SAN FRANCISCO, CA, April 21, 2009
-- Xoom Corporation, the Internet-based global money transfer company, announced yesterday a partnership with Grupo Bancolombia, one of the oldest and the largest banks in Colombia. The agreement with Bancolombia, effective yesterday, will provide the beneficiaries of Xoom's customers with faster access to money and more locations for receiving money in Colombia. The partnership expands Xoom's cash disbursement network to include Bancolombia branch locations and increases the speed of bank deposit service to just minutes.
This partnership supports Xoom's comprehensive corporate initiative to serve the rapidly growing, online Latino consumer by providing an alternative money-transfer option that is fast, easy, convenient and low cost. Xoom's money transfer service, created in 2001, allows customers to send money to 42 countries around the world, including Colombia, from any Internet-enabled computer using a checking account or credit card to fund the transaction. When paying with a checking account, the cost starts at US$2.99. There is a daily transfer limit of US$2,999.
This partnership with Bancolombia augments Xoom's existing relationships in Colombia with Bancomer Transfer Service (BTS), which provides cash disbursement at BBVA Colombia and Davivienda; and with MORE Money Transfers (MMT), which provides bank deposits to any bank in Colombia and cash disbursement through Pagos Internacionales.
"We now have one of the most robust networks in all of Colombia that includes bank deposit to any bank account in Colombia, and in minutes to a Bancolombia account," said Eugenio Nigro, vice president of business development, Latin America, for Xoom. "With Bancolombia we are growing our cash pickup network to over 1,300 locations."
"We at Bancolombia are proud to partner with Xoom as our first Internet-only money transfer company," added Myriam Botero, head of remittances for Bancolombia. "Xoom offers Colombians living abroad the convenience of sending remittances from the convenience of their home computer directly to a bank account at Bancolombia. If your family member does not have a bank account, they can pick up the money in cash at a Bancolombia branch."
"We continue to make strides in providing a faster service at the lowest price. We now offer bank deposit and cash pickup at Bancolombia in minutes, and fees start at US$2.99," said Theresa Pasinosky, senior marketing manager, Latin America, for Xoom. "Plus, with Bancolombia as a partner, customers can feel more comfortable using Xoom to send money to Colombia."
According to the Inter-American Dialogue, Colombia received US$4.8 billion in remittances in 2008, making it the third largest in the Latin America and Caribbean region(1). Over half of remittances are sent from family members living in the United States(2).
Xoom.com enables individuals to send money from any Internet-enabled computer to family, friends and businesses. Xoom Corporation was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures. For more information on Xoom.com's money transfer service to Colombia
.About Grupo Bancolombia
Bancolombia is the largest commercial bank in Colombia and one of the largest in Latin America, offering over 700 branches and over 2,000 ATM's. Bancolombia has been providing remittance services for the last 13 years. Bancolombia was founded in 1875. http://www.grupobancolombia.com
(1) Inter-American Development Banks and Multilateral Investment Fund: Remittances 2008: Remittances in Times of Financial Instability, WashingtonDC, March 2009.
(2) Inter-American Development Banks and Multilateral Investment Fund:Colombia and Remittances;