With the launch, the two companies aim to help in improving the financial health of Canadians and millions of people worldwide.
According to the press release, the global remittance market is an estimated USD 600 billion industry with Canadians remitting nearly USD 24 billion annually. Sending money overseas through a digital service like Xoom costs nearly half (3.93%) of the amount sent compared to the average cost of traditional remittances services (7.45%).
Customers can send up to USD 12,500 in a single transaction to over 130 countries including India, China and the Philippines. For money transactions, 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 recipients door. Xoom transfers can be tracked via text updates, email notifications or directly from the mobile app and website.
According to the Migration and Remittances April 2018 report by the World Bank cited in the press release, the top three receiver remittance countries are India, China and the Philippines.
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