The PayPal service Xoom announced that it has increased its send limits to $25,000 USD per transaction for over 50 countries, including India, Canada, the United Kingdom and the Philippines.
“Xoom customers can now enjoy even higher send limits with highly competitive exchange rates to conveniently send large bank deposits wherever they are, whenever they want, using only a mobile phone,” wrote Julian King, vice president and GM, Xoom, in a blog post. “We look forward to introducing easier, faster and more convenient ways to send money, so stay tuned for more updates!”
PayPal acquired Xoom for $890 million in an all-cash deal in 2015. With Xoom, PayPal has access to 1.5 million active U.S. customers.
Last year, Xoom introduced $10,000 send limits for certain countries, including India, the United Kingdom, Canada and Australia. In addition, the company began offering a better exchange rate when sending high amounts, and made the user verification process quicker and more seamless.
“The response from our customers has been positive, and since then we’ve been committed to delivering improvements that we know our customers want,” stated King.
“As anyone who’s tried to send higher dollar amounts overseas would know, the process can be extremely slow and inconvenient. It can take several days for your hard-earned cash to be cleared, and if you want to send the money faster, you often have to pay higher exchange rates. In addition, the identification process can be cumbersome and time-consuming. In today’s mobile and digital age, we can make it easier, faster and more convenient for people to send higher amounts of money overseas to their loved ones,” wrote King.
In a report published in early 2017, it was found that sending money overseas through a digital service like Xoom/PayPal costs nearly half (3.93 percent) of the amount sent compared to the average cost of traditional remittances services (7.45 percent).