SAN JOSE, Calif., Oct. 3, 2019 /PRNewswire/ -- Xoom, PayPal's
international money transfer service, today announced that
customers in the U.S., U.K., Canada and 31 markets across Europe can now send money direct to bank
accounts in South Korea to support
their families at competitive rates. Funds sent via the website or
mobile app to Kookmin Bank, Woori
Bank, and Shinhan Bank can be accessed within
minutes1, making Xoom one of the fastest ways to send
money to South Korea.
The global remittance market is an estimated $689 billion in 20182 with South
Koreans residing abroad remitting $6.2BN last year3, according to World
Bank data. The United States alone
has 1.4 million4 people who have immigrated from the
Republic of Korea, many of whom send money back home to provide
critical financial support to their families.
"At Xoom, we are constantly innovating to provide the best
possible money transfer service to families spread across the
globe. We are delighted to offer South Korean foreign residents all
the benefits of our service – speed, convenience and competitive
rates. When they use Xoom, they no longer have to wait in line,
fill out forms or pay higher fees to send money back home," said
Julian King, Xoom's Vice President
and General Manager.
"South Koreans who've moved abroad have wanted more convenient
and affordable ways to support their families back home. We are
excited to partner with PayPal to offer their innovative
global remittance service Xoom to South Koreans living in
Canada, Europe and the U.S.," shared
Mountie Lee, PayGate's General Manager.
A pioneer in digital remittances, Xoom is a fast way to securely
send money, pay bills and reload phones for loved ones in over
160 countries globally. These remittances serve as a lifeline
for many people around the world and are used to pay for things
like utility bills, healthcare, education costs and emergencies.
The largely cash-based system of sending money across borders is
full of paperwork, high fees, standing in line and an ever-present
uncertainty of when, and if, the money will arrive when it's
needed. By providing fast and more secure payment options for
customers to seamlessly send money across borders by going online
or using a mobile device, PayPal and Xoom are helping to expand and
improve the financial health of millions of people worldwide.
To send money internationally in a few simple steps, download
Xoom's mobile app on Android and iOS or go to xoom.com.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 286 million consumers and merchants in more
than 200 markets to join and thrive in the global economy. For more
information, visit paypal.com.
1 Send money to bank accounts in Korea in minutes
when sent 12:30AM to 11:30PM KST on
business days. Transfers subject to review and may be delayed or
stopped if an issue is identified. Business days are Monday –
Friday, excluding bank holidays.
2 World Bank Migration and Development Brief 31,
2019
3 World Bank Data, 2018
4 Source: US census data 2010
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SOURCE PayPal, Inc.