PayPal Xoom service in Bangladesh: A milestone towards Digital

By   December 31, 2017

PayPal Xoom service in Bangladesh is the update news of freelancer in Bangladesh. Recently we know world’s largest online-based payment company “Paypal” added it’s internet money transfer service in Bangladesh. Since many years “Payzer”, “” & “Payoneer” have been providing their money transfer service through internet in Bangladesh. Recently Sonali Bank Bangladesh Ltd launched the “PayPal Xoom service” first time in Bangladesh.

See details of PayPal Xoom service in Bangladesh

Using this service, Bangladeshi expatriates will be able to send money home from any country of the world within a few hours while those involved in freelancing and outsourcing will also enjoy the facility.

PayPal Xoom service in Bangladesh

At present about 147 million users make money transaction in 26 currency through Paypal. Internet based money transfer service of “Paypal” available in 230 countries. Among them only in 29 countries available Paypal’s full services and it’s inbound services are available in 103 countries, now Bangladesh also joined paypal’s inbound service. The word inbound means money sent from abroad could be drawn in Bangladesh, but no one will be able to send money abroad.

Now a PayPal account holders can send up to $10,000 to Bangladesh from abroad at a time using PayPal wallet. A transaction worth over $1,000 will be free of charge but transactions up to $1,000 will cost only $ 4.99. People can primarily receive the service from 9 commercial banks of Bangladesh including Sonali bank limited, Rupali bank limited, Agrani bank limited, Social Islami bank limited, Uttara Bank and Pubali Bank Ltd etc.

Present view of PayPal Xoom service in Bangladesh

International payment gateway Paypal Xoom service was launched in Bangladesh on 19th October of this year. From the very beginning, Many people are criticizing it’s inbound service Zoom, because Paypal has not been launched directly and not being able to delivered service fully. The goal was to make local freelancer (Freelancing sector of Bangladesh) easy to get money from abroad but full service of transaction not be introduced, so Freelancers and those involved outsourcing expressed concern about outsourcing.

Professional freelancers are using pioneer and foreign paypal accounts because of the special advantages of the transaction. Now in Bangladesh there are more than 0.5 million freelancer involved with outsourcing ? With the help of Paypal Xoom service, remittance and other transaction is equal to 10 million taka from the launching of paypal money transfer service.

PayPal Xoom service in Bangladesh

On 19th October 2017, Prime Minister’s ICT Adviser Sajeeb Wazed Joy inaugurated the global online payment system at a function titled “PayPal+Xoom service and freelancer conference in the capital’s Bangabandhu International Conference Centre. He said that send money from abroad through Hundi and corruption will stop. There is no possibility of money being stolen.

Launching of the PayPal’s Xoom service in the country. He said to us, I also have a Paypal account. I checked that I can send money to Bangladesh at any time. Greeting the programmed, Joy said around 1.8 million Bangladeshi expatriates sent around 13 billion US dollar to the country in the last fiscal year.

However there was no conjecture of how much money entered Bangladesh through hundi. Joy hoped that 11.8 million expatriates would no longer resort to hundi due to speedy transfer of money with PayPal service.

About criticism of the PayPal’s service, PM’s adviser said, “There are some criticisms that PayPal is not being able to deliver services fully as it is now not possible to send money abroad. It’s not the failure of PayPal, rather the law of Bangladesh Bank doesn’t permit it to send money abroad.”

Imran Ahmed, The chairman of parliamentary standing committee of postal, tele-communication and ICT ministry believes that a large change in the remittance will result in the launch of the Paypal service. Junaid Ahmed Palok, state minister for ICT said there is no report how much money come in the freelancing sector, because it comes separately.

Now using paypal service Expatriates can send money at 24 hours in low cost. Dr. Fizle Kabir, the Governor of Bangladesh Bank hope that through Paypal, money will be deposited in real time. foreign exchange reserve will increase in our country. More than 5 lakh freelancer can brought money from abroad by legal means.

How much subscribers of PayPal Xoom service in Bangladesh

Xoom is offering online money transactions to nearly 1.3 million subscribers in 37 counties including India,China and mexico. Paypal have bought the Online money transfer company “Zoom” for more advanced service.

Features of PayPal Xoom:

  • Digital money transfer proper and easily way.
  • World wide acceptable.
  • Online marketing friendly.
  • And many others.

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