PayPal’s international money transfer service can potentially benefit more than 44 million foreign-born people in the U.S. who send money to family and friends in their home countries. The partnerships will now enable Americans to use Xoom to send money for cash pickup at nearly 5,000 locations across the country.
“Many of our customers in the U.S. already send money to loved ones in the country, and they usually prefer that the money is available right away,” said Julian King, Xoom’s vice president and general manager, in an emailed press release. “This rollout reinforces our commitment to make money transfers fast, easy and affordable for everyone, whether they are at home or on the go.”
“At Ria, our priority is to bring people together. We want to help our customers be there for loved ones, near or far,” said Juan Bianchi, CEO of Euronet’s money transfer segment. “Our continued partnership with Xoom allows us to leverage our extensive network to offer secure and convenient money transfer services to even more families across the U.S.”
The news follows Xoom's July expansion into the U.K. and 31 markets spanning Europe, paying out remittances to individuals living in Nigeria, India, China, the Philippines and beyond, across 130 countries. Just last month, Xoom also announced that people in the U.S., Canada, the U.K. and 31 other markets in Europe can send money directly into bank accounts in South Korea. Money sent from the app to Woori Bank, Kookmin Bank and Shinhan Bank can be retrieved in minutes.
The company noted that the worldwide remittance market was worth $689 billion in 2018, and South Koreans in other countries accounted for $6.2 billion of that.