the U.S. can also use Xoom’s website or mobile app to instantly send airtime credit to prepaid mobile phones from Ncell, Nepal Telecom and UTL.
Through the partnership with Everest Bank and other major Nepal banks, Xoom customers can transfer up to $1,000 for a flat fee of $4.99. For transactions beyond $1,000, the fee will be waived when paying with a U.S. bank account. For mobile recharge, it only costs 99 cents per transaction for a range of recharge amounts from 500 Nepal Rupee (NPR) to 2,000 NPR.
Customers can send money and recharge mobile phones with confidence due to Xoom’s SMS tracking alerts, 24/7 customer support and money back guarantee. The moment money is sent to a bank account or airtime is credited to a prepaid mobile phone account, a free confirmation text message is sent to the recipient. Xoom also auto-saves the transaction information, including the bank account or mobile number, payment method and amount sent, enabling repeat transactions to be completed with just two clicks. For more information, go to Xoom.com/nepal.
By Andrea Salcedo, Xoom Territory Manager for the Caribbean and South America
Sending money to your family and friends back home is important, but sometimes it can be a hassle—waiting in the line, taking money out of the ATM or driving to the store. And then you’re faced with worry about when (or worse—if) your money will actually reach your loved ones.
But not anymore. U.S. customers sending money to Haiti now have less to worry about. Xoom, a PayPal service, has partnered with C.A.M to provide cash pick-up and bank deposit. 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 $3.99 for sending amounts below $50.
We aren’t stopping there. Xoom will soon be launching mobile top-up services to Haiti. This service will allow you to instantly send airtime credit online from the U.S. to prepaid mobile phones in Haiti, so your family members can avoid the hassle of walking to the store just to stay connected. It only costs 99 cents to reload any prepaid phone with Digicel and Natcom.
The World Bank states that Haiti receives $1.2B in remittances from the U.S. each year. In fact, personal remittances received in Haiti account for 23 percent of the country’s GDP – one of the highest in the world! 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 with when sending money abroad. Xoom is eliminating hassles and making sure your money reaches family and friends as quickly and easily as possible.
So, go ahead and bask in the sun this spring, and decide how you’ll enjoy the extra time and money saved on remittances. We’ve got your back!
Xoom kounye a ap ofri sèvis transfè lajan ak fason pou rechaje telefòn w an Ayiti.
Andrea Salcedo, Manajè Xoom pou Karaib ak Sid Amerik la
Voye lajan pou fanmi ak zanmi w an Ayiti trè enpòtan, min kèk fwa sa bay tèt chaje – pèdi tan nan liy, al nan ATM oubyen kondwi al nan boutik. Mete sou sa, enkietid w genyen sou posibilite pou lajan w voye a pa rive jwenn mounn lan.
Sa fini. Voje lajan an Ayiti vinn pi fasil kounye a. Xoom, yon konpayi transfè lajan a travè PayPal, mete tèt kole ak C.A.M pèmèt mounn w voye lajan an pou li a al chèche li oubyen depoze li dirèk nan bank li pou li. zafè al nan ti boutik la fini, w ka voye lajan an tout sekirite bay fanmi ak zanmi w sou entènèt oubyen nan aplikasyon Xoom lan. Lajan w ap rive plop plop epi w ka wè tout detay sou tranzaksyon an a travè teks oubyen email. Rete tèt frèt. Nou garanti w lajan w ap rive san problèm. Nan ka kontrè, nap remèt w kòb w. Frè transfè nou byen ba. si wap voye pou pi piti ke $50 dola, wap peye sèlman $3.99
Nou pap rete la. Xoom Pral ovri trè byento sèvis Top- Up pou selilè an Ayiti. Sèvis sa a ap pèmèt w rechaje telefòn mounn ayiti an prese prese, konsa fammi w pap bezwen al pèdi tan nan ti boutik jis pou peye sèvis telefòn li. li koute sèlman 99 santim pou rechaje yon telefòn Digicel oubyen Natcom.
Daprè bank mondial, diaspora a voye plis pase 1 milya dola an Ayiti chak lane. an fèt, lajan diaspora a voye a reprezante 23% nan tout lajan peyi a depanse. Yon gro chif nan nivo mondial. Kounye a ak sèvis Xoom nan, ki gen sèvis kliantèl 24 sou 24 ak garanti lajan w, fanmi w gen plis chwa, bon jan garanti ke lajan w ap rive an byen. Ak Xoom, pa gen grate tèt, lajan w rive plop plop.
Donk, Pran plezi w nan bon jan tanperati a epi panse kijan w pral fè ekonomi lajan ak tan w. Nap travay pou w.
I’m excited to share today that Xoom, a leading digital money transfer provider acquired by PayPal last year, has expanded to 11 countries, with two more coming soon. This means that Xoom’s services will be available in a total of 53 countries. The 13 new receive countries will include Cyprus, Estonia, Finland, Ghana, Haiti, Kenya, Nepal, Nigeria, Lithuania, Luxembourg, Malta, Slovakia and Slovenia.
With this expansion, Xoom users will be able to send money from the U.S. to M-Pesa™ accounts in Kenya, in addition to services like cash pick-up and mobile reload in Haiti and Nepal, and bank deposits in Cyprus, Estonia, Finland, Ghana, Nepal, Nigeria, Lithuania, Luxembourg, Malta, Slovakia and Slovenia. We are working with some of the world’s leading financial services and mobile wallets including Barclays in Europe, C.A.M. and UniTransfer in Haiti, Bank of Everest in Nepal, and M-Pesa in Kenya to make our services available in these countries.
This geographic expansion speaks to the appetite people across the world have for better remittance options. Remittances are a significant contributor to the economic development of many countries. In markets such as Nepal, remittances represent as much as 25 percent of the country’s GDP. When Xoom enters a new market, we have a history of using technology to help bring remittances costs down, improve customer service and increase the speed and convenience of money transfers. In fact, the World Bank recently published numbers that people sending money from the U.S. to India, Mexico and the Philippines – have saved $1.2 billion annually in remittances costs between 2008 and 2015. We believe that more consumer choice, and digital and mobile technologies have helped to make these savings possible.
Together, PayPal and Xoom are helping to expand and improve financial participation and financial health for billions of people worldwide. We’re providing seamless, secure options for loved ones to send friends and family money for things like utility bills, education and healthcare costs and more. We continue to be committed to making the management and movement of money better, easier and more affordable for people across the world.
Remittances play an important part in developing a country’s economic systems, individual households, and businesses. According to the World Bank, global remittances are expected to reach $586 billion in 2016, up from $440 billion in 2015.
This is a huge opportunity to continue to democratize the management and movement of money, and we are making every effort to support development in various markets. Our recent expansions in Singapore, Pakistan and the Philippines are a testament to use the power of technology to help expand and improve financial participation and financial health for billions of people worldwide.
Our new Mobile Recharge capabilities in Singapore augments Xoom’s traditional bank-to-bank transfer service with a very convenient, secure and inexpensive way for customers to provide additional support to their loved ones. It enables customers to instantly send airtime credit (recharge) online from the U.S. to prepaid mobile phones from three of the largest providers in Singapore – M1, SingTel and StarHub. Xoom customers can recharge their families’ phones in seconds for only 99 cents per reload.
In Pakistan, consumers can now send money to National Bank of Pakistan (NBP) accounts from the U.S. quickly, securely, and affordably. Deposits to NBP accounts will arrive the same day when sent Monday through Friday by 4:30 p.m. PKT. Transactions sent outside of that timeframe will arrive the next business day. The addition of NBP expands Xoom’s service in Pakistan to 25 banks, including major banks such as Habib Bank Limited (HBL), Muslim Commercial Bank (MCB), United Bank Limited (UBL), and Bank Alfalah.
Finally, with the introduction of Bill Pay to the Philippines, more than 1.8 million Filipinos based in the United States can now instantly pay the Smart and PLDT postpaid mobile phone bills of their loved ones in the Philippines online through our pioneering partnership between PayMaya Philippines (formerly Smart e-Money,Inc.). We also recently launched instant deposit service to all RCBC accounts in the Philippines, which means customers are assured that their loved ones will receive their money without waiting or having to worry about cut-off times.
We are redefining the vision of remittances, and Asia and Southeast Asia are very important markets for us. As part of the PayPal family, these expansions are just one of the many steps we will be taking in making the movement of money faster, easier, more secure and less expensive.