SAN FRANCISCO, Calif. - October 5, 2006 - Over the last five years, Xoom has established itself as one of the most convenient money transfer services to India. Their online property, Xoom.com, offers fast, easy, and secure money transfers throughout India for pickup, deposit, or delivery. And now, with their new low fees, it is one of the most economical money transfer services available. With their expanded partnership with Punjab National Bank, Xoom adds over 2,000 branch locations to its existing India pickup network, increasing its total footprint in India to almost 3,500 pickup locations.
"We are excited to bring one of the largest Indian financial corporations, Punjab National Bank, further into our network," said John Kunze, Xoom's President and CEO. "With Punjab National Bank, we make Xoom even more convenient for our customer's beneficiaries."
Aiming to bring more value and convenience to its Asian Indian customers, Xoom continues to offer direct deposit to any bank in India and free home delivery via Blue Dart. Senders can continue to choose from a variety of accounts to fund the transaction online, including eChecks, credit cards, or PayPal. Xoom customers can track their transactions on the web and recipients can contact Xoom's local customer service with questions about their transfer.
New Low Fees
"Providing value and convenience to our Asian Indian customers has always been a priority for Xoom. Lowering our transaction fees and expanding our network are just a few ways by which we want to provide our Asian Indian customers with a great value for their money," said Julian King, Xoom's SVP of Marketing and Products.
Xoom has drastically lowered its fees. Value Service transactions, funded by eCheck, are now fee-free for remittances above $700. Standard Service transactions, funded by credit or debit card, have been lowered to $8 for amounts up to $500. These service additions have created a significant buzz amongst Indian consumers.
Mr. King added, "Xoom is committed to becoming the #1 money transfer service to India. Our goal is to provide the best possible sender and recipient experiences, at the best possible price."
Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates, and Fidelity Ventures. Xoom.com allows individuals to send money from any Internet-enabled computer to friends, family, and businesses worldwide. www.xoom.com/india
About Punjab National Bank
Established in 1895, Punjab National Bank (PNB) has the distinction of being the first Indian bank to have been started solely with Indian capital. The bank was nationalized in July 1969 and has over 4,500 branches throughout India. PNB is a professionally-managed bank with a successful track record of over 111 years and has always taken a lead in introducing the latest technology in banking operations. www.pnbindia.com
As of 8/12/2010, Xoom no longer offers cash pickup services to India.