PayPal has launched its international money transfer service Xoom in Canada, enabling customers in the country to make fund transfers to more than 130 countries across the globe.
Xoom enables users to deposit money to a bank account, or send cash for pick-up or delivery. Among the 130-countries supported by Xoom include India, China and the Philippines.
The amount customers can send through Xoom in one transaction has been capped at C$12,500 ($9,340.88).
PayPal users in Canada can gain access to Xoom using their existing PayPal log in credentials.
Xoom vice president and general manager Julian King said: “The traditional methods of sending money abroad are slow, expensive and stressful for both the sender and the receiver. Senders are often faced with worry about when, or if, their money will reach their loved ones.
“As a disruptive digital remittance provider, Xoom is helping to eliminate these inconveniences so it’s fast and easy for Canadians to send money abroad for cash pickups, bank deposits, reloading prepaid phones and paying bills for loved ones back home—all from the comfort of their homes or from their mobile devices.”
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According to the company’s 2017 whitepaper, remittances through a digital service like Xoom costs around half of the amount sent as against the average cost for traditional remittance services.