Xoom.com and Punjab National Bank (PNB) Enhance Partnership to Provide Same Day Bank Deposits and Instant Cash Pickup

No one gets your money to India faster than Xoom.com

SAN FRANCISCO, CA, June 17, 2009. Xoom.com, the fastest growing online money transfer company, and Punjab National Bank (PNB), India’s only 100% computerized public sector bank, continue to expand and build their 9-year partnership. The two companies now provide faster and easier money transfer service with same day bank deposits and cash pickup in minutes across India.
With same-day bank deposits, receivers do not have to wait days and days for money to reach their bank account. Funds deposited to a receiver’s PNB account are available the same day the money is sent. Xoom.com also offers fast bank deposits to all banks in India.

In addition to bank deposits, Xoom.com and PNB also provide instant cash pickup at almost 4,500 PNB locations, making it easier for receivers to pick up money. Receivers can pick up the cash in minutes after the money has been sent.

Mr. S. K Dubey, General Manager, International, Punjab National Bank said, “We continue to be delighted by our partnership with Xoom.com. Xoom.com possesses the technology, expertise, and the reputation for quality service that matches PNB’s own. Punjab National Bank recommends Xoom.com for worry-free and fast money transfers to India. Together, we make life easier for Non-Resident Indians across the world. No one gets money to India faster than Xoom.com.”

Xoom.com offers great locked-in exchange rates, so receivers can get more rupees for the money that is sent. Xoom.com locks in exchange rates when the transfer is started so the sender and receiver know the exact amount that will be received. There are no fees for transfers to bank accounts for amounts greater than $1,000.  

Xoom.com offers the most complete range of sending and receiving options. Senders can pay with their bank account, credit/debit card, or PayPal, and receivers can receive the money via cash pickup, bank deposit, or safe home delivery in India.

“We look forward to the continuation of our relationship with Punjab National Bank. Our partnership with PNB enables us to provide fast and convenient money transfer service to India. With same day bank deposits and instant cash pickup, your loved ones in India don’t have to wait for days to receive funds,” said John Kunze, CEO of Xoom.com.

Xoom.com uses advanced technology and proprietary fraud detection to secure customer financial transactions and personal information. With a VeriSign-secured website and strict security measures, Xoom.com encrypts and protects customer information. Xoom.com guarantees that transferred funds will be received by each recipient or the transaction will be refunded in full.

Consumers can send money to India by visiting www.xoom.com/india, enter sender information, choose how the money will be received, and the amount to be remitted. Click “send” and the money is on its way.

For more information about the Xoom.com money transfer services to India, visit xoom.com/india, or senders can call 1-877- 815-1531, 24 hours a day, 7 days a week. Receivers in India can call 1-800-180-1233 or email www.xoom.com/help.

About Xoom.com

Xoom.com enables individuals to send money from any Internet-enabled computer to family, friends and businesses worldwide. Xoom Corporation is based in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures. The Xoom.com online international money transfer service extends to 40 countries, including India.

About Punjab National Bank

Established in 1895, Punjab National Bank (PNB) has the distinction of being the first public sector Indian bank to have been started solely with Indian capital. The bank was nationalized in July 1969 and has more than 4,500 branches throughout India. PNB is a professionally-managed bank with a successful track record of over 111 years of service, and has always taken a lead in introducing the latest technology in banking operations. It is the only public sector bank in India that can claim computerization in every location. 

Ranjana Sanyal
SixthSense Communications

As of 8/12/2010, Xoom no longer offers cash pickup services to India.