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Xoom Announces eCheck Service

New service allows convenient payment by electronic check

SAN FRANCISCO, Calif. - August 23, 2004 - Xoom Corporation, an online to offline money transfer service, introduces today a new way for its international remittance customers to send money home to their friends and loved ones. The new service known as an eCheck, through an Automatic Clearing House (ACH), will allow customers to securely withdraw funds directly from their bank accounts. The eCheck service will give Xoom's customers a second payment option when sending money abroad.

Xoom's unique money transfer service allows consumers to send money from any Internet-enabled computer to friends, family and loved ones in The Philippines, The Dominican Republic, Jamaica, Hong Kong, Sri Lanka, Bangladesh, and Nepal. In addition to the new eCheck service, customers can send money from any major debit or credit cards which are swiftly and securely processed through PayPal, an eBay company that operates in 38 countries around the world. Recipients, who do not need to have bank accounts or computer access, receive cash in local currency.

The new eCheck service keeps with Xoom's commitment to the easy transfer of funds, low transfer fees and excellent customer service.

About Xoom

Xoom's money transfer service allows individuals to send money from any Internet-enabled computer to friends, family and businesses in eight countries worldwide. Senders can use PayPal, major credit cards, or have funds withdrawn directly from their bank account to fund the money transfer. Recipients receive cash in local currency or US dollars. Xoom offers money transfer services to India, the Philippines, the Dominican Republic, Jamaica, Hong Kong, Sri Lanka, Bangladesh, and Nepal.