Xoom Adds Cross-Border Money Transfers to Debit Card Deposit Product

https://finovate.com/xoom-adds-cross-border-money-transfers-to-debit-card-deposit-product/
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  • PayPal-owned Xoom has added international money transfers to its Debit Card Deposit product.
  • Leveraging a partnership with Visa, U.S. users can send funds directly to recipients’ eligible Visa debit cards.
  • Debit Card Deposit originally launched domestic transfers in 2020.

PayPal’s international money transfer service Xoom added a new debit card feature today that will help users send money across international borders. Leveraging a partnership with Visa, Xoom’s Debit Card Deposit product now facilitates international money transfers.

Debit Card Deposit originally launched in 2020 to allow customers to send funds within the U.S. Today’s addition will enable Xoom customers in the U.S. to use the Xoom mobile app or web interface to send money across the international border directly to friends or family using their debit card. Recipients, who will receive the funds on their eligible Visa debit card, will be able to access the funds in real-time.

“We know that getting funds quickly and easily is important for many of our customers, which is especially true around the winter months and the holidays when people are sending money to their friends and family around the globe,” said PayPal Vice President of Remittances Wei-Lin Lee. “This expansion, through our partnership with Visa, will help more customers around the world get a fast and convenient way to access necessary funds needed for everyday essentials.”

Funds can be sent to 25 countries, including Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, Great Britain, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam. Xoom will add more regions later this year.

Xoom was founded in 2001 and was acquired by PayPal in November of 2015 for $890 million. The company enables peer-to-peer money transfers that can be sent directly to the recipient’s bank account or debit card. Recipients also have the option to pick up physical cash at brick-and-mortar partner locations or receive the cash at their doorstep via a delivery.


Photo by Lara Jameson

https://finovate.com/xoom-adds-cross-border-money-transfers-to-debit-card-deposit-product/