Fees for PayPal international transfers using PYUSD are no longer charged.
Key Takeaways
- PayPal introduces free international money transfers using the PYUSD stablecoin for US customers via Xoom.
- Users can convert PYUSD to USD and send money to 160 countries without Xoom service fees.
- The service aims to make cryptocurrencies more mainstream and provide cheaper and more secure global payment options.
PayPal released. Updates to allow US customers to send international money without transaction fees; PayPal uses the USD (PYUSD) stablecoin as its funding source.
This service Integration into the PayPal platform Xoom for international money transfers.
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This feature gives users the following options: Convert PYUSD to USD on PayPal Crypto Hub. Then, you can use that money as a source of funds to send money to about 160 countries. All without Xoom service fees. The recipient is Funds are received in the fiat currency of the sender’s choice.
You can send funds Receive directly to the recipient’s bank account, mobile wallet, or local financial institution, Provides flexibility and convenience.
This service is available to the following users: All U.S. residents except Hawaii residents Due to state cryptocurrency regulations.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, praises this new feature: We are moving towards making cryptocurrencies more mainstream. He said:
Giving Xoom’s U.S. users the option to fund cross-border money transfers using PYUSD promotes mainstream adoption of cryptocurrency while providing an easy way to send money to friends and family securely and at a low cost. It is based on goals.
This initiative not only expands the use of cryptocurrencies in everyday transactions, but also responds to the growing demand for economical, secure and convenient international payment methods.
In 2023, the PYUSD stablecoin came under SEC scrutiny and PayPal received a subpoena to produce documents.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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