PayPal launched Xoom, its international money transfer service in Canada. This new service enables Filipinos living in Canada to use Xoom to quickly and securely send money, pay bills and reload phones fast for loved ones living in the Philippines. Those who have relatives in Canada can also request money, bill payments and mobile reloads with just the email address of their contact. On receiving the request, their contact in Canada can fulfill it through Xoom’s mobile app or website. If they don’t have a Xoom account, they can create one easily.
Xoom is one of the easiest and fastest ways for family living abroad to send money to Southeast Asian countries at competitive rates. Canadian immigrants can now send up to $12,500 CAD in a single transaction to over 130 countries including India, China and the Philippines.
“At Xoom, we are constantly innovating to provide the best possible money transfer service to families spread across the globe. Remittances serve as a critical lifeline for many people and are used to pay for food, housing, healthcare, education and utility bills to support family members in another country, said Julian King, Xoom’s Vice President and General Manager. “With Xoom, we are making it easier for people living in Canada to provide financial assistance to loved ones back home.”
Filipino Canadians now have many options to take care of their family back home with Xoom. Cash pickup is available 24/7 at over 10,000 locations in the Philippines—where cash is usually available instantly. Xoom also offers a door-to-door delivery service with no additional fees and delivery times under six hours to Metro Manila when sent before 3:00 p.m. (Metro Manila time) and one to two days in most provinces.
Xoom transfers can be tracked quickly and easily via text updates, email notifications or directly from the mobile app and website.
The global remittance market is an estimated $600 billion industry with Canadians remitting nearly $24 billion annually. Canada is one of the world’s most diverse countries and is home to nearly 7.5 million foreign-born people from more than 200 places of birth. Introducing PayPal’s Xoom will benefit more than one in five people living in Canada – many of whom support family members overseas for things like medical bills, education, utility bills, and other financial needs back home in the Philippines.
Historically, the cost of securely and efficiently managing and moving money across borders has been high but advances in digital technology—in particular mobile—are enabling a significant reduction in remittances costs. Sending money overseas digitally cuts costs by nearly half. Sending money overseas through a digital service like Xoom costs nearly half (3.93%) of the amount sent compared to the average cost of traditional remittances services (7.45%).
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