PayPal is a popular company in the technology and online payment world. They also have another service named Xoom. It is a money transfer service. Now, the Xoom money transfer service in Nepal is available. They are working as a remittance company. Remittance is a very big source of income in the country. Many families depend on people working abroad. From now on people will have one more option to send money to Nepal. People will be able to send money fast and securely from countries like the USA to Nepal instantly using Xoom. It is a popular, fast, and reliable service.
In Nepal, mostly bank and offline remittance companies help people receive money. People in foreign countries send money through agents and banks in their country. Then people in Nepal go to receive money from agents here. It is the traditional process. Now, Xoom is working with various banks and agents to receive and send money. Currently, there are more than 23,000 cash pickup points in Nepal. People in foreign countries can easily send money from their PayPal account, credit card, debit card, or bank account.
Also Read: Verified PayPal account in Nepal
Xoom remit service is easier for people who have a PayPal account or any international card. People in abroad can just directly send money around the world to different locations. Nepalese can receive money in almost every district with this service. All the available locations are listed on Xoom’s website. In order to send money to Nepal, people abroad don’t have to go to different agents now. Everything can be done from the comfort of home. Also, the transfer is secure and fast. As many people don’t have a PayPal account in Nepal, this service helps a lot.
How to Send Money to Nepal Using Xoom
It is very easy to transfer money from the abroad to Nepal legally using Xoom. All the steps are given below:
- Sign in using PayPal account or signup to create a Xoom account.
- Enter the amount you want to send. It will show how much the recipient will get.
- Provide the details of the recipient.
- Select the address and pickup location in Nepal.
- You can also directly deposit in the bank account using required details
- Make the payment or send using PayPal, bank, credit or debit card
- Inform the receiver about the transaction and tell them to contact the agent and monitor the bank statement.
It is very easy to use Xoom and transfer money worldwide. Xoom is actually an alternative PayPal money transfer service. They serve the traditional banking and remittance sector. It is very good to have a popular multinational company serving in Nepal. They have also partnered with various banks and agents. They all are available as Xoom receiving options on the website. Some of the supported banks are as follows.
- Agriculture Development Bank
- Bank of Kathmandu
- Civil Bank
- Global IME
- Everest Bank Limited
- Himalayan Bank
- Mega Bank
- Nabil Bank
- Nepal SBI
- Nabil Bank
- Rastriya Banijya Bank
- Siddhartha Bank
- Standard Chartered Bank
- Sunrise Bank
There are many other partner banks and financial institutions. We couldn’t list them all. They also have partner agents for cash pickup as follows.
- Annapurna Money Traders
- Basundhara Enterprises
- City Express Money Transfer
- E-Pay System
- Manakamna Agrovets
- Prabhu Money Transfer
- United Finance Ltd.
There are more than 23,000 other agents and partners listed in the website. So do check them in detail
Money Transfer and Remittance
Xoom stated that they plan on expanding in the future. The company started in 2016 and they have now added a lot of banks and agents. There are a lot of financial institutions and people involved in this network. The COO of the company stated that they were satisfied with their performance in India. Thus they have now come to Nepal and a few other South Asian countries. Xoom says that Nepal stays at high priority in its future strategy. Remittance has huge importance in the GDP of Nepal. Our economy and foreign currency reserve highly depend on foreign remittance.
Related: International Payment in Nepal
There are many people of South Asia living in foreign countries. People live, study, work in America, Europe, and Gulf countries. The majority of remittance comes through gulf countries. And with the increasing charm of foreign jobs, DV, and higher education, many people are working in the USA and European countries. They send money to Nepal to their family regularly. So this kind of service from Xoom is very helpful for hassle-free money transfers. Nepali families highly depend on money coming from abroad. The incoming money is a huge part of the GDP of Nepal.
Many people may get confused because the brand PayPal is associated with Xoom. It is just a service that helps to transfer money to physical locations and banks. It is not like a traditional online payment service. However, there is such service available in Nepal as well. It needs international USD cards for that. It is a different topic and it is related to sending money outside. If you want you can read it on our site. We have linked those articles above as well.