PayPal has 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 Nigeria. 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 200,000 people who were born in Nigeria – many of whom support family members at home for things like medical bills, education, utility bills, and other financial needs.
Xoom - UK to Nigeria
Xoom - UK to Nigeria
According to the latest figures from the World Bank, over $4.1 billion is sent to Nigeria from the United Kingdom each year. 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 a Nigerian bank account or for cash pick up in approximately five minutes or less.
With Xoom, family or friends in Nigeria can usually benefit from deposits in seconds when money is transferred to any Nigerian naira account with GT Bank, First Bank of Nigeria, Zenith Bank and more from the United Kingdom.
Xoom customers in the United Kingdom can also send money to be picked up in minutes in cash at over 3,000 locations across Nigeria. Those living in the UK can also now send mobile top ups to Nigerian mobile numbers via Xoom to take care of loved ones.
Julian King, Xoom’s Vice President and General Manager, 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 home to Nigeria 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 Lagos or Abuja to pay for a family member’s medical emergency or buy books for the new school year.”
Xoom customers can send up to £8,800 to Nigeria 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. Those who send money abroad can get their questions answered from customer support staff in English, French, Spanish, Italian, German, Filipino and Arabic.
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 Nigeria, Kenya, India, Pakistan, Poland and China as well as to other European, Asian, North and South American and African countries.
To send money to Nigeria 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.