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Xoom and BPI Partner For Faster Bank Remittances to the Philippines

SAN FRANCISCO, CA, November 26, 2007 – The Bank of the Philippine Islands (BPI) has formed a strong alliance with Xoom Corporation, one of the world’s fastest growing online money transfer companies.

The tie up between the convenient Internet-based money transfer service of Xoom and BPI, ranked the Philippines’ number one bank in remittance volume, is a perfect alliance. Millions of overseas Pinoys can now send money directly to their loved ones’ BPI account with the simple click of a mouse. The money sent will be available to the recipient in just hours.

“BPI welcomes this partnership with Xoom Corporation on behalf of millions of overseas Filipinos. Xoom, the internet-based facility to send money to the Philippines should certainly excite Pinoys abroad as a most convenient way to remit to their loved ones in the Philippines,” said BPI President Aurelio R. Montinola III.

The popularity of Xoom has increased within the computer-savvy Filipino community. Remittances that used to take days to send can be credited to the beneficiary’s BPI account within hours through the Xoom proprietary technology.

“As a kababayan, I know speed is the key. Pinoys prefer that money sent to loved ones gets to them fast. With Xoom, the money is in a BPI account within hours,” said Gene Gutierrez, Xoom Regional Vice President, Philippines.

Remitting money to a BPI account with Xoom is easy. Simply visit www.xoom.com, enter sender and recipient information, the recipient’s BPI account details, and the amount to be remitted. Then, choose a payment method – bank account, credit/debit card or PayPal – and click “send.” The money will be available in the recipient’s BPI account within a few hours.

Xoom ensures that financial transactions coursed through their system are highly secure as the company uses state-of-the-art technology to protect the client’s personal data.

“Our Filipino customers just love the advantages of using the Internet to send money to the Philippines. They no longer have to deal with the hassles of working with a remittance centers’ schedule. Sending money online is the next big step in the evolution of money transfer services, and Xoom continues to be the leader.” says John Kunze, Xoom CEO and President.

With further plans for growth and expansion, Xoom continues to lead the way in serving the money remittance needs of the Filipino-American community. And just like in their commercials, there is indeed plenty to love about this new wave of remitting money to the Philippines.

About Xoom

Xoom enables individuals to send money from any Internet-enabled computer to family, friends and businesses worldwide.Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures. www.xoom.com.


About BPI


Established in 1851, the Bank of the Philippine Islands (BPI) was the first bank in the Philippines and in Southeast Asia. BPI’s long and proud history boasts of many “firsts” in Philippine banking. BPI has distinguished itself by catering to the ever-evolving needs and lifestyles of the public.

Today, BPI has maintained a leadership position in consumer banking, trust banking and asset management, corporate banking/corporate finance and bank assurance. With over 800 branches and around 1,200 automated teller machines, BPI boasts of having the largest combined network of branches/kiosk units and ATMs, servicing over three million depositors.