PayPal has launched its international money transfer service Xoom in Ireland, allowing users to send money to more than 130 countries.
The service offers a fast, secure way to send money to a bank account or to be picked up, to pay bills for friends and family, and to top up phones. Using Xoom, customers can send up to €25,000 in a single transaction.
The move will see PayPal tap into the remittance market in Ireland, which it says is worth $2.5 billion (€2.2 billion) every year. According to the 2016 census, more than half a million foreign nationals live in Ireland. Globally, the remittance market is worth an estimated $689 billion.
"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. Even in 2019, it still takes too long to get money from European countries to a loved one in another country," said Dan Schulman, PayPal's chief executive and president.
Arrives swiftly
"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 Dublin, Limerick or Dundalk 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."
The service has partnered with major banks and organisations to provide fast and more secure money transfers.
Users can sign up for an account through Xoom’s smartphone app. Existing PayPal customers can also use their PayPal account to access the service, or use bank accounts linked to their PayPal account to transfer funds. The transfers can be tracked through text updates, email notifications or directly from the mobile app and website.
