BENGALURU:
PayPal has increased the limit of cross-border remittances to $50,000, from $25,000 in 2018 and $10,000 in 2017, to keep up with demands of US customers, particularly the NRI community in North America.
"With a higher disposable income, the average NRI is sending more money home than before. And at 0-0.5% transaction charge, it becomes cheaper to transfer money through PayPal," said PayPal marketing vice-president Julian King. He added that with customers getting more tech-savvy, cash-based wire transfers are increasingly going out of fashion.
PayPal said using its services takes less time than using other services. "Customers want to see faster and smoother transactions. We have partnered with banks such as Bank of America, JPMorgan Chase."
PayPal's international money transfer service Xoom has been opened in over 30 countries, including India, Canada, France, Germany, and UK. "We also offer the most competitive exchange rates in a transparent manner," he said.
Stay ahead in business with The Times of India. Check out Financial Calculators like SIP, PPF, FD, NPS and Mutual Fund Calculators.Rachel Chitra writes for the business section of The Times of Ind...
Read MoreRachel Chitra writes for the business section of The Times of India. She has been tracking the banking and insurance sector for nearly five years.
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