In July 2019, PayPal launched its international money transfer service Xoom in over 30 European markets. Now, all related features are fully available to users residing in Greece, who are now able to instantly send money, pay bills or credit funds via phone in at least 130 markets worldwide.
The launch of Xoom is a significant milestone and is one of the prominent examples of PayPal's ongoing effort to make the movement, transfer and management of funds an even more comfortable, convenient, secure, accessible and affordable process.
Today, it is estimated that over 7 million Greeks live and work in 140 countries abroad, with at least 1 million of them having chosen one of the European countries, such as Germany, the United Kingdom, France and Cyprus, as their new place of residence. At the same time, the value of the international remittance market has reached 689 billion dollars, of which 1.5 billion was transferred from abroad to Greece in 2017.
The UK alone is home to over 9.3 million migrants, with nearly 400,000 Greeks living among them – many of whom support their families back home financially, covering for example medical expenses, tuition fees, utility bills and other basic and practical needs. This alone is changing the data, as according to this year’s UNESCO World Education Report, international remittances have boosted household spending in various countries around the world.
Until recently, the speed of transferring money across borders in a safe and efficient manner has been slow, but advances in digital technology – and especially in mobile devices – are now significantly reducing the time it takes to send money. The launch of the Xoom service primarily allows loved ones residing in other countries, including Greece, to receive funds in a bank account or for cash withdrawal within a short period of time. Deposits to any euro account are usually available the next business day, while cash collection following a transfer can be made at the local network, which currently includes 6 MoneyCenter service points.
Dan Schulman, CEO and President of PayPal, says:
The way we manage our money has changed dramatically in recent years. Gone are the days when our only option for sending money abroad was to wait in line at a cashier’s office. Even in 2019, receiving money from European countries is still a time-consuming process. We know how vital the ability to transfer money instantly is to the daily lives of millions of people, and how necessary it is for these funds to reach their recipient without delay and with greater security, so that they can be used for things that are truly worthwhile. With Xoom, anyone with a smartphone on a bus in London, Paris or Berlin can send money that will be available within minutes in Athens, Mumbai or Nairobi, to help with a relative’s medical emergency or other urgent financial needs.
Xoom customers can send up to €25,000 in a single transaction. Creating a Xoom account requires a few simple steps through the Xoom iOS or Android app or the Xoom.com. Existing PayPal customers can use their already active account to access Xoom services, making sending money abroad even faster and easier.
PayPal customers can also use their bank accounts linked to their PayPal account to transfer funds, in addition to the debit and credit cards available through Xoom. Depending on the country, users have the flexibility to choose from the following options: deposit funds to a bank account, send cash for pickup at a service point, or have funds delivered directly to the recipient's door.
Xoom users can quickly and easily track transfers and be notified of transactions with a click via text messages and email notifications or directly from the mobile app and website. For those sending money abroad and needing assistance, customer service is available in the following languages: English, French, Spanish, Italian, German, Filipino and Arabic.
Xoom partners with major banks and other partners around the world to provide fast and safer money transfers to key remittance markets such as India, Pakistan, Nigeria, Kenya, Poland and China, as well as other countries in Europe, Asia, North and South America and Africa.
To send money abroad with Xoom, follow just a few simple steps, download the Xoom mobile app on Android and iOS or visit the Xoom.com website and easily create a new account or log-in via a PayPal account.
