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July 16, 2019

PayPal launches Xoom money transfer service in Europe

US-based payments firm PayPal has launched its international money transfer service Xoom in Europe.

In the latest expansion, Xoom was made available in 32 European markets, including the UK.

Users residing in these markets can use Xoom to transfer funds to more than 130 countries. Additionally, they can use it for paying bills or top up phone balances.

In a single transaction, Xoom customers can send up to €10,000.

With the expansion, PayPal aims to bolster its footprint in the global remittance market, which stood at $689bn last year.

PayPal CEO and president Dan Schulman said: “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.”

A Xoom account can be set up through the Xoom iOS or Android app or through Xoom.com. Existing PayPal customers can use their PayPal account to avail the services.

Additionally, PayPal customers can use their PayPal-linked bank accounts to transfer funds.

User can send money directly to the bank account, for pick-up or get cash delivered at the beneficiary’s home. However, these services are subject to availability in the recipient country.

All Xoom transfers can be tracked through the app, or via website, text updates and email notifications.

The users will be offered customer support in English, French, Spanish, Italian, German, Filipino and Arabic languages.

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