Xoom, PayPal’s digital money transfer service,announced today the introduction of increased send limitswith highly competitive exchange rates when using Xoom’s website and mobile app. Customers can now transfer up to $25,000 USD in a single transaction, giving Indians the option of sending larger amounts of money to pay for things like education costs, healthcare, utility bills and general support for family members living in another country. The ability to send larger amounts of money to India using simply a mobile device provides an added level of convenience that Xoom customers have come to enjoy.
According to the World Bank, India received $69 billion in remittances last year, accepting the largest amount of inbound remittances than any other country. This remittance upsurge is expected to continue in 2018 as India is also the largest source of migrants globally.
“Xoom is deeply committed to delivering the best possible money transfer experience for our customers around the world,” said Julian King, Vice President and General Manager, Xoom. “We know our Indian customers want to send larger amounts of money cross-border, so we’re thrilled to bring $25,000 bank transfers to India with this enhancement.”
Established in 2001 and acquired by PayPal in 2015, Xoom is afast and secure way to send money, pay bills and reload phones for loved ones in more than 70 countries globally. These remittances serve as lifeline for many people around the world and are used to pay for things like utility bills, healthcare, education costs and emergencies. The largely cash-based system of sending money across borders is full of paperwork, high fees, standing in line and an ever-present uncertainty of when, and if, the money will arrive when it’s needed. By providing fast and secure payment options for customers to seamlessly send money across borders by going online or using a mobile device, PayPal and Xoom are helping to expand and improve the financial health of millions of people worldwide.