Following the roll out, people in the UK can now use Xoom to send money, pay bills, or top up phones to more than 130 markets internationally. According to the press release, the global remittance market is an estimated USD 689 billion industry with Britons remitting over USD 26 billion annually. The UK is home to over 9.3 million people who were born outside of the UK – many of whom support family members overseas.
According to the latest figures from the World Bank, almost half (45%) of all money transfers from the UK are sent to Nigeria, India, Pakistan, China, Kenya, and the Philippines, the six largest non-European receivers of remittances from the UK. The introduction of Xoom allows people in these countries to receive money fast when sent to a bank account or for cash pick-up.
Xoom customers can send up to GBP 8,800 in a single transaction. A Xoom account can be set up in a few steps via the Xoom iOS or Android app or Xoom.com. Existing PayPal customers can use their PayPal account to access Xoom’s services. PayPal customers can also use their bank accounts to transfer funds in addition to the debit and credit card options available through Xoom. Depending on the receiver country, users can choose from a range of options: deposit money to a bank account, send cash for pick-up, or have cash delivered directly to their recipient’s door.
Xoom transfers can be tracked via text updates, email notifications, or directly from the mobile app and website. Those who send money abroad can get their questions answered from customer support staff in English, French, Spanish, Italian, German, Filipino, and Arabic.
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