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Xoom Announces Money Transfer Service to NRE and NRO Bank Accounts in India

Money transfers to India bank accounts within four hours

SAN FRANCISCO, CA, July 30, 2013 – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, has announced that NRIs (Non-Resident Indians) can now use Xoom’s money transfer service to send bank deposits directly to their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts in India.

NRIs can now send bank deposits within four hours to recipients with NRE/NRO accounts, with great locked-in exchange rates. 

“In a continued effort to provide superior services to our customers, Xoom now introduces bank deposits to NRE/NRO accounts, giving NRIs every reason to use Xoom,” said Julian King, Senior Vice President of Marketing and Corporate Development for Xoom. “Plus, with our new App for Android and iOS devices, Xoom is committed to making money transfers easy and trustworthy for everyone.”

“Xoom takes care of all your money transfer needs,” said India’s biggest superstar and Xoom brand ambassador Amitabh Bachchan. “No one gets your bank deposits to India faster than Xoom.com, and now to NRE and NRO accounts too!” 

Bank deposits are processed in India through Xoom’s partner Punjab National Bank. “We are pleased to partner with Xoom to provide NRIs a fast and easy way to send remittance to their NRE/NRO accounts, and other Rupee denominated Bank accounts in India,” said Mr. Thyagarajan, GM IBD, Punjab National Bank.

With Xoom, customers can send money to all Rupee-denominated bank accounts in India, including NRE/NRO accounts within four hours, when sent during India bank processing hours. Service is available to all major banks in India including Punjab National Bank, ICICI, HDFC, SBI, Axis Bank, Citibank and many more. Customers can send up to $2,999 per transaction.   

Indian bank processing hours are generally Monday through Friday, 9:00 A.M. – 4:00 P.M. (India Standard Time), and Saturday, 9:00 A.M. to Noon (India Standard Time). Individual bank branch operating and processing hours may vary. Customers can visit https://www.xoom.com/india for more information.

About Xoom
Xoom is a digital money transfer provider, focused on helping consumers send money in a secure, fast and cost-effective way using a smartphone, tablet or computer. During the 12 month period ended June 30, 2013, Xoom’s more than 915,000 active customers sent more than $4.3 billion to family and friends in 30 countries. The company is headquartered in San Francisco and can be found online at www.xoom.com.