PayPal Expands its International Money Transfer Service Xoom to 32 Markets across Europe
Today, PayPal launched Xoom—its international money transfer service—in 32 markets1 across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally. Xoom’s expansion to Europe is a significant milestone and another example of PayPal fulfilling its mission to make the movement and management of money more convenient, accessible, secure and affordable.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190715005823/en/
Xoom Launches in 32 Markets Across Europe (Photo: Business Wire)
The global remittance market reached $689 billion in 2018, up from $633 billion in 2017 according to World Bank data2. In 2019, remittance flows to low- and middle-income countries are expected to reach $550 billion, to become their largest source of external financing.
The global average cost of sending $200 remained high, at around 7 percent in the first quarter of 2019, according to the World Bank’s remittance prices worldwide database. With the launch of Xoom, millions of people across Europe including millions of PayPal customers, can now support family members overseas with their medical, education, utility bills, and other financial needs, at affordable costs.
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. For example, 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 and the Philippines, the five largest non-European receivers of remittances from the United Kingdom3. The introduction of Xoom allows loved ones in these markets to receive money fast when sent to a bank account4 at competitive rates.
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. Even in 2019, it still takes too long to get money from European countries 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 so it can be used for things that matter. With Xoom, someone with a smartphone on a bus in London, Paris or Berlin can send money that can be accessed quickly in Mumbai, Lagos or Nairobi to pay for a family member’s medical emergency or urgent financial needs.”5
A fast, convenient and secure way to support loved ones back home.
Xoom customers can send up to €10,000 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 across Europe can also use bank accounts linked to their PayPal account 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.
In 2018, the top remittance recipients were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion)6. Xoom partners with credible banks and partners around the world to provide fast and secure money transfers to key remittance corridors like India, China, Mexico, the Philippines and many other countries in South America, Eastern Europe and Africa.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 277 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, Xoom and iZettle, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about.
1Markets include: Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Netherlands, Norway, Portugal, Réunion, San Marino, Slovakia, Slovenia, Spain, Sweden, the UK, Isle of Man, Guernsey, and Jersey.
4 Speed is subject to approval by Xoom’s proprietary verification system and payout partners’ systems and processing hours.
5 Speed is subject to approval by Xoom’s proprietary verification system and payout partners’ systems and processing hours.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Horizon8 Opens European Headquarters in Cork with Plans for up to 50 Jobs6.12.2019 12:00:00 CET | Press release
Horizon8, an innovative, technology solutions company today opens its European headquarters in Cork, Ireland. Formerly called HengTian, the Company was created in 2004 as a strategic partnership between Boston based State Street, and Hangzhou based Insigma Technology and Zhejiang University. The new office in Cork will mark the first European office for Horizon8 adding to the company’s North American presence in Boston. An Tánaiste (Deputy Prime Minister), Simon Coveney, T.D. commenting on the opening said: “This announcement is great news for Cork and indeed Ireland. With up to 50 jobs planned, Horizon8 is placing a significant vote of confidence in the Irish Market and further demonstrates our competitive position in attracting Foreign Direct Investment. All of these roles will be for high-skilled workers, including engineers, developers and business consultants. As a Government, we have been committed to making sure that there is a strong pipeline of job opportunities outside of Dub
UAE Company Completes GBP 300 Million Investment in UK6.12.2019 09:58:00 CET | Press release
Twenty14 Holdings, the hospitality investment arm of LuLu Group International, has completed investments of US$ 390 million in UK with the inauguration of the Great Scotland Yard in London today. The hotel will be open for business from December 9, 2019. The historic property was acquired in 2015 for GBP 110 million, and the makeover of the hotel involved a further GBP 50 million. In addition to the Great Scotland Yard, Twenty14 Holdings had acquired the celebrated Waldorf Astoria Edinburgh – The Caledonian in Scotland in 2018. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005122/en/ The Great Scotland Yard being formally inaugurated by Nicky Morgan, Secretary of State, Lord Jonathan Marland, Sir Edward Lister, UAE Ambassador HE Mansoor Abulhoul, Indian High Commissioner Ruchi Ghanshyam, Hyatt Hotels Global President & CEO Mark Hoplamazian in the presence of LuLu Group Chairman Yusuffali MA and Twenty14 Holdings MD Ad
Autodoc GmbH adapts its storage capacity to strong company growth6.12.2019 09:08:00 CET | Press release
Autodoc, the benchmark in online retail for car spare parts in Europe, is expanding its logistics locations in Szczecin and Berlin. With above-average growth in recent years, the demands placed on logistics have become increasingly extensive. In 2018 as a whole, around five million orders were processed and delivered at the two Autodoc warehouses in Berlin and Szczecin. In the current year, the 6 million mark in orders was already exceeded by mid-November. In order to meet Europe-wide demand in the future as well, Autodoc has rented additional warehouse space in Szczecin and at its main location in Berlin. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005110/en/ The Autodoc warehouse in Szczecin, Poland, will provide around 27,000 m² of storage space from spring 2020. (Photo: Business Wire) Expansion of logistics capacities is a key growth factor Autodoc saw itself as a European company from the outset and identified
Play harnesses ADVA timing solution for 5G-ready mobile network6.12.2019 08:00:00 CET | Press release
ADVA (FSE: ADV) today announced that Play has deployed its Oscilloquartz timing solution to provide LTE Advanced services throughout Poland and prepare its network for 5G. The PTP grandmaster with dual integrated GNSS antenna enables Play to deliver the resilient and accurate Precision Time Protocol (PTP) frequency and phase synchronization needed for next-generation connectivity. With its ultra-compact design, the OSA 5405 Series empowers Play to migrate its radio access network from costly GNSS RF antennas and coax cables to standard copper and fiber Ethernet cabling, dramatically reducing capital expenditure and operating expenses. ADVA’s long-term partner NAVI also played a key role in the project. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005008/en/ ADVA's OSA 5405 timing technology is helping Play prepare for 5G (Photo: Business Wire) “This deployment is about taking our RAN infrastructure to the next level.
Ipsen Initiates Partial Clinical Hold for Palovarotene IND120181 and IND135403 Studies6.12.2019 06:00:00 CET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced, following discussions with the U.S. Food and Drug Administration (FDA), that a partial clinical hold effective immediately, for the pediatric population under the age of 14 was issued for studies conducted under IND120181 and IND135403 evaluating the investigational drug candidate palovarotene for the chronic treatment of fibrodysplasia ossificans progressiva (FOP) and multiple osteochondromas (MO), respectively. The partial clinical hold applies to the pediatric population (patients under the age of 14 years) currently participating in the Phase 2 (PVO-1A-202/204 and PVO-2A-201) and Phase 3 (PVO-1A-301) studies in all clinical sites at global level. The FDA is allowing the studies to continue to treat patients 14 years of age and older. The partial clinical hold was issued following recent safety reports submitted by the company to the FDA of cases of early growth plate closure in pediatric patients with FOP treated w
Panasonic and KOSÉ Set to Commence Verification Test for Personalized Proposals Utilizing Snow Beauty Mirror6.12.2019 02:37:00 CET | Press release
Panasonic Corporation is collaborating with KOSÉ Corporation to conduct a joint verification test using Snow Beauty Mirror, a system under development by Panasonic, with the aim of offering personalized proposals at Maison KOSÉ, a store which is due to open on December 17. Through this initiative, Panasonic will help make new personalized proposals that meet the diverse needs of its customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191205005971/en/ Snow Beauty Mirror (Displays the results of skin analysis covering five categories) (Photo: Business Wire) People’s values and lifestyles are becoming increasingly diverse. In today’s world, everyone requires something different from their cosmetics. Meanwhile, customers are confronted with a deluge of information through the Internet and social media, which sometimes makes it difficult for them to select cosmetics that really suit their needs. A solution to this conundrum