PayPal brings money transfer system to European markets

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • PayPal to link up markets in over 30 European nations, with well over a hundred destination markets for cash to be sent to
  • Existing PayPal accounts, specific Xoom accounts and even Android or iOS apps can be used
  • “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”, says PayPal CEO and President in statement

 

Globally recognised payment service PayPal has announced that it will bring its cross-border payments service to more than 30 markets in Europe.

Xoom, which is now available in 32 European countries, will make it as easy as possible for consumers to transfer cash across borders.

Other tasks which users can perform with Xoom include the addition of credit to mobile phone plans and the settling of household bills.

Xoom’s destination list is diverse, and it includes over 130 global markets – meaning that payments from Europe to other regions of the world will be possible.

These will include a range of Asian countries such as the Philippines and China, as well Nigeria, Pakistan and more.

In a sign of the effort to which online money transfer providers are going to ensure that users have a choice of ways in which to interact with their products, there are several different options available for accessing Xoom.

It is possible to create a dedicated Xoom account online, or to use the Android or iPhone apps.

If a customer already has a PayPal account, they will be able to use that to perform Xoom functions.

Users of Xoom will be able to send a maximum of €10,000 in each transaction. Recipients may find that their pick-up options could vary depending on where they are geographically. However, likely options including delivery at home or bank account deposit.

According to the CEO and President of PayPal, Dan Schulman, the change could affect “the lives of millions of people”.

“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”, he said.

“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”, he added.

Learn more about the ways in which customers of PayPal and other payment providers are helping bring the world closer together here.


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