Xoom, PayPal’s cross-border money transfer service, today announced that US users can now fund money transfers to friends and family abroad using USD converted from PayPal USD (PYUSD), a stablecoin to US dollars .
Starting today, the new funding option will allow US Xoom users to easily convert PYUSD in the connected PayPal Cryptocurrency Center to USD and use it as a source of funding to send money to recipients in approximately 160 countries worldwide with no Xoom transaction fees.
By introducing the option to fund cross-border money transfers with USD converted from PYUSD, Xoom now offers an easy and reliable way for US users to send money abroad using PYUSD as a funding source. When this option is selected, Xoom will convert PYUSD in a US user’s PayPal Cryptocurrency Hub to USD currency without a crypto sell fee, and recipients will receive funds in the sender’s chosen fiat currency.
US Xoom users with a sufficient PYUSD balance in their PayPal Cryptocurrency Hub to cover an eligible Xoom transaction will be able to select PYUSD to fund their transfer when using Xoom.com, PayPal.com and the PayPal app.
Users interested in funding transactions using PYUSD on Xoom can do so by following a few simple steps:
- Press the “Send Money” button.
- Select the destination country
- Choose how the money will reach your recipient (options vary by country)
- Enter your recipient’s account or mobile wallet details or select a pickup location and add your recipient’s personal information
- Select PYUSD as your payment method and confirm the sale of your PYUSD in USD to cover the Xoom transaction (the USD sale proceeds will go to your PayPal Balance and be used to complete the transaction)
- Check your Xoom transaction details and swipe to send (recipients will receive funds in sender’s chosen fiat currency)
Transactions not completed in USD are subject to a transaction exchange rate, which includes a currency conversion margin.
A pioneer in digital remittances, Xoom is a fast and easy way to send money, pay bills and top up phones for friends and family in around 160 countries worldwide. With Xoom, customers can access a fast and reliable way to send money by simply downloading the Xoom or PayPal mobile app or visiting Xoom.com or PayPal.com.