The launch by PayPal of Xoom, its international money transfer service, in Canada has enabled Filipinos living in that country to use Xoom to send money, pay bills, and reload phones 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 ways for family living abroad to send money to Southeast Asian countries. Canadian immigrants can now send up to 12,500 Canadian dollars in a single transaction to over 130 countries including India, China, and the Philippines.
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 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.
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%).
