PayPal has launched Xoom, its international money transfer service, in the UK and 31 other European markets.

Users can send up to £8,800 in a single transaction to more than 130 markets internationally. Existing PayPal customers can use their account to access Xoom’s services, and use their bank accounts to transfer funds, in addition to the debit and credit card options available through Xoom.

Depending on the receiver country, users can choose from a range of options: deposit money to a bank account, send cash for pick-up, or have cash delivered directly to their recipient’s door.

Xoom transfers can be tracked via text updates, email notifications, or directly from the mobile app and website. Those who send money abroad can get their questions answered from customer support staff in English, French, Spanish, Italian, German, Filipino and Arabic.

The global remittance market is an estimated $689 billion industry, with Britons remitting over $26 billion annually. The United Kingdom is home to over 9.3 million people who were born outside of the UK, with World Bank figures suggesting almost half (45 per cent) of all money transfers from the UK are sent to Nigeria, India, Pakistan, China, Kenya and the Philippines.

Dan Schulman, PayPal’s chief executive and president, said: “The way we move and manage our money has changed dramatically in the last few years – we have moved beyond the days when the only option for sending money abroad 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,” he continued. “With Xoom, someone with a smartphone on a bus in London can send money that can be accessed within minutes in Mumbai to pay for a family member’s medical emergency or to keep the lights on for their family back home.”

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