Xoom, a fast and secure international money transfer service in the UK, will help Britons to send money to family and friends in India for cash pickup or bank deposits in minutes via PayPal’s Xoom mobile app or website ….reports Asian Lite News
PayPal launched Xoom, its international money transfer service, in the UK and 31 other European countries. People here can now use Xoom to quickly send money, pay bills or top up phones to more than 130 countries internationally including India. Xoom’s launch in Europe is a significant milestone and serves as another example of PayPal’s efforts to make the movement and management of money more convenient, accessible, secure and affordable.
The global remittance market is an estimated $689 billion industry with Britons remitting over $26 billion annually. The United Kingdom is home to over 830,000 people who were born in India – many of whom support family members at home for things like medical bills, education, utility bills, and other financial needs.
Punjab National Bank, HDFC Bank, Axis Bank, Yes Bank, ICICI Bank, State Bank of India (SBI) and Kotak Mahindra, Xoom transfers are usually deposited within minutes for amounts of less than two lakh INR
According to the latest figures from the World Bank, over $3.9 billion is sent to India from the United Kingdom each year. However, historically the speed of securely and efficiently moving money across borders has been slow, but advances in digital technology—in particular mobile—are enabling a significant reduction in transfer time. The introduction of Xoom now allows loved ones in the UK to send money to an Indian bank account or for cash pick up in approximately five minutes or less.
With Xoom, family or friends in India who bank with Punjab National Bank (PNB) usually benefit from deposits in seconds when money is transferred from the United Kingdom. For most other bank accounts, such as HDFC Bank, Axis Bank, Yes Bank, ICICI Bank, State Bank of India (SBI) and Kotak Mahindra, Xoom transfers are usually deposited within minutes for amounts of less than two lakh INR. Transfers over two lakh INR are usually available within two hours when sent during Indian banking hours.
Xoom customers in the United Kingdom can also send money to be picked up in minutes in cash at over 100,000 locations across India. Those living in the UK can also now send mobile top ups to Indian mobile numbers via Xoom to take care of loved ones.
“The way we move and manage our money has changed dramatically in the last few years,” said Julian King, Xoom’s Vice President and General Manager. “We have moved beyond the days when the only option for sending money home to India was to queue at a counter for hours. But even in 2019, it still takes too long to get money from the United Kingdom to a loved one in another country. We know how important these money transfers are in the lives of millions of people, and how crucial it is that money arrives swiftly and more securely so it can be used for things that matter. With Xoom, someone with a smartphone on a bus in London can send money that can be accessed within minutes in Mumbai or Hyderabad to pay for a family member’s medical emergency or buy books for the new school year.”
A fast, convenient and secure way to support loved ones back home. Xoom customers can send up to £8,800 to India in a single transaction. A Xoom account can be set up in a few easy steps via the Xoom iOS or Android app or Xoom.com. Existing PayPal customers can use their PayPal account to access Xoom’s services, making it even quicker and easier to send money abroad.
PayPal customers can also use their bank accounts to fund transfers in addition to the debit and credit card options available through Xoom. Xoom transfers can be tracked quickly and easily via text updates, email notifications or directly from the mobile app and website.
Xoom partners with credible banks and partners around the world to provide fast and more secure money transfers to key remittance corridors from the United Kingdom like India, Pakistan, Nigeria, Kenya, Poland and China as well as to other European, Asian, North and South American and African countries.
To send money to India with Xoom in a few simple steps, download Xoom’s mobile app on Android and iOS or go to Xoom.com and set up an account easily or log-in with a PayPal account.