- Canada has 7.5 million foreign-born citizens
- Migrants in the country send billions to different parts of the world annually
- Xoom is now available in 130 countries
PayPal just launched its international money transfer service in Canada, a development welcomed by labour migrants who regularly transfer money internationally. Xoom, PayPal’s remittance arm enables senders to transfer funds quickly and securely at affordable overseas transfer rates.
According to the press release, users can send money to family and friends in 130 countries. Migrants remit an estimated CAD 24 billion annually, based on recent data.
“At Xoom, we are focused on making the process of sending money home to loved ones in another country fast and convenient for hardworking immigrants. Sending money abroad is often expensive and time consuming”, said Julian King, Xoom’s Vice President and General Manager. King added that Xoom’s digital remittance service will eliminate the inconvenience of having to go to a brick and mortar remittance centre to send money home. The service also allows users to send direct bank deposits, buy phone credits and pay bills.
With Canada being one of the most diverse nations, over 7.5 million of its population are born in other countries. According to reports, the new service will benefit one out of five people in the country. Many of the country’s immigrants send money overseas to support their families. Based on Xoom’s data, immigrants send funds for medical bills, utility bills, and tuition fees.
This is good news for many of the country’s immigrants as they come from 200 different countries. Cash pick up locations for Xoom are in the thousands, according to the company, and recipients can get their money instantly. Xoom also offers door-to-door services for those who want their family members to receive money right on their doorstep, and it does not come with additional fees. For Filipino Canadians who have relatives in the Philippine capital, funds are delivered to the homes of recipients in under six hours. Those living in the provinces, on the other hand, will have to wait 24-48 hours for the money to be delivered.
Xoom notes that users can send up to CAD 12,500 per transaction if the money is going to the Philippines. The maximum send amount is reportedly the same for most destinations. Observers note that sending money through Xoom is easy to track as the system sends updates to receivers and senders. The company also has a diverse customer support team including English, French, Filipino, and Spanish speakers.
Xoom already had such services years ago but they were discontinued. It later made headlines when it was acquired by payments giant PayPal. Xoom’s management says that the service is made possible by its partnerships with various banks around the world which ensure that transactions are always secure.
The entry of Xoom into different countries contributes to families of workers living abroad, as sending money overseas through traditional channels can be quite expensive. Xoom is already available in India, China, the Philippines, the United Kingdom, the Eurozone and other European countries. The service is also available in Africa.
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