PayPal has put an end to the nightmarish feelings usually experienced by users whenever they want to receive their money. Americans can now do instant transfer to bank courtesy of a new service just launched by the P2P online money behemoth. Instant Transfer to bank will let you receive money via PayPal, and instantly move it straight into your bank account for easy access to cash.
The new instant transfer to bank option is different from the current arrangement in both Venmo and PayPal where you can transfer money to Visa or MasterCard debit cards. While users can already move money from one PayPal account to the other, the instant money transfer to banks is much faster and improves accessibility to cash when you need it. However, while PayPal to PayPal transfer is free, instant transfer to bank comes with a small and affordable fee.
The service is currently only available to consumers in the US, but will be available to businesses in the country in the coming weeks. In an interview per TechCrunch, PayPal’s EVP and COO Bill Ready said plans are on to extend Instant Transfer to banks to other countries.
Customers in Canada can now send money to people in more than 130 countries through Xoom money transfer service—a service launched in that country last December. PayPal, the parent company of Xoom added Canada aside from the US, where money transfer can be initiated from.
Xoom is a money transfer service owned and operated by PayPal. It allows you to send money, recharge your mobile phone, and pay bills in more than 130 countries. Per VentureBeat, Xoom takes 3.39 percent cut from every transaction carried out.
The birth of Xoom in Canada will mark the beginning of a wider and global rollout as PayPal seeks to take the service outside of the US. Details of which markets would be the next remain sketchy, it is almost certain that the money transfer service is going to other markets in the coming months.
Xoom users in Canada will be able to send up to $12,500 CAD in just one transaction to over 130 supported countries. Recipients will be able to receive their money either directly from their bank accounts or as cash for pick-up or delivery. If you are a PayPal user in Canada, you can log in to Xoom with your PayPal credentials.
“The traditional methods of sending money abroad are slow, expensive and stressful for both the sender and the receiver,” Xoom’s VP and general manager Julian King said per VentureBeat. “Senders are often faced with worry about when, or if, their money will reach their loved ones. As a disruptive digital remittance provider, Xoom is helping to eliminate these inconveniences so it’s fast and easy for Canadians to send money abroad for cash pickups, bank deposits, reloading prepaid phones and paying bills for loved ones back home — all from the comfort of their homes or from their mobile devices.”